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DEME acquires Havfram for €900 mn to strengthen its offshore wind position

Belgian group DEME has signed an agreement to acquire Norway’s Havfram for €900 mn, consolidating its fleet and global presence in the offshore wind market.

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DEME Group NV, a Belgian maritime infrastructure group listed on Euronext, announced that it has entered into a definitive agreement to acquire Norwegian company Havfram Wind Holdco AS. The transaction, valued at approximately €900 mn, includes all shares of the company as well as the remaining capital expenditures required to complete two vessels currently under construction. This strategic acquisition reflects DEME’s intention to enhance its portfolio and operational capabilities in the offshore wind sector.

Strengthening logistical and installation capacities

Havfram, headquartered in Oslo, specialises in transportation and installation services for offshore wind farms. It is primarily owned by Sandbrook Capital, an investment firm focused on climate infrastructure, and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors. The company employs around 50 people and currently holds an order book worth approximately €600 mn, covering the period from 2026 to 2030.

The two vessels under construction are designed to install next-generation turbines. They are expected to be delivered in the fourth quarter of 2025 and early 2026, respectively, and are already contractually committed to major projects starting in the second half of 2026.

Full integration into Offshore Energy division

Upon completion, Havfram will be integrated into DEME’s Offshore Energy division. The transaction remains subject to customary closing conditions and is expected to close by the end of April 2025. DEME stated that the acquisition will be financed through a combination of internal resources and external financing, consistent with its previous investments.

Luc Vandenbulcke, Chief Executive Officer of DEME Group NV, stated: “Havfram brings remarkable technological expertise and vessels designed for next-generation turbines, perfectly complementing our current fleet. Their integration will enhance our operational flexibility and leadership in turbine and foundation installation at sea.”

DEME reaffirmed its commitment to ensuring business continuity for Havfram’s existing clients, while also considering the expectations of employees and stakeholders. Until the transaction is completed, Havfram will continue to operate independently.

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