HEA Energy successfully issued its $550 million inaugural senior secured bond, the largest bond issuance by a MENA-headquartered company in the Nordic bond market.
The proceeds will fund the continued build-out of its fleet of self-propelled self-elevating support vessels and offshore support vessels.
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 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.
“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.
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.
In three years, HEA Energy has grown to a fleet of 29 modern vessels serving tier-one clients across the GCC and North Sea. This transaction is a testament to the strength of that platform and to the confidence of a global investor base in what we are building.