US private investment firm Sandbrook Capital has acquired a majority stake in Norwegian subsea and offshore wind contractor Havfram from energy investor HitecVision.
As part of the transaction, Sandbrook has committed what has been described as a “transformative investment” of $250m in equity capital, making Havfram one of the best capitalised companies in the sector.
The new capital will be used to build a fleet of vessels to service the growing need for the installation of offshore wind turbines and foundations and to further Havfram’s broader strategy to become the leading player in the offshore wind services arena.
The deal will see Havfram’s subsea activities separated into an independent company, which will remain wholly owned by HitecVision, which will also retain a minority shareholding in Havfram’s offshore wind business.
Alfredo Marti, co-founder and partner of Sandbrook Capital, said: “We have had a long-held thesis that large-scale growth in offshore wind is a fundamental step on the path to increasing the penetration of clean electricity globally. Critical to that growth is the creation of a strong supply chain. By partnering with Havfram’s vastly experienced team, we believe we are ideally placed to advance that goal and we look forward to helping them build a great company.”
Havfram, formerly Ocean Installer, is led by Ingrid Due-Gundersen. Havfram Wind, the company’s offshore wind construction division, is led by Even Larsen, who previously built Fred Olsen Wind Carrier into a leader in the offshore wind installation industry. The company’s strategic offshore wind development division is led by Emilie Reeve. Havfram’s board of directors will be chaired by Andreas Nauen, who joined Sandbrook earlier this year after previously serving as CEO of Siemens Gamesa, one of the largest wind turbine manufacturers.
“Sandbrook’s principals are among the most experienced investors in global renewable energy, and in offshore wind installation in particular. Their capital and expertise, combined with the strong operational track record of our team, will be hugely advantageous to our strategic goal of becoming the leading player in supporting the growth of the offshore wind industry globally,” added Due-Gundersen.
Last year, the Stavanger-based Hvafram teamed up with US investment firm JP Morgan to build a series of next generation wind turbine installation vessels (WTIVs) at Yantai CIMC Raffles Shipyard in China and offered for market entry in 2024. The company said it plans to operate several vessels in the global offshore wind market with both traditional jackups for turbine installation and a feeder solution for the US market.