DEME to acquire Havfram in EUR 900M deal

Havfram jack-up WITV {Image: DEME]

DEME (Euronext: DEME) reports that it has signed an agreement to acquire Oslo-headquartered offshore wind installation contractor Havfram.

Primarily owned by private equity firm Sandbrook Capital and Canada’s Public Sector Pension Investment Board (PSP Investments), Havfram currently has two next generation NG-20000X wind turbine installation vessels under construction and expected to be delivered in the fourth quarter of 2025 and early 2026 respectively. It already has an orderbook of EUR 600 million euro, and this includes support for the construction of some of the world’s largest offshore wind farms from 2026 to 2030.

DEME says the agreement represents an aggregated transaction value of approximately EUR 900 million euro, including the acquisition from Sandbrook Capital and PSP Investments and the remaining capital expenditures needed to complete both vessels.

Under the terms of the agreement, DEME Offshore Holding NV (a 100% subsidiary of DEME Group NV) will acquire all of the shares in Havfram Wind Holdco AS. The transaction, which is subject to customary closing conditions, is expected to close by the end of April 2025. Following completion, Havfram will be integrated into DEME’s Offshore Energy segment.

“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,” said DEME Group CEO Luc Vandenbulcke. “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.”