Eneti Inc. Announces Pricing of Public Offering of Common Shares

Monaco - Nov. 12, 2021

Eneti Inc. (NYSE:NETI) (the “Company”) announced today that it has priced its previously announced underwritten public offering (the “Offering”) of 19,444,444 shares of its common stock, par value $0.01 per share (the “Common Shares”), at $9.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,916,667 Common Shares. The Offering will result in gross proceeds to the Company of approximately $175.0 million (or approximately $201.2 million if the underwriters’ option to purchase additional Common Shares is exercised in full) prior to deducting underwriting discounts, commissions and other offering expenses. As part of the Offering, Scorpio Holdings Limited, a related party of the Company, has agreed to purchase 3,666,666 Common Shares at the public offering price. In addition, Robert Bugbee (the Company’s President) and a non-executive director have agreed to purchase 222,222 and 11,111 Common Shares, respectively, at the public offering price.

The Offering is expected to close on November 15, 2021. The net proceeds of the Offering are expected to be used for general corporate purposes, including the funding of the Company’s wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel and one proposed Jones Act compliant newbuilding vessel.

Citigroup, DNB Markets, BTIG and Nomura are acting as Joint Book-Runners in the Offering. Clarksons Platou Securities, Fearnley Securities and Kepler Cheuvreux are acting as Co-Managers in the Offering. Kepler Cheuvreux is not a broker-dealer registered with the U.S. Securities and Exchange Commission (the “SEC”) and therefore may not make sales of any shares in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations.

The Company’s Common Shares trade on the New York Stock Exchange under the symbol “NETI.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. A shelf registration statement relating to the Common Shares was filed with the SEC and is effective. This offering is being made only by means of a prospectus supplement and the accompanying base prospectus. A prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 (Tel: 800-831-9146); DNB Markets,30 Hudson Yards, 81st Floor, New York, NY, 10001, USA; BTIG,65 East 55th Street, New York, NY 10022, or by e-mail at ProspectusDelivery@btig.com; or Nomura, Attention: Equity Syndicate Department, Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, or by telephone at 212-667-9000, or by email at equitysyndicateamericas@nomura.com.

About Eneti Inc.
Eneti Inc. is focused on the offshore wind and marine-based renewable energy industry and has invested in the next generation of wind turbine installation vessels. Additional information about the Company is available on the Company’s website www.eneti-inc.com, which is not a part of this press release.

Eneti Inc. press release