Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported
its results for the three months ended June 30, 2023.
The Company also announced that on
August 8, 2023 its board of directors (the “Board of
Directors”) declared a quarterly cash dividend of $0.01 per share
on the Company’s common shares.
Results for the Three and Six Months
Ended June 30, 2023
and 2022
- For the
second quarter of 2023, the Company’s GAAP net loss was $49.8
million, or $1.36 per diluted share, including:
- a
write-down of assets classified as held for sale of
$49.3 million or $1.35 per diluted share,
-
transaction costs of $3.3 million or $0.09 per diluted, consisting
primarily of legal and consulting services, related to its pending
business combination with Cadeler A/S.
- Total revenues for the second quarter of 2023 were $38.8
million, compared to $61.3 million for the same period in 2022.
Second quarter 2023 revenues were driven by high vessel
utilization. The Seajacks Scylla worked at an offshore wind farm
project in the Netherlands throughout the quarter and the Seajacks
Zaratan worked on the Yunlin project offshore Taiwan beginning in
June 2023. In addition the Company’s three NG2500Xs continued to
perform maintenance on offshore gas production platforms and wind
turbine gear maintenance, and consulting revenue.
- Vessel operating costs primarily consist of crew costs, fuel
costs and catering (fuel and catering are typically recharged to
clients and presented on a gross basis in both revenue and vessel
operating costs), despite the cost of fuel decreasing from previous
periods due to less vessel transit during the quarter.
- For the second quarter of 2023, the Company’s adjusted net
income was $2.8 million, or $0.08 adjusted per diluted share, which
excludes the impact of the approximately $49.3 million
write-down of the NG2500Xs, which were classified as held for sale
and $3.3 million of transaction costs incurred related to the
pending business combination with Cadeler A/S (see Non-GAAP
Financial Measures below).
- For the second quarter of 2022, the Company’s GAAP net income
was $52.7 million, or $1.36 per diluted share, including a gain of
approximately $28.3 million and cash dividend income of $0.2
million, or $0.73 per diluted share, from the Company’s former
equity investment in Scorpio Tankers Inc.
- Earnings
before interest, taxes, depreciation and amortization (“EBITDA”)
for the second quarter of 2023 was a loss of $37.3 million and
EBITDA for the second quarter of 2022 was $60.2 million. Adjusted
EBITDA for the second quarter of 2023 was $15.3 (see Non-GAAP
Financial Measures below).
- For the
first half of 2023, the Company’s GAAP net loss was $67.4 million,
or $1.84 per diluted share including:
- a
write-down of assets classified as held for sale of
$49.3 million or $1.35 per diluted share,
-
transaction costs of $3.3 million or $0.09 per diluted,
consisting primarily of legal and consulting services, related to
the pending business combination with Cadeler A/S.
- Total
revenues for the first half of 2023 were $52.7 million compared to
$83.7 million for the same period in 2022. First half 2023 revenues
were generated primarily by the Seajacks Scylla, which worked at an
offshore wind farm project in the Netherlands, as well as the
Company’s three NG2500Xs which performed maintenance on offshore
gas production platforms and wind turbine gear maintenance, and
consulting revenue. The Seajacks Zaratan began work on the Yunlin
project offshore Taiwan in June 2023.
- For the
first half of 2023, the Company’s adjusted net loss was $14.8
million, or $0.40 adjusted per diluted share, which excludes the
impact of the write-down of the NG2500Xs, which were classified as
held for sale, of approximately $49.3 million and the
$3.3 million of transaction costs incurred related to the
pending business combination with Cadeler A/S (see Non-GAAP
Financial Measures below).
- For the
first half of 2022, the Company’s GAAP net income was $56.9
million, or $1.46 per diluted share, including a gain of
approximately $46.8 million and cash dividend income of $0.4
million, or $1.22 per diluted share, from the Company’s equity
investment in Scorpio Tankers Inc.
- EBITDA
for the first half of 2023 was a loss of $47.6 million and EBITDA
for the first half of 2022 was $74.4 million. Adjusted EBITDA for
the first half of 2023 was $5.0 million (see Non-GAAP Financial
Measures below).
Liquidity
As of August 4, 2023, the Company had
approximately $85.9 million in cash.
Newbuildings
The Company is currently under contract with
Daewoo Shipbuilding and Marine Engineering (“DSME”) for the
construction of two next-generation offshore wind turbine
installation vessels (“WTIV”). The aggregate contract price is
approximately $654.8 million, of which $131.0 million has been
paid. The WTIVs are expected to be delivered in the fourth quarter
of 2024 and second quarter of 2025, respectively. The estimated
future payment dates and amounts are as follows (1) (dollars in
thousands):
|
|
DSME1 |
|
DSME2 |
|
Q3 2023 |
|
$ |
33,036 |
|
$ |
— |
|
Q4 2023 |
|
|
33,036 |
|
|
— |
|
Q1 2024 |
|
|
— |
|
|
— |
|
Q2 2024 |
|
|
— |
|
|
32,441 |
|
Q3 2024 |
|
|
— |
|
|
32,441 |
|
Q4 2024 |
|
|
198,217 |
|
|
— |
|
Q1 2025 |
|
|
— |
|
|
— |
|
Q2 2025 |
|
|
— |
|
|
194,644 |
|
Total |
|
$ |
264,289 |
|
$ |
259,526 |
|
(1) These are estimates only and are subject to
change as construction progresses.
Business Combination
During the second quarter of 2023, the Company
and Cadeler A/S, another offshore wind turbine and foundation
installation company, entered into a business combination agreement
to combine through a stock-for-stock exchange offer to be made to
all stockholders of Eneti based on an exchange ratio of 3.409
Cadeler shares for each Eneti share (the “Exchange Offer”).
Following the completion of the Exchange Offer,
Cadeler and Eneti shareholders will own approximately 60% and 40%
of the combined company, respectively, on the basis of the share
counts for each of Cadeler and Eneti as of June 16, 2023 and
assuming all outstanding Eneti shares are exchanged for Cadeler
shares in the Exchange Offer.
The combined entity will be named Cadeler A/S
and the combination is expected to close in the fourth quarter of
2023; subject to regulatory approvals and applicable conditions
being met. Additional information about the business combination
can be found in the Company’s previously furnished report on Form
6-K, dated June 16, 2023.
Sale of NG 2500X Vessels
During July 2023, the Company entered into an agreement with an
unaffiliated third party to sell the Seajacks Hydra, Seajacks
Leviathan and the Seajacks Kraken for approximately $70.0 million
in aggregate. Delivery of the vessels are expected to take place
before the end of 2023. The sale is expected to provide net cash
proceeds of approximately $56.8 million after the repayment of
amounts due on the term loan tranche under the $175.0 Million
Credit Facility.These vessels were classified as held for sale as
of June 30, 2023.
Award of New Contracts
During July 2023, Seajacks UK Limited, a wholly-owned subsidiary
of the Company, has signed two new contracts in the offshore wind
sector in NW Europe for between 62 and 82 days of employment for
two of its NG2500X-class vessels that will generate between
approximately $5.2 million and $6.7 million of revenue in 2023.
Intention to Enter into Joint Venture for Offshore Wind
Foundation Installation
In April 2023, Eneti entered into a non-binding
memorandum of understanding indicating its intention to form a
joint venture company with Transocean Ltd. (“Transocean”) that will
engage in offshore wind foundation installation activities.
Debt Overview
The Company’s outstanding debt balances, gross of unamortized
deferred financing costs as of June 30, 2023 and August 4,
2023, are as follows (dollars in thousands):
|
|
As of June 30, 2023 |
|
As of August 4, 2023 |
|
Credit
Facility |
|
Amount Outstanding |
|
$175.0 Million Credit Facility |
|
$ |
59,375 |
|
$ |
59,375 |
|
Total |
|
$ |
59,375 |
|
$ |
59,375 |
|
The Company has undrawn availability under a
$75.0 Million Revolving Loans of the above-mentioned $175.0 Million
Credit Facility.
Performance Bonds
As of June 30, 2023, performance bonds were issued on
behalf of the Company for $1.9 million, which was cash
collateralized. In July 2023, the performance bond was cancelled
and the cash collateral was released back to the Company.
Quarterly Cash Dividend
In the second quarter of 2023, the Board of
Directors declared, and the Company paid, a quarterly cash dividend
of $0.01 per share totaling approximately $0.4 million.
On August 8, 2023, the Board of Directors
declared a quarterly cash dividend of $0.01 per share, payable on
or about September 15, 2023, to all shareholders of record as of
August 28, 2023. As of August 8, 2023, there were 38,647,119 common
shares outstanding.
Conflict in Ukraine
As a result of the conflict between Russia and
Ukraine which commenced in February 2022, the United States, the
European Union, and others have announced unprecedented levels of
sanctions and other measures against Russia and certain Russian
entities and nationals. The ongoing conflict has disrupted supply
chains and caused instability and significant volatility in the
global economy. Much uncertainty remains regarding the global
impact of the conflict in Ukraine and it is possible that such
instability, uncertainty and resulting volatility could
significantly increase our costs and adversely affect our business.
These uncertainties could also adversely affect our ability to
obtain additional financing or, if we are able to obtain additional
financing, to do so on terms favorable to us. We will continue to
monitor the situation to assess whether the conflict could have any
material impact on our operations or financial performance.
Eneti Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(Amounts in thousands, except per share
data)
|
Unaudited |
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Revenue |
$ |
38,849 |
|
|
$ |
61,282 |
|
|
$ |
52,665 |
|
|
$ |
83,720 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Vessel operating and project costs |
|
18,511 |
|
|
|
18,800 |
|
|
|
37,400 |
|
|
|
36,852 |
|
Vessel depreciation |
|
6,147 |
|
|
|
6,226 |
|
|
|
12,135 |
|
|
|
12,460 |
|
General and administrative expenses |
|
10,986 |
|
|
|
11,041 |
|
|
|
19,289 |
|
|
|
21,056 |
|
Write-down of vessels classified as held for sale |
|
49,336 |
|
|
|
— |
|
|
|
49,336 |
|
|
|
— |
|
Total operating
expenses |
|
84,980 |
|
|
|
36,067 |
|
|
|
118,160 |
|
|
|
70,368 |
|
Operating (loss)
income |
|
(46,131 |
) |
|
|
25,215 |
|
|
|
(65,495 |
) |
|
|
13,352 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest income |
|
788 |
|
|
|
12 |
|
|
|
1,684 |
|
|
|
11 |
|
Income from equity investments |
|
— |
|
|
|
28,512 |
|
|
|
— |
|
|
|
47,197 |
|
Foreign exchange income (loss) |
|
445 |
|
|
|
(1,931 |
) |
|
|
1,476 |
|
|
|
(2,321 |
) |
Financial expense, net |
|
(589 |
) |
|
|
(679 |
) |
|
|
(764 |
) |
|
|
(1,952 |
) |
Total other income,
net |
|
644 |
|
|
|
25,914 |
|
|
|
2,396 |
|
|
|
42,935 |
|
(Loss) income before
income tax provision |
|
(45,487 |
) |
|
|
51,129 |
|
|
|
(63,099 |
) |
|
|
56,287 |
|
Income tax expense (benefit) |
|
4,296 |
|
|
|
(1,599 |
) |
|
|
4,303 |
|
|
|
(589 |
) |
Net (loss)
income |
$ |
(49,783 |
) |
|
$ |
52,728 |
|
|
$ |
(67,402 |
) |
|
$ |
56,876 |
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(1.36 |
) |
|
$ |
1.36 |
|
|
$ |
(1.84 |
) |
|
$ |
1.47 |
|
Diluted |
$ |
(1.36 |
) |
|
$ |
1.36 |
|
|
$ |
(1.84 |
) |
|
$ |
1.46 |
|
|
|
|
|
|
|
|
|
Basic weighted average number of common shares outstanding |
|
36,612 |
|
|
|
38,825 |
|
|
|
36,606 |
|
|
|
38,811 |
|
Diluted weighted average number of common shares outstanding |
|
36,612 |
|
|
|
38,844 |
|
|
|
36,606 |
|
|
|
38,827 |
|
|
|
|
|
|
|
|
|
Eneti Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets (Dollars in thousands)
|
Unaudited |
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
77,302 |
|
|
$ |
119,958 |
|
Restricted cash |
|
2,115 |
|
|
|
7,269 |
|
Accounts receivable |
|
30,570 |
|
|
|
35,776 |
|
Inventories |
|
5,006 |
|
|
|
5,795 |
|
Prepaid expenses and other current assets |
|
9,248 |
|
|
|
4,740 |
|
Contract fulfillment costs |
|
4,297 |
|
|
|
634 |
|
Total current assets |
|
128,538 |
|
|
|
174,172 |
|
Non-current assets |
|
|
|
Vessels, net |
|
403,926 |
|
|
|
521,331 |
|
Vessels under construction |
|
149,520 |
|
|
|
110,969 |
|
Assets held for sale |
|
69,300 |
|
|
|
— |
|
Intangible assets |
|
4,518 |
|
|
|
4,518 |
|
Other assets |
|
2,605 |
|
|
|
3,514 |
|
Total non-current assets |
|
629,869 |
|
|
|
640,332 |
|
Total
assets |
$ |
758,407 |
|
|
$ |
814,504 |
|
|
|
|
|
Liabilities and shareholders’
equity |
|
|
|
Current liabilities |
|
|
|
Bank loans, net |
$ |
12,072 |
|
|
$ |
12,039 |
|
Contract liabilities |
|
14,340 |
|
|
|
6,706 |
|
Corporate income tax payable |
|
524 |
|
|
|
2,637 |
|
Accounts payable and accrued expenses |
|
17,777 |
|
|
|
23,629 |
|
Total current liabilities |
|
44,713 |
|
|
|
45,011 |
|
Non-current liabilities |
|
|
|
Bank loans, net |
|
46,204 |
|
|
|
52,253 |
|
Deferred tax liabilities |
|
14,557 |
|
|
|
— |
|
Other liabilities |
|
1,537 |
|
|
|
1,926 |
|
Total non-current
liabilities |
|
62,298 |
|
|
|
54,179 |
|
Total liabilities |
|
107,011 |
|
|
|
99,190 |
|
Shareholders’ equity |
|
|
|
Preferred shares, $0.01 par value per share; 50,000,000 shares
authorized; no shares issued or outstanding |
|
— |
|
|
|
— |
|
Common shares, $0.01 par value per share; authorized 81,875,000
shares as of June 30, 2023 and December 31, 2022; outstanding
38,647,119 shares and 38,446,394 shares as of June 30, 2023 and
December 31, 2022, respectively |
|
1,136 |
|
|
|
1,134 |
|
Paid-in capital |
|
2,067,650 |
|
|
|
2,064,168 |
|
Common shares held in treasury, at cost; 2,328,179 shares at June
30, 2023 and December 31, 2022 |
|
(17,669 |
) |
|
|
(17,669 |
) |
Accumulated deficit |
|
(1,399,721 |
) |
|
|
(1,332,319 |
) |
Total shareholders’
equity |
|
651,396 |
|
|
|
715,314 |
|
Total liabilities and
shareholders’ equity |
$ |
758,407 |
|
|
$ |
814,504 |
|
Eneti Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash Flows (unaudited)(Amounts in
thousands)
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Operating
activities |
|
|
|
Net (loss) income |
$ |
(67,402 |
) |
|
$ |
56,876 |
|
Adjustment to
reconcile net (loss) income to net cash provided by |
|
|
|
operating activities: |
|
|
|
Restricted share amortization |
|
4,255 |
|
|
|
3,713 |
|
Vessel depreciation |
|
12,135 |
|
|
|
12,460 |
|
Amortization of deferred financing costs |
|
404 |
|
|
|
132 |
|
Write-down of vessels held for sale |
|
49,336 |
|
|
|
896 |
|
Net (gains) on investments |
|
— |
|
|
|
(46,767 |
) |
Dividend income from equity investment |
|
— |
|
|
|
(431 |
) |
Drydocking expenditure |
|
— |
|
|
|
(504 |
) |
Deferred tax asset |
|
5,016 |
|
|
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
Decrease (increase) in accounts receivable |
|
5,206 |
|
|
|
(30,580 |
) |
Decrease in inventories |
|
789 |
|
|
|
753 |
|
Increase in prepaid expenses and other assets |
|
(7,432 |
) |
|
|
(4,687 |
) |
Increase in accounts payable and accrued expenses |
|
1,394 |
|
|
|
6,195 |
|
Decrease in taxes payable |
|
(2,113 |
) |
|
|
(2,758 |
) |
Net cash provided by
(used in) operating activities |
|
1,588 |
|
|
|
(4,702 |
) |
Investing
activities |
|
|
|
Dividend income from equity investment |
|
— |
|
|
|
431 |
|
Payments on vessels under construction and other fixed assets |
|
(42,376 |
) |
|
|
(35,836 |
) |
Net cash used in
investing activities |
|
(42,376 |
) |
|
|
(35,405 |
) |
Financing
activities |
|
|
|
Proceeds from issuance of long-term debt |
|
— |
|
|
|
130,000 |
|
Repayments of long-term debt |
|
(6,250 |
) |
|
|
(198,790 |
) |
Debt issuance costs paid |
|
— |
|
|
|
(3,235 |
) |
Dividends paid |
|
(772 |
) |
|
|
(799 |
) |
Net cash used in
financing activities |
|
(7,022 |
) |
|
|
(72,824 |
) |
Decrease in cash and cash
equivalents and restricted cash |
|
(47,810 |
) |
|
|
(112,931 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
127,227 |
|
|
|
153,977 |
|
Cash and cash
equivalents and restricted cash, end of period |
$ |
79,417 |
|
|
$ |
41,046 |
|
Conference Call on Results:
A conference call to discuss the Company’s
results will be held at 9:00 AM Eastern Daylight Time / 3:00 PM
Central European Summer Time on August 8, 2023. Those wishing to
listen to the call should dial 1 (877) 513-1694 (U.S.) or 1 (412)
902-4269 (International) at least 15 minutes prior to the start of
the call to ensure connection. The information provided on the
teleconference is only accurate at the time of the conference call,
and the Company will take no responsibility for providing updated
information.
There will also be a simultaneous live webcast
over the internet, through the Eneti Inc. website
www.eneti-inc.com. Participants to the live webcast should register
on the website approximately 15 minutes prior to the start of the
webcast.
Webcast URL:
https://edge.media-server.com/mmc/p/pivoy8yb
About Eneti Inc.
Eneti Inc. is a leading provider of installation
and maintenance vessels to the offshore wind sector and has
invested in the next generation of wind turbine installation
vessels. The Company is listed on the New York Stock Exchange under
the ticker symbol NETI. Additional information about the Company is
available on the Company’s website: www.eneti-inc.com. Information
on the Company’s website does not constitute a part of and is not
incorporated by reference into this press release.
Non-GAAP Financial Measures
To supplement the Company’s financial
information presented in accordance with accounting principles
generally accepted in the U.S. (“GAAP”) management uses certain
“non-GAAP financial measures” as such term is defined in Regulation
G promulgated by the U.S. Securities and Exchange Commission (the
“SEC”). Generally, a non-GAAP financial measure is a numerical
measure of a company’s operating performance, financial position or
cash flows that excludes or includes amounts that are included in,
or excluded from, the most directly comparable measure calculated
and presented in accordance with GAAP. Management believes the
presentation of these measures provides investors with greater
transparency and supplemental data relating to the Company’s
financial condition and results of operations, and therefore a more
complete understanding of factors affecting its business than GAAP
measures alone. In addition, management believes the
presentation of these matters is useful to investors for
period-to-period comparison of results as the items may reflect
certain unique and/or non-operating items such as asset sales,
write-offs, contract termination costs or items outside of
management’s control.
Earnings before interest, taxes, depreciation
and amortization (“EBITDA”) is a non-GAAP financial measure that
the Company believes provide investors with a means of evaluating
and understanding how the Company’s management evaluates the
Company’s operating performance. This non-GAAP financial measure
should not be considered in isolation from, as substitutes for, nor
superior to financial measures prepared in accordance with GAAP.
Please see below for reconciliation of EBITDA.
EBITDA (unaudited)
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
In thousands |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net (loss) income |
$ |
(49,783 |
) |
|
$ |
52,728 |
|
|
$ |
(67,402 |
) |
|
$ |
56,876 |
|
Add Back: |
|
|
|
|
|
|
|
Net interest (income) expense |
|
(398 |
) |
|
|
535 |
|
|
|
(1,323 |
) |
|
|
1,809 |
|
Depreciation and amortization (1) |
|
8,550 |
|
|
|
8,523 |
|
|
|
16,793 |
|
|
|
16,305 |
|
Income tax expense (benefit) |
|
4,296 |
|
|
|
(1,599 |
) |
|
|
4,303 |
|
|
|
(589 |
) |
EBITDA |
$ |
(37,335 |
) |
|
|
60,187 |
|
|
$ |
(47,629 |
) |
|
$ |
74,401 |
|
(1) Includes depreciation, amortization of deferred financing
costs and restricted share amortization.
Adjusted net (loss) income
(unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
In thousands |
|
2023 |
|
|
|
2023 |
|
Net loss |
$ |
(49,783 |
) |
|
$ |
(1.36 |
) |
|
$ |
(67,402 |
) |
|
$ |
(1.84 |
) |
Adjustments: |
|
|
|
|
|
|
|
Write-down on vessels held for sale |
|
49,336 |
|
|
$ |
1.35 |
|
|
|
49,336 |
|
|
$ |
1.35 |
|
Transaction costs |
|
3,289 |
|
|
$ |
0.09 |
|
|
|
3,289 |
|
|
$ |
0.09 |
|
Adjusted net income
(loss) |
$ |
2,842 |
|
|
$ |
0.08 |
|
|
$ |
(14,777 |
) |
|
$ |
(0.40 |
) |
Adjusted EBITDA (unaudited)
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
In thousands |
|
2023 |
|
|
|
2023 |
|
Net loss |
$ |
(49,783 |
) |
|
$ |
(67,402 |
) |
Impact of adjustments |
|
52,625 |
|
|
|
52,625 |
|
Adjusted net income
(loss) |
$ |
2,842 |
|
|
$ |
(14,777 |
) |
Add Back: |
|
|
|
Net interest (income) expense |
|
(398 |
) |
|
|
(1,323 |
) |
Depreciation and amortization (1) |
|
8,550 |
|
|
|
16,793 |
|
Income tax expense |
|
4,296 |
|
|
|
4,303 |
|
Adjusted
EBITDA |
$ |
15,290 |
|
|
$ |
4,996 |
|
(1) Includes depreciation, amortization of deferred financing
costs and restricted share amortization.
Forward-Looking
Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements. We undertake no obligation, and specifically decline
any obligation, except as required by law, to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, our management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include the
failure of counterparties to fully perform their contracts with us,
the strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and asset
values, changes in demand for Wind Turbine Installation Vessel
(“WTIV”) capacity, the continuing impacts of the ongoing novel
coronavirus (COVID-19) pandemic, including its effects on demand
for WTIVs and the installation of offshore windfarms, changes in
our operating expenses, including fuel costs, drydocking and
insurance costs, the market for our WTIVs, availability of
financing and refinancing, counterparty performance, ability to
obtain financing and the availability of capital resources
(including for capital expenditures) and comply with covenants in
such financing arrangements, planned capital expenditures, our
ability to successfully identify, consummate, integrate and realize
the expected benefits from acquisitions and changes to our business
strategy, fluctuations in the value of our investments, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, including
conditions resulting from the ongoing conflict between Russia and
Ukraine, potential disruption due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties.
Contact Information:
Eneti Inc.James Doyle – Head of Corporate
Development & Investor RelationsTel: +1 646-432-1678Email:
Investor.Relations@Eneti-inc.comhttps://www.eneti-inc.com
Eneti (NYSE:NETI)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Eneti (NYSE:NETI)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024