Havfram wins parts of Hornsea 3 turbine work
Havfram today announced its maiden newbuild turbine installation contract for Osted’s Hornsea 3 project. Following recent talks about potential Hornsea 3 delays or even cancellation, we consider it positive for the industry that the project is progressing (in particular for Cadeler, which has the foundation installation contract). Havfram did not comment on contract economics, but as this job is its maiden newbuild contract and provides for decent duration (1 year), we see annualised EBITDA of cEUR50m–60m, at the lower end of recent industry jobs. We believe the scope covers around half of Hornsea 3’s turbines and, based on vessel specifications, availability, and regional focus, we consider Cadeler and potentially Eneti as frontrunners for the remaining scope. As Havfram’s WTIV entry has been known for some time, we see limited read-across to Cadeler, Eneti, and Seaway 7 from today’s contract announcement, although it could be seen as a confirmation of Havfram’s ambitions and make it more likely to grow its business further.
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