Eneti is the owner of Seajacks that is currently operating five jack up vessels and has two new build vessels under construction. The agreement between Cadeler and Eneti will embed Eneti into Cadeler, but will Seajack operate as a separate entity? In the past Seajacks has been sold multiple times and each time its name has been kept intact. However, this is the first time another vessel operator with assets on the water has the majority stake in Seajacks. At the moment Seajacks fate is unknown. In scenario one Seajacks will continue to operate as a separate entity with minimal influence from Cadeler. A second possibility would potentially see the Seajacks name discontinue to exist, and its fleet move directly under the management of Cadeler. Either way, the market will respond with mixed feelings to the recent news, especially for the developers who have been looking for more diversity in the vessel market to drive hiring costs down.

Image Credit: Seajacks