DEME has confirmed that it has signed an agreement to acquire Havfram, the offshore wind contractor based in Norway
In a statement, DEME said, “This acquisition aligns with DEME’s ambition to expand its footprint in the offshore wind market and enhances its competitive positioning in turbine and foundation installations.”
Havfram focuses on providing transport and installation of offshore wind turbines. It is primarily owned by 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 is building two wind turbine installation vessels. Due to be delivered in Q4 2025 and early 2026 respectively, the vessels are already contracted from the second half of 2026.
The Norwegian company has an orderbook of approximately €600M, including work on some of the world’s largest offshore windfarms, from 2026 to 2030. The company employs around 50 people and is headquartered in Oslo, Norway.
DEME chief executive Luc Vandenbulcke said the deal “underscores our unwavering belief in the immense potential of offshore wind infrastructure as a key element in the global energy transition.”
Mr Vandenbulcke said the acquisition “complements our fleet and will bolster our competitive edge in turbine and foundation installation, enhancing operational flexibility and strengthening DEME’s position in the industry.” He said Havfram’s expertise and innovative approach will complement DEME’s strengths and capabilities.
The agreement has an aggregated transaction value of approximately €900M, including the acquisition from Sandbrook Capital and PSP Investments, as well as, among others, the remaining capital expenditure needed to complete the newbuilds.
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.
DEME will finance the transaction using a combination of external financing and internal resources. It said it wants to ensure a seamless transition that prioritizes continuity for Havfram customers, while carefully considering the needs of employees and stakeholders.
