Marine contractor DEME is acquiring Norwegian offshore wind installation company Havfram from Sandbrook Capital and the Public Sector Pension Investment (PSP Investment) in a €900m deal.
Havfram, established in 2021 by Sandbrook Capital and PSP Investments, provides transport and installation services to the offshore wind sector and is currently constructing two wind turbine installation vessels. The company has a €600m orderbook, which includes contracts supporting the construction of several large-scale offshore wind farms between 2026 and 2030.
DEME said the acquisition agreement represents a total transaction value of approximately €900m. This includes the acquisition from Sandbrook Capital and PSP Investments, as well as the remaining capital expenditures required to complete both vessels.
Euronext Brussels-listed DEME said the acquisition of Havfram supports its strategy to increase its presence in the offshore wind energy market and strengthen its competitive standing in turbine and foundation installations.
Luc Vandenbulcke, CEO of DEME, said: “DEME’s investment in Havfram underscores our unwavering belief in the immense potential of offshore wind infrastructure as a key element in the global energy transition. This acquisition complements our fleet and will bolster our competitive edge in both turbine and foundation installations, enhancing our operational flexibility and interchangeability, and strengthening DEME’s leadership position in the industry.
“Havfram’s state-of-the-art vessels are equipped to install the next generation of turbines and foundations, seamlessly integrating with DEME’s existing fleet. Havfram’s expertise and innovative approach will complement our strengths and capabilities, allowing us to deliver even greater value to our customers in the offshore wind industry.”
Christopher Hunt, partner at Sandbrook Capital, said: “We partnered with PSP Investments to build Havfram because we saw a unique market opportunity to provide the state-of-the-art vessels required to build today’s enormous offshore wind farms.
“In just a few years, Havfram has become one of the most important players in the offshore wind industry. We are proud of what the team has achieved and the positive financial returns delivered to our investors.”
Sandiren Curthan, managing director and global head of infrastructure investments, PSP Investments, said: “Our investment in Havfram reflects our broader capabilities and commitment to invest in assets essential to the renewables value chain, while generating strong risk-adjusted returns.
“We are proud to have partnered with Sandbrook Capital and with the Havfram team to build a fleet of next-generation wind turbine installation vessels.”
Ingrid Due-Gundersen, CEO of Havfram, said: “The support and long-term vision of Sandbrook Capital and PSP Investments have been instrumental in building Havfram into what it is today.
“We’re incredibly excited to join forces with DEME, a global leader with a shared mission to accelerate offshore wind deployment. Together, we will play a major role in enabling the energy transition around the world.”
To read the latest IPE Real Assets magazine click here.
