Havfram makes WTIV newbuild move as Sandbrook brings in another $250m
Norwegian offshore wind contractor Havfram has kicked off the construction of its first offshore wind turbine installation vessel at CIMC Raffles Shipyard in China.
The Oslo-based company has secured an additional $250m in equity funding from its majority shareholder, Sandbrook Capital, in partnership with Canada’s PSP Investments, which, in addition to credit financing, will help develop a fleet of next-generation WTIVs capable of handling 20 MW turbines and larger.
US private investment firm Sandbrook took over Havfram’s wind business from energy investor HitecVision in November, injecting $250m into the company and placing Andreas Nauen, the former CEO of Siemens Gamesa, as chairman.
“The doubling of our equity funding only a month after Sandbrook’s initial investment in Havfram is a testament to the fact that rapid progress can in fact be made when we bring together the right engineering and operational capabilities and specialised investors of scale,” said Havfram’s CEO Ingrid Due-Gundersen.
The deal with CIMC Raffles will see the construction of up to four of the so-called NG20000X vessels equipped with a 3,250-ton crane and battery hybrid drive train technology designed to reduce carbon emissions per MW installed by over 70% compared to previous vessel models, Havfram said.
Havfram, formerly Ocean Installer, separated its subsea and offshore wind divisions into independent companies following Sandbrook’s investment. The subsea activities remain wholly owned by HitecVision, which also retains a minority shareholding in Havfram’s offshore wind business.
