Norwegian offshore services company Havfram has confirmed the start of construction on its first offshore wind turbine installation vessel at CIMC-Raffles in China.
The vessel is the first of up to four NG20000X design WTIVs on order at the shipyard. The vessels, equipped with a 3,250-ton crane and hybrid battery propulsion, will be capable of handling the world’s largest wind turbines (20+ megawatts) in waters up to 70 meters deep.
Havfram is also announcing an additional $250 million in equity funding from its majority shareholder, Sandbrook Capital, along with Canada’s PSP investment. The new equity funding comes a little more than a month after Havfram was reorganized with a $250 million investment from Seabrook Capital. Under the new structure, Havfram AS (formerly known as Ocean Installer AS) was split into Havfram Wind, which will focus entirely on the offshore wind sector, and Havfram Subsea, a subsea company which is fully owned by HitecVision, an institutional investor focussed on the European energy sector.
Havfram signed a letter of intent with CIMC-Raffle’s Yantai yard for the construction of next-generation WTIVs with delivery in 2024
“I am proud to announce this important milestone for Havfram Wind AS,” said Even Larsen, CEO of Havfram’s offshore wind construction business. “With this world-class equipment and one of the most experienced teams in the industry, we are certain that we will be able to provide a first-class service to project owners, turbine suppliers and construction partners globally. I’m also excited that our vessels will have some of the lowest emission profiles in the industry, as we have designed them to use latest electric battery and energy recovery systems, as well as numerous other sustainability innovations.”
Commenting on the additional capitalization, Havfram’s CEO Ingrid Due-Gundersen said “Our planet can’t afford delays in the fight against climate change. 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 specialized investors of scale. We’re 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.”