Havfram secures more equity, construction of first vessel underway

The equity funding, in addition to credit financing from commercial banks and export credit agencies, will be used to build a fleet of offshore wind installation vessels.

The vessels will be capable of installing next-generation turbines with a tip height of up to 300 m and foundations weighing up to 3,000 tonnes in water depths of up to 70 m.

Havfram also confirmed its first vessel is now under construction, following execution of a shipbuilding contract with CIMC-Raffles. The NG20000X vessel is equipped with a 3,250-tonne crane and battery hybrid propulsion technology designed to reduce carbon emissions.

The agreement with CIMC-Raffles contemplates the construction of up to four vessels.

Havfram Wind chief executive Even Larsen said, “This is an important milestone for Havfram Wind. With this world-class equipment and one of the most experienced teams in the industry, we are able to provide a first-class service to project owners, turbine suppliers and construction partners globally.

“I am also excited that our vessels will have some of the lowest emissions profiles in the industry, as we have designed them to use the latest electric battery and energy recovery systems, as well as numerous other sustainability innovations.”

Havfram chief executive Ingrid Due-Gundersen said, “The doubling of our equity funding only a month after Sandbrook’s initial investment is testament to the fact rapid progress can be made when we bring together the right engineering and operational capabilities and specialised investors of scale.

"We are extremely grateful to Sandbrook and PSP Investments, not just for their trust and financial support, but also for the way they are already leveraging their experience and extensive networks to help Havfram become a leading partner to the global offshore wind industry.”