- Eneti is an owner and operator of wind turbine installation vessels (WTIVs) with an on-the-water fleet of five vessels, with two additional high spec newbuilds on order.
- NETI (which was previously Scorpio Bulkers) has been under severe pressure since it had to resort to equity markets to finance its newbuild orders and Seajacks acquisition.
- I believe NETI is trading at a very significant discount to net asset value and fair value could be even higher yet.
- The company should be able to finance the equity portion of its newbuild program from existing liquidity and operating cash flows.
- Concerns over corporate governance remain, especially considering management’s $30M bonus for closing the Seajacks acquisition.
For further details see:
Eneti: Discounted Play In Renewable Energy Markets