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HEA Energy Secures Record $550M Nordic Bond as Global Demand Surges

Prime Highlights

  • HEA Energy raised a record $550 million Nordic bond, the largest ever by a MENA-headquartered company.
  • Strong investor demand drove the deal to close oversubscribed, supporting fleet expansion and refinancing plans.

Key Facts

  • Revenue is evenly split between offshore wind and oil and gas operations, strengthening investor appeal.
  • Fleet expansion is expected to make HEA Energy the largest SESV owner in the North Sea.

Background

HEA Energy has priced a $550 million senior secured bond, setting a record as the largest bond ever placed in the Nordic market by a company headquartered in the MENA region.

The marine services provider said the deal drew strong demand from global institutional investors and closed materially oversubscribed. The transaction marks HEA Energy’s first bond issuance and signals a significant step in its push to grow its offshore support fleet across both the wind and oil and gas sectors.

Investor appetite was backed by the company’s split revenue model, with income divided evenly between offshore wind operations and offshore oil and gas markets, giving the business exposure to both traditional and renewable energy demand.

HEA Energy will use the proceeds to refinance existing facilities, cover milestone payments tied to its fleet delivery programme, and meet general corporate needs. The fleet build-out centres on self-propelled self-elevating support vessels and offshore support vessels.

Once deliveries are complete, the company expects to rank as the largest owner of such vessels operating in the North Sea. The bonds will list on the Euronext Alternative Bond Market.

Hassan Elali, founder and chairman of HEA Energy, said the level of international demand confirmed that investors recognise the quality of the contracted fleet and the operational track record behind it.

He said the proceeds give the company the capacity to complete its newbuild programme and keep serving clients across the GCC, Europe and beyond.

DNB Carnegie, Fearnley Securities and Pareto Securities served as joint global coordinators and bookrunners. Magellan Capital acted as strategic and financing adviser to HEA Energy.