DEME to Acquire Offshore Wind Contractor Havfram in $985.2m Deal

Belgium-based offshore energy contractor DEME has entered an agreement to acquire full ownership of Havfram Wind Holdco, a Norwegian company specializing in offshore wind infrastructure services, for €900 million ($985.2 million). The shares are being purchased from Sandbrook Capital and the Public Sector Pension Investment Board (PSP Investments). The deal strengthens DEME’s expertise in turbine and foundation installations for offshore wind projects.

The acquisition will bolster DEME’s capabilities in turbine and foundation installations.

The acquisition, expected to be finalized by the end of April 2025 pending standard conditions, will integrate Havfram into DEME’s offshore energy division. Havfram focuses on transport and installation services for the offshore wind sector and is currently building two advanced wind turbine installation vessels. These vessels, set for delivery in late 2025 and early 2026, are already booked for projects starting in mid-2026. The transaction cost includes funds to complete their construction.

With an order book valued at €600 million, Havfram is positioned to contribute to major offshore wind farm developments worldwide from 2026 to 2030. Until the deal closes, Havfram will continue operating independently, maintaining its ongoing commitments in the renewable energy market.

DEME’s CEO, Luc Vandenbulcke, highlighted the strategic value of the acquisition, stating: “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. 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.” He added: “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.”

The acquisition aligns with DEME’s goal to expand its presence in the growing offshore wind sector, enhancing its ability to deliver innovative solutions for renewable energy projects. Havfram’s expertise and modern vessels complement DEME’s capabilities, enabling the company to meet increasing global demand for sustainable energy infrastructure.

In a related development, DEME secured a contract in October 2024 to transport and install inter-array cables and secondary steel for the OranjeWind offshore wind farm in the Netherlands. This project underscores DEME’s ongoing commitment to supporting renewable energy initiatives, reinforcing its role as a key player in the global transition to cleaner energy sources.