DEME Acquires Havfram: A Strategic Move in Offshore Wind Market

Belgium-based offshore installation services company DEME has recently announced its agreement to acquire Havfram, an offshore wind installation contractor based in Norway, in a deal valued at $985.5 million. This strategic move is aimed at expanding DEME’s presence in the offshore wind energy sector and bolstering its competitive position in turbine and foundation installations.

About Havfram

Havfram is a Norwegian offshore wind infrastructure company specializing in transport and installation services for the offshore wind industry. The company, primarily owned by Sandbrook Capital and the Public Sector Pension Investment Board (PSP Investments), is currently in the process of constructing two next-generation wind turbine installation vessels (WTIVs).

These vessels, scheduled for delivery in late 2025 and early 2026, are already under contract for projects starting in the second half of 2026. Havfram’s order book includes support for the construction of major offshore wind farms from 2026 to 2030, totaling approximately $657 million.

DEME’s Perspective

Luc Vandenbulcke, the CEO of DEME, expressed excitement about the acquisition, stating that it will complement DEME’s existing fleet and enhance its capabilities in turbine and foundation installations. The integration of Havfram’s state-of-the-art vessels with DEME’s fleet will strengthen the company’s leadership position in the industry and provide added value to customers in the offshore wind sector.

The transaction, with an aggregated value of $985.5 million, involves the acquisition of shares from Sandbrook Capital and PSP Investments, as well as additional capital expenditures required to complete the WTIVs. DEME Offshore Holding NV, a subsidiary of DEME Group, will acquire all shares in Havfram Wind Holdco.

Integration and Future Outlook

Upon completion of the transaction, Havfram will be integrated into DEME’s Offshore Energy segment, further solidifying DEME’s presence in the offshore wind market. Until the closing of the deal, Havfram will continue to operate as a separate entity.

The transaction is expected to be finalized by the end of April 2025, subject to customary closing conditions. With this acquisition, DEME is poised to enhance its operational flexibility, strengthen its competitive edge, and drive innovation in the offshore wind industry.

Overall, the acquisition of Havfram represents a significant milestone for DEME as it continues to expand its footprint in the rapidly growing offshore wind energy sector.