DEME makes $1bn Havfram swoop to boost offshore wind vessel fleet

Belgian offshore contracting group DEME has agreed to buy Norway-based Havfram in a major deal for the offshore wind vessels sector.

DEME said the deal, which is due to complete by the end of April, is worth around €900m ($995m).

The Belgian group told shareholders: “This strategic acquisition aligns with DEME's ambition to expand its footprint in the offshore wind energy market and enhances its competitive positioning in turbine and foundation installations.”

Havfram is building two next-generation offshore wind vessels and has an orderbook of approximately €600m “that includes support for the construction of some of the world’s largest offshore wind farms from 2026 to 2030”.

Havfram, which was split off as a pure-play offshore wind installer from a sister oil & gas business in 2022, is currently owned by Sandbrook Capital and PSP Investments.

DEME said the deal value includes the funding needed to complete construction of the two new vessels, which are due for delivery at the end of this year and early next.

"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," said Luc Vandenbulcke, CEO of DEME.

The merger deal comes with vessels identified as a looming bottleneck for the offshore wind sector as developers gear up to hit stretching installation targets around the end of the decade.