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J.P. Morgan Partners with Norway’s Havfram to Build WTIVs

JP Morgan invests in wind turbine installation vessels with Norway's Havfram
Havfram plans a series of vessel with J.P. Morgan investment (Havfram)

By The Maritime Executive 11-23-2021 02:46:57

The emerging opportunities in the offshore energy market continue to draw the attention of new entrants into the market including news that J.P. Morgan has decided to invest in wind turbine installation vessels (WTIV). Institutional investors advised by J.P. Morgan Global Alternatives and the investment bank’s Global Transportation Group are joining with Norwegian offshore operator Havfram to develop a series of next-generation WTIVs.

J.P. Morgan and Havfram have signed a letter of intent with CIMC-Raffles to build the vessels. The first WTIV will be built at CIMC-Raffle’s Yantai yard in China for delivery in 2024. No details were announced for the new vessel, but in September 2021, Havfram said that it was planning a vessel for the U.S. market that was designed to handle the largest wind turbines currently on the market, with a capacity of 20 MW or more. The company now reports that the vessel was designed in partnership with Gusto MSC as well as in close collaboration with leading offshore wind developers and turbine suppliers.

Havfram with J.P. Morgan plans to operate several vessels in the global offshore wind market. They are planning both traditional jack-ups for turbine installation as well as a cost-effective feeder-solution for the U.S. market in particular.

J.P. Morgan’s Global Transportation group is already an active developer, owner, and operator of a broad range of air, sea, and land-based transportation assets. Currently, they have investments in over 100 vessels.

In December 2020, the Norwegian company formerly known as Ocean Installer announced that it would be redirecting its future operations focusing on developing opportunities in the offshore wind energy sector. The company currently operates two construction support vessels for subsea construction and has an agreement to introduce in 2022 a pipe laying vessel currently being built in China. The company also recently announced that it was partnering with RWE and NTE to submit a joint bid in Norway’s upcoming tender for offshore wind projects.