OSLO, NORWAY: Cadeler A/S and Eneti Inc, two of the largest offshore wind turbine and foundation installation companies, have announced a merger that will create the largest company in the industry.

The combined company will have a fleet of 10 vessels, including the two largest wind turbine installation vessels in the world.

The merger is a sign of the growing demand for offshore wind energy. The global offshore wind market is expected to grow from 29 gigawatts (GW) in 2021 to 230 GW by 2030. The combined company will be well-positioned to meet this demand, with a global presence and a fleet of modern, capable vessels.

The merger is also expected to create significant value for shareholders. Cadeler and Eneti have agreed to exchange shares on a 3.409-to-1 basis, which values Eneti at $1.2 billion. The combined company is expected to have a pro-forma market capitalization of $1.4 billion.

The merger is expected to close in the second half of 2023.

Key Benefits of the Merger

• Increased scale and market share: The combined company will be the largest offshore wind turbine and foundation installation company in the world. This will give the company a strong competitive advantage in a growing market.
• Improved financial performance: The combined company is expected to generate $106 million in annual synergies. These synergies will come from a number of sources, including improved utilization of the fleet, cost savings, and increased revenue.
• Enhanced growth potential: The combined company will have a strong financial position and a global presence. This will allow the company to pursue growth opportunities in new markets and with new technologies.

The Future of Offshore Wind

The offshore wind industry is growing rapidly. The global market is expected to grow from 29 GW in 2021 to 230 GW by 2030. This growth is being driven by a number of factors, including the increasing cost-competitiveness of offshore wind, government policies that support renewable energy, and the need to reduce carbon emissions.

The merger of Cadeler and Eneti is a sign of the growing maturity of the offshore wind industry. The combined company will be well-positioned to meet the growing demand for offshore wind energy.

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