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Investor Relations
HEA Energy is an Abu Dhabi-headquartered owner and operator of self-elevating and offshore support vessels, delivering operations & maintenance, heavy lifting, and accommodation services to oil, gas, and offshore-wind clients across the Middle East and Europe.
Latest results · September 2026
HEA Energy delivered seven vessels during the first half, completed a USD 550m inaugural senior secured bond issue, and reported an EBITDA margin of 65.1% with contracted backlog of USD 799m at 30 June 2026.
Average realised day rate of USD 74,600 for the SESV fleet and USD 60,300 across the operating fleet, based on charter hire and accommodation revenues over on-hire days and excluding mobilisation fees.
| Fleet segment | Avg. day rate (USD ’000) | Utilisation |
|---|---|---|
| Self-elevating support vessels (SESVs) | 74.6 | 93% |
| Offshore support vessels (OSVs)* | 33.9 | 85% |
| All fleet** | 60.3 | 90% |
* OSVs include dive and subsea-support vessels. ** Includes accommodation barge HEA Atlas. Based on vessels operational in H1 2026 and excluding HEA Thor and HEA Wind Lift I, acquired after the period.
“H1 2026 was a landmark period for HEA Energy, with revenue up 122% and EBITDA up 128% year-on-year as we strategically grew our fleet and entered service with tier-one energy clients across the Middle East and Europe. The issuance of our inaugural USD 550 million senior secured bond issue in June 2026 established a long-term capital structure to fund the remainder of our newbuild programme.”
Omar Elali, Managing Director, HEA Energy
Investment case
Six pillars underpin the equity and credit story: fleet, contracts, geographies, asset backing, capital structure, and the founder-led team behind it.
Pure-play owner of self-propelled SESVs and OSVs supporting operations & maintenance across offshore oil & gas and renewables. Founded in 2023 by Hassan Elali, previously founder of ZMI Holdings, the world's largest owner of self-propelled SESVs prior to its sale to ADNOC L&S.
A fleet of 31 vessels, of which 19 were delivered as at September 2026 and 12 are under construction with deliveries scheduled through 2026–2027 and the final vessel expected in Q4 2027, comprising self-elevating support vessels, offshore support vessels, an accommodation barge, and subsea-support tonnage.
Contracted with ADNOC L&S, NMDC, Abu Dhabi Oil Company (Japan), Ørsted, SSE, and Semco Maritime, with USD 799m of contracted backlog at 30 June 2026 with investment-grade-rated counterparties and 90% H1 2026 operating-fleet utilisation.
Positioned across two supply-constrained markets: aging Middle-East oilfield infrastructure driving brownfield maintenance and well-intervention activity, alongside structural offshore-wind O&M demand in the North Sea and Americas.
Inaugural USD 550m senior secured bond placed in June 2026, the largest Nordic-market bond issuance by a MENA-headquartered company, materially oversubscribed. Management estimated 2026 EBITDA of USD 190m, the mid-point of a USD 180–200m range, of which approximately 78% is contracted, and net leverage of 1.21x at 30 June 2026.
Led by a management team with more than 40 years of combined offshore-energy experience, including the founding and sale of ZMI Holdings and senior roles across banking, M&A, and leveraged finance.
In three years, HEA Energy has grown to a 31-vessel platform serving tier-one clients across the Middle East and Europe.
Debt investors
USD 550 million placed in the Nordic bond market to fund the newbuild programme, refinance a USD 175m Goldman Sachs bridge facility, repay a related-party loan, and support general corporate purposes. Materially oversubscribed on a broad international institutional order book.
Request bond documentationReports & presentations
Reports and presentations are available to download below. Bond investors receive periodic reporting in line with the bond terms.
Audited consolidated financial statements of HEA Energy TopCo Limited.
Investor presentation for the USD 550m senior secured bond, with company overview, fleet, contracts and financing structure.
Download PDF →H1 2026 results for the six months ended 30 June 2026.
News & announcements
Revenue of USD 100.1m (up 122%) and EBITDA of USD 65.2m at a 65.1% margin (up 128%) year-on-year; seven vessels delivered during the period; contracted backlog of USD 799m.
Read the H1 2026 highlights →Two offshore-wind SESVs added to the fleet with existing charter contracts in place, financed via equity and a USD 91m senior secured loan from Eurazeo, outside the bond perimeter.
The largest Nordic-market bond issuance by a MENA-headquartered company, funding the SESV and OSV newbuild programme and general corporate purposes.
Multi-year O&M agreement in Europe, strengthening HEA's position in the offshore-wind aftermarket.
Two new jack-up barges commissioned and mobilised for offshore operations in the region.
A versatile subsea-support and survey vessel added to broaden the group's service offering.
Fleet & markets
Middle-East demand continues to outpace available vessel supply, underpinned by national oil companies' committed investment programmes and rising brownfield maintenance and well-intervention activity. In Europe, offshore-wind operations & maintenance demand continues to build, with long-term tendering activity gathering pace.
Governance
HEA Energy is headquartered at ADGM Square, Al Khatem Tower, Al Maryah Island, Abu Dhabi, with additional operating presence in Denmark and the United Kingdom. The group operates through HEA Energy TopCo Limited (ADGM) as parent guarantor, with bond obligations issued by MM Mirage Bluewater II Limited and guaranteed by the parent and vessel-owning entities.
Founder & Chairman
Founder and former Executive Chairman of ZMI Holdings, the world's largest owner of self-propelled SESVs prior to its sale to ADNOC L&S. Over 40 years of offshore-energy experience.
Managing Director
Leads day-to-day management, commercial development, and strategic execution of HEA Energy's newbuild programme and O&M franchise across the Middle East and Europe.
Group Chief Investment Officer
18 years in banking, M&A, and leveraged finance, 13 of them in offshore energy. Vice Chairman of Danish Ship Finance; as CFO of ZMI Holdings, led its landmark sale to ADNOC L&S.
Investor contact
