Havfram's Sale to DEME Marks a New Era for Offshore Wind Industry

Havfram's Transition to DEME: A Leap Towards Renewable Energy

In a significant move for the offshore wind industry, Sandbrook Capital, a private equity firm, along with the Public Sector Pension Investment Board (PSP Investments), has entered into an agreement to sell Havfram, a pioneering offshore wind infrastructure company, to DEME, a leader in marine engineering and offshore energy. This transaction is poised to enhance the capabilities of both companies while contributing to the acceleration of the global energy transition.

Established in 2021 by Sandbrook Capital and PSP Investments, Havfram was founded with the vision of providing essential offshore wind installation capacity to some of the world's most notable energy companies. Since its inception, Havfram has proven itself to be a significant player in the industry. It has dedicated itself to developing cutting-edge Wind Turbine Installation Vessels (WTIVs) essential for the construction of massive offshore wind farms. Presently, the company has two state-of-the-art vessels under construction and maintains a strong backlog of contracts poised to transform the wind energy landscape.

Christopher Hunt, a partner at Sandbrook Capital, shared insights into the genesis of this partnership. He remarked, "We aimed to seize a unique market opportunity for state-of-the-art vessels required for today’s expansive offshore wind farms. In a few short years, Havfram has emerged as a key contender in this space. We take great pride in the achievements of the entire team, which have delivered favorable financial results to our investors. We believe DEME will be an excellent steward for Havfram’s future growth."

Meanwhile, Sandiren Curthan, the Managing Director and Global Head of Infrastructure Investments at PSP Investments, elaborated on the strategic investment's impact: "Investing in Havfram signifies our commitment to engage with assets that are vital to the renewables value chain while ensuring robust risk-adjusted returns. We are grateful for the collaboration with Sandbrook Capital and the talented team at Havfram in constructing a fleet of next-generation WTIVs."

Ingrid Due-Gundersen, CEO of Havfram, expressed enthusiasm about the new alliance. "The unwavering support and foresight from Sandbrook Capital and PSP Investments were pivotal in shaping Havfram into its current form. Aligning with DEME marks an exciting chapter as we share a similar mission centered on accelerating offshore wind deployment worldwide. Together, we are set to make a significant impact on the global energy transition."

The financial details of the transaction are notable, valuing the deal at approximately €900 million. It is anticipated to close by the end of April 2025, pending standard closing conditions. Advisors for the sale include Goldman Sachs, serving as financial advisors, while Thommessen provided legal counsel to both Sandbrook Capital and PSP Investments.

This strategic move is reflective of the evolving dynamics in the offshore wind sector, where large investments are needed to support ambitious renewable energy targets. The acquisition empowers DEME to expand its footprint in the offshore market and enhance its capabilities to deliver on major projects that align with global sustainability goals.

Havfram is characterized by its commitment to renewable energy solutions, making this acquisition a timely decision in aligning with the growing demand for offshore wind energy. The future indeed appears bright for both Havfram and DEME, with collaborative efforts expected to yield significant advancements in offshore wind technology and implementation.

In summary, the sale of Havfram to DEME heralds a promising future not just for the companies involved but also for the broader renewable energy landscape. It signifies a robust partnership that is equipped to tackle the challenges and opportunities that lie ahead in the quest for sustainable energy solutions.