Eneti Inc. (NETI)

Eneti Inc. was a Monaco-based company that owned and operated specialized vessels used to install offshore wind turbines and their foundations. Its fleet was built around wind turbine installation vessels, which are self-elevating ships able to lift heavy turbine components at sea. The company positioned itself as a pure play on the build-out of offshore wind farms in Europe, Asia and, later, the United States. Revenue came mainly from charters with wind farm developers and contractors. Its common shares traded on the New York Stock Exchange under the symbol NETI.

The business started life as Scorpio Bulkers, a dry bulk shipping company formed by the Scorpio group of companies. Scorpio Bulkers listed in Oslo and then moved to the NYSE in 2013 under the ticker SALT. For several years it operated a large fleet of Ultramax and Kamsarmax bulk carriers. In 2020 management decided to exit dry bulk and redirect the company toward marine infrastructure for renewable energy.

To make that shift, the company sold its bulk carriers and in 2021 acquired Seajacks, a UK operator of jack-up installation vessels. It renamed itself Eneti Inc. in early 2021 and began trading as NETI. Eneti also ordered new, larger installation vessels designed for the next generation of turbines. The pivot made it one of only a handful of listed companies dedicated to offshore wind installation.

In June 2023 Eneti agreed to combine with Cadeler A/S, an Oslo-listed peer, to create a larger installation fleet. Cadeler launched an exchange offer in November 2023 that gave 3.409 Cadeler shares, delivered as 0.85225 ADSs, for each Eneti share. After the offer settled, the remaining Eneti shares were cashed out in a merger completed on December 29, 2023, and NETI was removed from the NYSE. Cadeler ADSs now trade on the NYSE under the symbol CDLR.