Havfram ownership change suggests newbuild move forward
Private equity company Sandbrook Capital has acquired HitecVision’s majority stake in Havfram’s offshore wind business and committed to investing USD250m in new equity, according to a press release by HitecVision today. The new equity will be used to finance a series of wind turbine installation vessels (WTIV) newbuilds, which are set to increase competition in the high-end WTIV segment (although we still await clarity of the number of vessels and specifications). Havfram has previously been vocal about progressing with WTIV newbuilds and has an LOI with CIMC Raffles in China to build ‘a series of vessels’, but has lacked funding. Hence, new ownership and committed capital allows it to progress such plans, which we consider on the downside for other industry players (Cadeler, Eneti and Seaway7) as supply of vessels and industry fragmentation increase. Still, we see the market for next-generation WTIV as undersupplied, as we count supply of 18 next-generation WTIVs (including newbuilds and planned upgrades), which is still well below our forecast demand of up to 32 vessels by the end of the decade.
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