7.2 Billion Acquisition! Marine Engineering Giant Expands Wind Power Business

Recently, DEME Group of Belgium announced it has signed an agreement to acquire Havfram, a Norwegian offshore wind engineering contractor. The total transaction is valued at approximately €900 million (approximately RMB 7.266 billion).

According to the agreement, DEME Offshore Holding NV, a wholly-owned subsidiary of DEME, will acquire all shares of Havfram Wind Holdco AS. The transaction is expected to be completed by the end of April 2025. After the transaction, Havfram will be integrated into DEME Offshore's offshore energy business unit. DEME will finance the transaction using a combination of external financing and internal resources, consistent with its past investment practices.

DEME stated that this strategic acquisition will strengthen its market competitiveness in the installation of offshore wind turbine generators and infrastructure, and will drive the expansion of its global offshore wind power business.

Havfram is a Norwegian infrastructure service provider focusing on the transportation and installation of offshore wind power equipment. It is currently jointly controlled by Sandbrook Capital, a climate infrastructure investment institution, and PSP Investments, one of Canada's largest pension funds. Havfram has ordered two GustoMSC NG20000X design self-elevating wind turbine installation vessels (WTIVs) from CIMC Raffles, scheduled for delivery in the fourth quarter of 2025 and early 2026 respectively, and has secured project operations from the second half of 2026.

Prior to the acquisition, Havfram had a backlog of approximately €600 million (approximately RMB 4.844 billion), involving several of the world's largest offshore wind farm construction projects between 2026 and 2030. The company currently employs approximately 50 people and is headquartered in Oslo, Norway.

Luc Vandenbulcke, CEO of DEME Group, said: "This acquisition demonstrates our unwavering belief in the central role of offshore wind infrastructure in the global energy transition. The acquisition complements our fleet resources, enhancing our competitiveness in turbine and foundation installation, improving our operational flexibility and interchangeability, and solidifying DEME's leadership position in the industry. Havfram's cutting-edge fleet can install next-generation turbines and infrastructure, perfectly complementing DEME's existing fleet. Havfram's expertise and innovative approach will complement our strengths and capabilities, enabling us to deliver greater value to our customers in the offshore wind industry."

It is understood that DEME Group is a global leader in marine energy, environmental remediation, dredging, and maritime infrastructure. The company's business also covers offshore wind power, marine infrastructure, green hydrogen, and deep-sea mineral mining projects. With nearly 150 years of industry experience, DEME has always been a pioneer in technological innovation, committed to providing integrated solutions to address global challenges such as climate change, population growth and urbanization, expansion of maritime trade, and environmental issues. The group has more than 5,800 highly skilled professionals and the world's most advanced engineering fleet, with the core capability to undertake projects of ultra-high complexity. In fiscal year 2024, DEME achieved operating revenue of €4.1 billion and EBITDA of €764 million.