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Scorpio Bulkers to change name to reflect renewable transition

By: Tom Russell 07/01/2021 Scorpio Bulkers

General Vessels

Scorpio Bulkers Inc. intends to change its name to Eneti Inc. The change of the Company’s name is subject to approval at an Extraordinary General Meeting to be held on February 3, 2021 for shareholders of record as of December 29, 2020.

Scorpio Bulkers Inc. announced on August 3, 2020, its intention to transition away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels.

The Company has recently sold eight vessels and has contracted to sell sixteen additional vessels, all of which are expected to close in the first half of 2021. Scorpio Bulkers Inc. intends to sell its 25 remaining wholly-owned or finance leased drybulk vessels (including 7 Kamsarmax vessels and 18 Ultramax vessels) during 2021.

The company also signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels.

The initial vessel will be built by Daewoo Shipbuilding and Marine Engineering Inc. for delivery that is scheduled in 2023. The vessel is an NG-16000X design GustoMSC and includes a 1,500 ton Leg Encircling Crane (LEC) from Huisman Equipment B.V.. The total project cost is expected to be approximately $265-$290 million, subject to final design modifications.

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Scorpio Bulkers to change name to reflect renewable transition

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