Belgium-based offshore installation services company DEME has signed an agreement to acquire Havfram, an offshore wind installation contract based in Norway, in a deal worth $985.5 million.
The 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 a Norwegian offshore wind infrastructure company focused on providing transport and installation to the offshore wind sector. 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 currently building two next generation wind turbine installation vessels (WTIVs).
Both vessels, under construction and expected to be delivered in the fourth quarter of 2025 and early 2026 respectively, are already contracted as of the second half of 2026.
Havfram already has an orderbook of approximately $657 million, including support for the construction of some of the world’s largest offshore wind farms from 2026 to 2030. The company employs around 50 people and is headquartered in Oslo, Norway.
“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.
“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 agreement represents an aggregated transaction value of approximately $985.5 million, encompassing the acquisition from Sandbrook Capital and PSP Investments, as well as, among others, the remaining capital expenditures needed to complete both vessels.
Under the terms of the agreement, DEME Offshore Holding NV (a 100% subsidiary of DEME Group) will acquire all of the shares in Havfram Wind Holdco.
The transaction, which is subject to customary closing conditions, is expected to close by the end of April 2025.
Following completion, Havfram will be integrated into DEME’s Offshore Energy segment.
Until the closing of the transaction, Havfram remains a separate company conducting business as usual.
