HEA Energy has priced its inaugural USD 550 million (around EUR 480 million) senior secured bond, with the proceeds set to support the expansion of its offshore wind vessel fleet, including the continued build-out of its self-propelled self-elevating support vessels (SESVs).
The Abu Dhabi-headquartered marine services provider, which operates across the offshore wind and oil and gas sectors, said the transaction was materially oversubscribed and attracted strong demand from a broad base of international institutional investors.
According to HEA Energy, the issuance represents the largest bond placement in the Nordic market by a MENA-headquartered company.
“The breadth of international demand we saw confirms that investors recognise both the quality of our contracted fleet and the depth of operational experience behind it. The proceeds give us the firepower to deliver our newbuild programme and continue serving our clients across the GCC, Europe and beyond”, said Hassan Elali , Founder and Chairman of HEA Energy.
In addition to funding milestone payments for its SESV and offshore support vessel (OSV) newbuild programme, the proceeds will be used to refinance existing financing and for general corporate purposes.
The company said it is on track to become the largest owner of SESVs in the North Sea once its new vessels have been delivered. HEA Energy’s revenue base is evenly split between offshore wind and offshore oil and gas activities, providing diversification across these two markets, according to the company.
Currently, HEA Energy vessels are working on or have just been contracted for several large-scale offshore wind projects in Europe and the Americas, after its parent company acquired three Seajacks vessels from Eneti in 2023.
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HEA Energy’s bonds will be listed on the Euronext Alternative Bond Market.
DNB Carnegie, Fearnley Securities and Pareto Securities acted as joint global coordinators and joint bookrunners, while Magellan Capital served as strategic and financing advisor to the company.