DEME Acquires Norway's Havfram to Enhance Offshore Wind Capabilities

DEME's acquisition of Havfram strengthens its position in the offshore wind energy sector, expanding its capabilities in turbine and foundation installations globally

Belgian energy group DEME, a player in offshore energies, has agreed on a deal to acquire Norwegian offshore wind contractor Havfram in an all-share offer. This deal supports DEME's long-term strategy of extending its position in the off-growth winds segment, while also increasing its capabilities to handle turbine and foundation installation globally.

About Havfram: A Notable Offshore Wind Player

Havfram, with its base in Oslo, Norway, deals in the transport and installation of offshore wind services. The company is mainly owned by Sandbrook Capital, a climate-positive infrastructure-focused private equity firm, and Canada's Public Sector Pension Investment Board (PSP Investments).

Currently, Havfram is building two state-of-the-art wind turbine installation vessels that will be operational in late 2025 and early 2026. They are already reserved for projects starting in the second half of 2026.

The company has a solid order backlog of around €600 million, including obligations to assist with construction of some of the globe's largest offshore wind farms due between 2026 and 2030. Havfram employs around 50 people.

Strengthening DEME’s Market Position

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.

He added, “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"

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Transaction Details and Future Plans

The transaction, valued at approximately €900 million, includes the acquisition of shares from Sandbrook Capital and PSP Investments, as well as capital expenditures for Havfram’s new vessels.

DEME Offshore Holding NV, a subsidiary of DEME Group NV, will acquire 100% of Havfram Wind Holdco AS shares. The deal is awaiting regulatory approval and is expected to close by the end of April 2025.

Upon completion, Havfram will join DEME's Offshore Energy division. DEME plans to finance the acquisition through a mix of internal funds and external financing. The company assures a smooth transition, with Havfram continuing its operations independently until the deal is finalized.