Cadeler and Eneti Wrap Up Merger

Business & Finance

December 22, 2023, by Adnan Memija

Cadeler and Eneti have rang the bell at the New York Stock Exchange as one entity, marking the merger of the two companies and creating a leading offshore wind installation firm.

Following the business combination of Cadeler and Eneti, the combined group will be named Cadeler and be headquartered in Copenhagen, Denmark, with offices across the world in Denmark, the UK, the US, Taiwan, and Japan.

According to Cadeler, the company will be able to handle the largest and most complex next-generation offshore wind installation projects, ensuring customers and partners have the strongest choice of flexibility and supply certainty.

The current CEO of Cadeler, Mikkel Gleerup, will continue as CEO after the combination and Peter Brogaard Hansen will continue as CFO.

Andreas Sohmen-Pao will continue as Chairman of the Board of Directors and Emanuele Lauro, the current CEO of Eneti, will expectedly be nominated for election to the Board of Directors as Vice Chairman shortly after the completion of the offer.

After acquiring Seajacks in August 2021, Eneti (formerly Scorpio Bulkers) added several wind turbine installation vessels (WTIVs) to the fleet, including the flagship NG14000X-class Seajacks Scylla and three NG2500X-class WTIVs: Seajacks Kraken, Seajacks Leviathan, and Seajacks Hydra.

Cadeler, a company based in Denmark, is a specialist in the transportation and installation of offshore wind turbines and their foundations. According to its website, Cadeler has a fleet of four WTIVs in operation with six newbuilds scheduled for delivery through 2026.