HAV Group ASA: HAV Design signs contract with shipyard

27 Feb 2023 08:00 CET

Reference is made to HAV Group’s stock exchange announcement dated 17 January
2023 regarding HAV Design securing its US offshore wind market breakthrough. HAV
Design has now signed the contract with CREST’s chosen shipyard.

CREST, which is Crowley and ESVAGT’s US joint venture, has chosen HAV Design to
develop a newbuild service operation vessel (SOV) destined for the Coastal
Virginia Offshore Wind project.

The contract marks the US breakthrough for HAV Design, which becomes the first
European ship designer to develop an SOV for the US market.

The USA aspires to add 30 GW of offshore wind by 2030. According to class
society American Bureau of Shipping (ABS) and other industry experts, this
massive build-out will require more than 100 U.S. vessels.

“We have designed and developed numerous SOVs for use in demanding offshore
climates, but this is the first time we are designing a vessel for the US
market. We are confident in the operational benefits our vessel design brings to
the table, so we believe that this contract can open the door for further work
in the USA,” says Gisle Vinjevoll Thrane, vice president of sales at
Norway-based HAV Design.

The newbuild hybrid vessel will be HAV 832 SOV design and will be constructed by
Fincantieri Bay Shipbuilding in Sturgeon Bay, Wisconsin. HAV Design’s contract
is with Fincantieri Bay Shipbuilding.

The ABS-class vessel will be 88 metres long and 17.6 metres wide. She can carry
20 crew and 60 special personnel and sail under US flag. The ship will go into
service in 2026.

ESVAGT is a dedicated provider of safety and support at sea and a market leader
within offshore wind solutions. The company has a fleet of more than 40 vessels
and approximately 1,200 employees offshore and onshore. It is recognized as the
market leader and largest operator of SOVs in Europe.

“This is the 12th SOV that ESVAGT is developing together with HAV Design. We
know the challenges of getting personnel safely from the vessel to the turbines,
and our long-term collaboration with HAV Design is part of this competence
base,” says Kristian Ole Jakobsen, DCEO in ESVAGT.

US-based Crowley and Danish shipowner ESVAGT has established a joint venture to
bolster purpose-built, Jones Act vessel availability in support of the emerging
offshore wind energy market in the USA. Consistent with the requirements of the
Jones Act, Crest will be the Owner of the vessel, Crowley will operate the SOV
with U.S mariners, while ESVAGT will provide technical advice on the design,
construction, and operation of these vessels based on their vast experience with
high performance with this specific vessel type.

“We have designed a number of vessels, including SOVs, for ESVAGT in Europe in
the past. They are highly familiar with the HAV 832 SOV design and the
operational benefits it offers. We look forward to cooperating with them in the
US too,” adds Vinjevoll Thrane.

HAV Design has not disclosed the value of its contract.

Following completion, the newbuild SOV will go on charter for Dominion Energy
for its massive 2.6 GW Coastal Virginia Offshore Wind Project which will include
176 wind turbine generators provided by Siemens Gamesea. Once online, the
project is expected to provide enough clean energy to power up to 660,000 homes
at rated wind speed, avoiding more than 5 million tonnes per year of carbon
emissions compared to fossil fuel-based power generation.

HAV Design, which is a subsidiary of HAV Group ASA, listed on Euronext Growth
Oslo, is headquartered in Fosnavåg, Norway.

For further information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694

About HAV Group | www.havgroup.no
The HAV Group is an international provider of technology and services for
maritime and marine industries, listed on Euronext Growth under the ticker code
HAV. The group comprises four subsidiaries with several decades of combined
experience in the industry, in addition to special expertise in guiding the
marine and maritime industries through the green shift and towards the goal of
zero emissions.

About HAV Design
HAV Design is at the forefront of guiding the shipping industry towards a
sustainable future at sea. With a proven track record of from more than 100 ship
designs, state-of-the-art know-how, and virtual design tools, HAV Design
accommodate zero-emission solutions and are equipped to meet the environmental
requirements of the future.

Our experience and expertise, as well as our focus on efficiency, safety, and
sustainability, lays the foundation for developing and delivering high-quality
innovative solutions to customers in the seafood, energy, and transport sectors.

In addition, at HAV Ocean Lab we offer our customers a virtual test tank with
digital twins of ships and ocean areas, which is unique in a commercial context.
The goal is to minimise the environmental impact and increase our customers’
competitiveness.

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