DEME Strikes EUR 900 Million Deal to Acquire Havfram

April 9, 2025, by Adnan Memija

DEME has signed an agreement to acquire Havfram, an international offshore wind contractor based in Norway.

Havfram 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.

The agreement represents an aggregated transaction value of approximately EUR 900 million, encompassing the acquisition from Sandbrook Capital and PSP Investments, as well as the remaining capital expenditures needed to complete two next-generation wind turbine installation vessels (WTIVs).

The transaction, which is subject to customary closing conditions, is expected to close by the end of April. Following completion, Havfram will be integrated into DEME‘s offshore energy segment.

“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,” said Luc Vandenbulcke, CEO of DEME.

Havfram is currently building two WTIVs at CIMC Raffles in China. The first ship is expected to be delivered in the fourth quarter of 2025, while the second WTIV is planned to be delivered in early 2026.

Havfram’s First Wind Turbine Installation Vessel Hits the Water

Vessels

Havfram already has an order book of approximately EUR 600 million, and this includes 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.

“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 Vandenbulcke.