Havfram completes reorganization and raises $250 million in new equity from Sandbrook Capital
Published: 07. November 2022
Today marks a very significant milestone in Havfram’s journey. We have completed the separation of the company into two businesses. Our offshore wind business will be led by current CEO Ingrid Due-Gundersen, retain the Havfram name, and be capitalized with a new equity commitment of $250 million by specialized climate infrastructure investment firm Sandbrook Capital. Our subsea business will be led by Kevin Murphy who is currently Havfram’s Deputy CEO and will continue to be fully owned and supported by HitecVision.
The new capital, which will result in Havfram being one of the best capitalized companies in the sector, will be used to build a fleet of state-of-the-art vessels to service of the growing need for installation of offshore wind turbines and foundations (“WTIVs”), and to further Havfram’s broader strategy to become the leading provider of services to the offshore wind industry. Havfram’s Board of Directors will be chaired by Andreas Nauen, who previously served as CEO of Siemens Gamesa, one of the largest wind turbine manufacturers in the world. Havfram Subsea’s Board of Directors will continue to be led by Chairperson Arne Sigve Nylund.
Havfram is a pureplay offshore wind infrastructure company focused on providing transport, installation and development services for the offshore wind sector. The Company was spun out of Havfram AS (FKA Ocean Installer AS), a global maritime contractor sponsored by HitecVision AS, and is developing a fleet of next-generation turbine installation vessels capable of servicing 20 MW+ offshore wind turbines. The company is headquartered in Oslo, Norway, with a global presence and offices in Stavanger, Perth and Aberdeen.
HitecVision is a leading provider of institutional capital to Europe’s energy industry, helping build successful companies within oil and gas production, renewable energy, and energy infrastructure. HitecVision has been investing in the energy industry for more than three decades, and the firm’s sector expertise and structuring capabilities permits it to build companies that combine capital preservation with equity return upside potential. The firm is headquartered in Stavanger, Norway with offices in Oslo, London and Milan.
About Sandbrook Capital
Sandbrook Capital is a private investment firm dedicated exclusively to partnering with world class management teams to build great companies that are crucial to transforming the world’s energy infrastructure. The firm was founded by five partners with decades long experience in the renewable energy sector. It is headquartered in Stamford, CT with European headquarters in London, UK.