Havfram Secures Significant Contract and Strengthens Balance Sheet with Upsized Green ECA Facility
Published: 24. January 2025
January 24th, 2025 – Oslo, Norway – Havfram, a leading partner in the offshore wind transport and installation sector, has signed a significant contract to construct a major offshore wind project in Europe. The project will be executed in 2029, utilizing one of Havfram’s state-of-the-art GustoMSC NG-20000X installation vessels, slated for delivery in the second half of 2025. The installation work is anticipated to span approximately one year. The project details and client identity remain confidential at this stage.
This marks a milestone for Havfram, which has now secured contracts for transport and installation support of turbines for eight large-scale offshore wind projects across Europe between 2026 and 2030, using its advanced vessel fleet.
Aligned with the company’s growing project backlog, Havfram has also announced a substantial increase in the credit capacity of its Green ECA Term Loan facility, originally established in November 2023. The upsized facility is provided by a syndicate of prominent financial institutions led by DNB Bank ASA. The syndicate includes SpareBank 1 Sør Norge (SR Bank), Credit Agricole, Sparebanken Vest, Rabobank, and Export Finance Norway as the ECA lender. The German lender KfW IPEX Bank has recently joined the syndicate, contributing to the facility's expansion in January 2025.
Image: View on the shipyard, taken Mid-January 2025. Our vessels are "growing" next to one another and are taking shape.