DEME Completes Acquisition of Havfram to Expand Position for Offshore Wind

Belgium’s DEME Group which is an established leader for installations of offshore wind energy reported that it has completed the acquisition of Norway-based Havfram. The agreement to acquire the company was announced in April with DEME highlighting that it would expand its footprint in the offshore wind energy market and enhance its positioning in turbine and foundation installations.

Offshore wind energy is a fast-growing portion of DEME’s business with the company highlighting to investors in the first quarter that offshore wind and offshore energy accounted for approximately €2 billion of its revenues in 2024 or nearly half the group’s total revenues of €4.1 billion. It started in offshore wind in 2000 and says it has completed over 350 projects including for foundations, cables, turbine installation, and rock placement. It reported 37 percent growth in revenues from wind energy projects, having more than doubled in two years and a backlog of approximately €4.3 billion at the end of 2024. It however is one part of a group that has more than 100 vessels and is also active in environmental remediation, dredging, and marine infrastructure.

DEME called the acquisition of Havfram strategic citing 90 percent utilization of its assets for offshore wind energy in 2024. It is contracted to support some of the highest-profile projects both in Europe and North America, including Dominion Energy’s Coastal Virginia Wind Farm.

“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 Luc Vandenbulcke, CEO of DEME on April 9 announcing the agreement. “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.”

The acquisition represented an aggregated transaction value of approximately €900 million, including the share purchase and the remaining capital expenditures needed to complete the construction of two installation vessels Havfram has on order in China. The shares were acquired from Sandbrook Capital, a private investment firm focused on climate infrastructure, and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors.

Havfram announced in 2021 an agreement with J.P. Morgan to fund its expansion and the order of installation vessels. Two vessels were ordered from China’s CIMC Raffles using the GustoMSC NG20000X Jack-Up vessel design. The ships are reported to incorporate the latest battery hybrid drive train technology. Detailing the designs, Havfram had said the vessels would have the capability of installing offshore wind turbines with a rotor diameter of more than 300 meters, as well as XXL monopiles weighing up to 3,000 tons at water depths of up to 70 meters. Capacities were optimized for high variable deck load and the extreme lift heights expected over the next decade. The crane would have a lifting capacity of 3,250 tons.

DEME said that Havfram's state-of-the-art vessels would be seamlessly integrated with DEME's existing fleet. They are due for delivery in the fourth quarter of this year and early in 2026 with Havfram reporting it had already booked approximately €600 million in assignments between 2026 and 2030. Havfram in 2023 said it had options for two additional vessels. It had also expored building a vessel for the U.S. offshore market.

Havfram will be integrated into DEME’s Offshore Energy segment under the DEME brand. It plans to continue operations from Havfram’s current offices in Oslo, Norway. It said there would be no disruption to project planning for the Havfram’s assignments.