Havfram completes reorganization and raises $250 million in new equity from Sandbrook Capital


Nov 7, 2022


Ocean Installer

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.

Commenting on Sandbrook’s investment, Havfram’s CEO Ingrid Due-Gundersen said “We are excited about the opportunity to build a world-class offshore wind business and unlock a key bottleneck in the development of new clean power generation.  Sandbrook’s principals are among the most experienced investors in global renewable energy, and in offshore wind installation in particular.  Their capital and expertise, combined with the strong operational track record of our team, will be hugely advantageous to our strategic goal of becoming the leading player in supporting the growth of the offshore wind industry globally.”

Kevin Murphy, CEO of Havfram Subsea said “I’m very pleased with the entry of Sandbrook Capital and look forward to following the Havfram wind team as they enter this next phase of the journey we started together. Havfram Subsea will now refocus on our core competencies and future strategy to widen our service offering to our customers around the globe. As part of this process, the branding of Havfram Subsea will be re-evaluated with a view to strengthen our identity and reflect our capabilities to service the energy sector in all types of marine construction work.”

Alfredo Marti, co-founder and partner of Sandbrook Capital, said “We have had a long-held thesis that large-scale growth in offshore wind is a fundamental step on the path to increasing the penetration of clean electricity globally.  Critical to that growth is the creation of a strong supply chain.  By partnering with Havfram’s vastly experienced team, we believe we are ideally placed to advance that goal and we look forward to helping them build a great company.”

Tor Espedal, Senior Partner of HitecVision, commented “We are very pleased to have completed this important step in the strategic transformation of Havfram. With the new capital injection from Sandbrook and under the leadership of Ingrid, Havfram is poised to become the leading player in the global offshore wind supply chain that we set out to build three years ago. At the same time, Havfram Subsea continues to be well positioned to capitalise on the expected growth in the offshore energy sector through the leadership of Kevin Murphy.”   


About Havfram

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.

About HitecVision
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.

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