reports
- Martin Huseby Karlsen
Hornsea 4 cancellation adds to uncertainty
Ørsted today announced it is cancelling development of the 2.4GW Hornsea 4 project off the UK due to increased supply chain costs, higher interest rates, and greater construction and operational risk (FID was expected later in 2025). The cancellation adds to uncertainty for the offshore wind services industry and overall project profitability within offshore wind. No installation contracts for Hornsea 4 had been disclosed yet, but with Cadeler responsible for foundations and half the turbines on...
- Martin Huseby Karlsen
Takeaways from WindEurope
At the WindEurope event in Copenhagen, we met with companies representing approximately 75% of the global offshore wind installation fleet, gaining insights that support a constructive outlook for the sector. Addressing recent investor concerns related to market growth, the industry has already reflected and anticipated recent downward adjustments in third-party forecasts. With respect to a slowdown ahead in the US market, a second investor concern lately, near-term vessel demand could surprise ...
- Martin Huseby Karlsen
- Martin Huseby Karlsen
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 c...
- Martin Huseby Karlsen
Vestas says turbines are big enough
Vestas’ CEO said in an interview that wind turbines are big enough for now. We believe a key investor concern surrounding WTIV companies (Cadeler, Eneti) has been that turbine sizes will outgrow vessel capabilities (as they have in the past), and that Vestas now signalling a slowdown of growth could ease this concern. Hence, we consider the comments from Vestas to be positive for WTIV companies as it reduces the risk of the current high-end installation assets becoming obsolete.
- Martin Huseby Karlsen
Havfram’s entry confirmed
Havfram’s entry into the offshore wind installation market has been confirmed today, as it announced its first newbuild WTIV order with CIMC Raffles in China, with options for more vessels. Its entry had been expected for some time, as Havfram last year signed an LOI with CIMC Raffles for a “series” of vessels and last month secured USD250m from Sandbrook Capital (PE) to fund its newbuild programme. Havfram today said it has raised another USD250m in equity from PSP Investments (via Sandbrook Ca...
- Martin Huseby Karlsen
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 voc...
- Haakon Amundsen
- John Olaisen
- Haakon Amundsen
- John Olaisen
- Haakon Amundsen
- John Olaisen
- Haakon Amundsen
- John Olaisen
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
- Martin Huseby Karlsen
Maersk entry for turbine installation confirmed
Maersk Supply Service has entered the offshore turbine installation market with a feeder-capable newbuild set to enter the market in 2025, backed by a contract with Equinor and BP for the Empire Wind development in the US. The vessel design features an innovative docking system to unload turbine components from barges, making the solution Jones Act-compliant when paired with US-built barges. Newbuild costs are likely higher than conventional turbine installation vessels, and the advantages of th...
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
AWP ARISE AB
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GARO GARO AKTIEBOLAG
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GARO GARO AKTIEBOLAG
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
ECC B ECOCLIME GROUP AB
- Haakon Amundsen
- John Olaisen
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
- Martin Huseby Karlsen
More clarity in Norway
The Norwegian government has split Utsira Nord (floating) and Sørlige Nordsjø II (bottom-fixed) into smaller areas (5–6) and introduced a two-step phasing of the bottom-fixed area. As the power will be for domestic use, subsidies may be required at Sørlige Nordsjø II as power prices are lower in Norway than in Europe. With 37 companies announcing their interest, we still see a competitive bidding process.
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
- Adrian Gilani
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Olof Cederholm
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GREENH GREEN HYDROGEN SYSTEMS AS
EWIND EDDA WIND ASA
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