When Scorpio Bulkers announced a dramatic shift out of the dry trade into offshore wind installation early last August, many investors lost interest and bolted from the stock.

But the managers at Evermore Global Advisors only became more interested.

Not necessarily in immediately owning more of Scorpio, whose entry into operations in the wind turbine installation vessel (WTIV) market is still two years out.

Rather, they began to study the market itself and liked what they saw, particularly in the $100m November initial public offering in Oslo of an existing WTIV player called Cadeler.