Eneti : Capital Link Webinar Presentation

Eneti Inc. Company Presentation Capital Link Webinar Series

January 9, 2023

Disclaimer

This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These

forward-looking statements reflect Eneti Inc.'s ("Eneti's") current views with respect to future events and financial performance. The words "believe," "anticipate," "intend,"

"estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this

presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in Eneti's records and other data available from third parties. Although Eneti believes that these assumptions were reasonable when made, because

these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Eneti's control, Eneti cannot assure

you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance.

Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Eneti, the strength of world economies and currencies, general

market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the WTIV markets, changes in Eneti's operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Eneti's vessels, availability of financing and refinancing, charter counterparty performance, ability to

obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities

including those that may limit the commercial useful lives of wind turbine installation vessels, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, changes in demand for wind turbine installation vessels, and other important factors

described from time to time in the reports Eneti files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE.

Eneti undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Eneti's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), earnings before interest and taxes ("EBIT"), adjus ted net income and related per share amounts, as well as adjusted EBITDA, adjusted EBIT and TCE Revenue are non-GAAP performance measures that the Company believes provide investors with a means of evaluating and understanding how

the Company's management evaluates the Company's operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor

superior to financial measures prepared in accordance with GAAP.

Unless otherwise indicated, information contained in this presentation concerning Eneti's industry and the market in which it operates and expects to operate, including its general

expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party

sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Eneti

operates and management's understanding of industry conditions. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and

uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Eneti believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third-party information or verified

that more recent information is not available.

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Eneti at a Glance

About

• Eneti Inc. (NYSE:NETI) is a leading owner/operator of offshore wind vessels and the only offshore wind installation vessel owner listed on the NYSE
• Our wind turbine installation vessels ("WTIVs") install foundation pieces and wind turbines at offshore wind farms around the world
• The Company owns a fleet of five WTIVs and has two next generation WTIVs currently under construction at DSME in South Korea
• In 2021, Eneti acquired Seajacks to become a leading owner and operator of WTIV's
• • Seajacks operates as a stand-alone company within Eneti, and the existing Seajacks management team remains in place
• Attractive long-term fundamentals - significant development of offshore wind farms and demand for WTIVs outpaces capable vessel supply

Eneti WTIV Fleet & Newbuilds

		Delivered		Newbuilds Under Construction	7
						2
3
					2	5
3	1	1	2
	1	1
NG 2500X	NG 5500C		NG 14000X	NG 16000X	Total

Selected Customers

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Eneti Mid-way through Transformation of Balance Sheet & Asset Base

February 4, 2021:

Shareholders

approve the change of the Company's

name to "Eneti Inc."

August 5, 2021:

Acquired Seajacks, a

leading owner and operator of WTIV's

(including five vessels

on the water) with offshore wind

operational

experience dating back to 2009

December 2, 2021:

Exercised option for

the construction of its second high spec WTIV

at DSME

February 15, 2022:

Commitment for a five

year $175 million green multicurrency senior

secured term loan and

revolving credit facility

August 15, 2022:

Sale of entire

holding of Scorpio Tankers for $83m

December 19, 2022:

First newbuild vessel,

"Nessie", awarded a EUR 60 to EUR 73

million contract for

2025

Announcement of new

customer contracts

Potential sale of NG2500s if there is a

further improvement

in underlying asset values

Potential partnerships

2021	2022

Potential future announcements

Potential further

May 11, 2021:

Entered into a binding agreement for the

construction of one high

spec WTIV

Nov 12, 2021:

Raised $167 million in net proceeds in an

underwritten public

offering

December 27, 2021:

Seajacks Scylla awarded a $60 million

contract for 2023 in

Europe

May 12, 2022:

Seajacks Zaratan awarded a $36 million

contract for 2023 in

Asia

August 31, 2022:

Buyback of 2.3 million shares for $17 million

opportunistic use of excess liquidity to

buyback shares where

there is a material

discount to NAV

Announcement of (up to) 65% LTV export

credit backed debt

financing of Nessie & Siren

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Tremendous Growth Potential for Offshore Wind in the Near-term…

Cumulative Global Offshore Wind Capacity

Annual Offshore Wind Capacity Additions

(GW)

200

150

100

50

0

																		(GW)
																				Europe		North America			South America			Australasia				China		Rest of Asia
																		30
																		25
																		20
																		15
																		10
																		5
																		0
																										2014						2019								2024
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2010	2011	2012	2013	2015	2016	2017	2018	2020	2021	2022	2023	2025	2026		2027

			Offshore Wind Electricity Generation						Globalised LCOE ($/MWh)
(TWh)	Stated Policies Scenario								2014			2022
600								250
500								200
400								150
300
200								100
100								50
0								0
								Coal	CCGT	Offshore Wind
2010	2018	2025	2030

Source: 4C Offs hore April 2022, IEA WOE 2019 & 2020; BNEF

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