J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels


Nov 23, 2021


Ocean Installer

London/Stavanger. November 23rd: It was announced today that institutional investors advised by J.P. Morgan Global Alternatives, in cooperation with Havfram AS, have signed a letter of intent with
CIMC-Raffles to build a series of next generation, state of the art wind turbine installation vessels (“WTIV”). These vessels will be offered for market entry in 2024.

The first vessels will be built at CIMC-Raffle’s Yantai yard in China for delivery in 2024. The plan is to operate several vessels in the global offshore wind market with both traditional jack-ups for turbine installation as well as a cost-effective feeder-solution for the US market in particular.

The WTIVs have been designed and created by an experienced offshore wind team focusing on installation efficiency in partnership with Gusto MSC as ship designer and in close collaboration with leading offshore wind developers and turbine suppliers.

The design includes green technologies and lessons learned from more than a decade of experience from WTIV operations and offshore wind construction.

Havfram is a reputed offshore marine construction company and is known for its subsea construction capabilities, completion track record, EPCI capability and seasoned project execution team.

J.P. Morgan’s Global Transportation group is an active developer, owner and operator of a broad range of air, sea, and land-based transportation assets. With a fleet of over 100 vessels, the group brings a deep knowledge base to bear in all shipping sectors.

Havfram is a first class subsea and offshore wind construction company with a strong project track record, a competent project execution team and a strong safety culture. The company is headquartered in Stavanger, Norway, has a global footprint with offices in Oslo, Houston, Aberdeen, Perth and Dubai and have close to 300 employees.

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $201 billion in assets under management and more than 600 professionals (as of September 30, 2021), the group offers strategies across the alternative investment spectrum including transportation, real estate, private equity, private credit, hedge funds, infrastructure, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan at their disposal. For more information: jpmorgan.com/am.

Havfram AS
Even Larsen, Executive Vice President & Director Offshore Wind
JPMorgan Asset Management (UK) Limited.
Stephen Wong, Executive Director, Global Transportation Group

Related news & Press releases