HSM Offshore Energy

What HSM Offshore Energy does

HSM Offshore Energy (operating as Smulders HSM) is a Dutch private EPCIC contractor headquartered in Schiedam, Netherlands, with primary manufacturing and assembly facilities in Schiedam and Vlissingen. The company engineers, procures, fabricates, installs, and commissions multi-disciplinary offshore structures for the energy sector, with four core product lines: high-voltage substations and steel jacket foundations for offshore wind, scalable offshore green hydrogen production platforms (50 MW to 400 MW+), topsides and modules for offshore gas production and processing, and offshore carbon capture and storage (CCUS) infrastructure.

The company's core technology centers on integrated EPCIC execution of large, heavy-lift offshore structures, including HV substation integration and steel jacket fabrication. It claims the position of the first active European player in high-voltage substation fabrication and integration for offshore wind, with over 3.6 GW of connected offshore wind capacity in Europe and 150+ projects delivered across 60 years of offshore experience. Notable engineering outputs referenced include a 1,060 MW Thor offshore wind platform described by GE as 'one of the lightest in the industry for its size' and a 900-tonne cable deck lift executed at the Schiedam yard.

The business model is project-based enterprise EPCIC contracting. Revenue is generated through one-time, multi-year engineering, procurement, construction, installation, and commissioning contracts awarded by major offshore energy developers and transmission system operators, with pricing determined per project and not publicly disclosed. Go-to-market is direct enterprise field sales to a concentrated roster of European tier-one clients including RWE, Ørsted, TenneT, Chevron, Shell, Equinor, ONE-Dyas, Elia, Total, Repsol, 50Hertz, Aker Solutions, Maersk Oil, Spirit Energy, GE, and ScottishPower. Strategic partnerships include H2SEA for offshore hydrogen platforms and the HSI Joint Venture for cable deck integration. The current orderbook is reported to be 99% renewable energy projects, indicating a deliberate portfolio pivot toward wind, hydrogen, and CCUS.

Name

HSM Offshore Energy

Legal name

Smulders HSM

Website

https://hsmoffshoreenergy.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

51–100 employees

Short description

HSM Offshore Energy (Smulders HSM) is a Dutch private EPCIC contractor fabricating high-voltage substations, jackets, offshore hydrogen platforms, and CCUS infrastructure for tier-one European energy developers and TSOs across the wind, hydrogen, gas, and carbon capture sectors.

Ownership category

akta.pro rank

Product category

Offshore Energy EPCIC Contracting

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Offshore wind substations
• EPCIC contracting
• Offshore hydrogen platforms
• Gas production modules
• Carbon capture storage

Headquarters

HQ city

Schiedam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. EPCIC Contract Revenue: HSM Offshore Energy generates revenue through Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contracts for offshore energy infrastructure projects. These are large-scale, project-based contracts with major energy developers, typically spanning multi-year timelines from engineering through installation and commissioning.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

HSM Offshore Energy (operating as Smulders HSM) is an integrated EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) contractor delivering multi-disciplinary offshore energy projects. The company fabricates and integrates high-voltage substations and foundations for offshore wind, scalable offshore green hydrogen production platforms (50 MW to over 400 MW), gas production and processing modules with steel jacket foundations, and offshore carbon capture and storage (CCUS) infrastructure for major energy developers and transmission system operators.

Product overview

Smulders HSM (HSM Offshore Energy) is an integrated EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) solution provider for the offshore energy sector. The company operates as a single unified offering with four interconnected product lines: Offshore Wind Substations (high-voltage substations and foundations), Offshore Hydrogen Platforms (50MW-400MW+ green hydrogen production), Offshore Gas Production and Processing Modules (topsides and jacket foundations), and Carbon Capture and Storage Solutions. With over 60 years of offshore experience and 150+ projects delivered, the company leverages engineering expertise to serve the renewable energy transition, with 99% of its current order book in renewable energy projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Wind Substations Fabrication and integration of high-voltage substations and foundation structures for offshore wind farms, with 3.6 GW+ of offshore wind power connected in Europe. Offered to major offshore wind developers such as RWE, Ørsted, and Equinor.
• Offshore Hydrogen Platforms Scalable offshore green hydrogen production platforms ranging from 50 MW to over 400 MW, co-developed with H2SEA, providing cost-effective solutions for large-scale offshore green hydrogen production and export pipeline to shore.
• Offshore Gas Production and Processing Modules Gas production and processing modules, topsides, and steel jacket foundations for offshore gas operations, leveraging the company's 60-year heritage in the offshore upstream gas market.
• Carbon Capture and Storage (CCUS) Solutions Offshore carbon capture, utilization, and storage (CCUS) infrastructure solutions targeting global efforts to reduce greenhouse gas emissions, positioned by the company as a future leadership area.
• EPCIC Services for Multi-Disciplinary Offshore Projects Engineering, Procurement, Construction, Installation and Commissioning services for multi-disciplinary offshore projects, including integrated platforms, modules and jackets, delivered to major energy developers and transmission system operators.

Quantifiable outcome

• 3.6 GW+ of Offshore Wind Power Connected in Europe
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• H2SEAcoreStrategic or Co-development PartnerHSM Offshore Energy partners with H2SEA to advance offshore green hydrogen production. Together they have developed a scalable range of offshore green hydrogen production platforms from 50 MW up to and over 400 MW, providing cost-effective solutions for large-scale offshore green hydrogen production and export pipeline to shore.
• RWEflagshipStrategic or Co-development PartnerRWE is developing the Thor offshore wind farm (1.1 GW) in Denmark, where HSM Offshore Energy installed the offshore substation. RWE holds 51% ownership in the project joint venture with Norges Bank Investment Management (49%). The project is on track for full commercial operation by 2027.
• Siemens GamesacoreStrategic or Co-development PartnerSiemens Gamesa manufactured the turbine towers for the Thor offshore wind farm project. HSM Offshore Energy installed the offshore substation for this project.
• Siemens EnergycoreStrategic or Co-development PartnerSiemens Energy completed the onshore substation for the Thor offshore wind farm project, working alongside HSM Offshore Energy's offshore substation installation.
• EnerginetminorOthersEnerginet operates the Danish grid for the Thor offshore wind farm project. They provide grid connection and operations services for the project.
• Danske CommoditiesminorOthersDanske Commodities provides route-to-market services for the Thor offshore wind farm, handling electricity trading and market access.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Others

• Hitachi Energy (Grid Integration): Supplies HV substation equipment (transformers, switchgear, HVDC) that integrates with HSM's fabricated platform structures. Complementary supplier relationship on offshore wind substations.
• Siemens Energy (Grid Technologies): Delivers onshore substations and grid connection systems for offshore wind; partner on Thor project. Adjacent ecosystem player rather than direct fabrication competitor.

Direct peers

• Lamprell: UAE-headquartered offshore platform and jack-up rig fabrication specialist. Competes on steel jacket foundations and topside modules for offshore wind and oil & gas.
• Saipem: Italian offshore EPC contractor with active substation, jacket, and floating wind fabrication capabilities. Directly competes with HSM on European offshore wind platform and substation EPC scopes.
• Bladt Industries: Danish-based fabricator specializing in offshore wind foundations and substations. Direct competitor on European offshore wind substation EPC scopes.
• Heerema Fabrication Group: Dutch fabricator of offshore structures, jackets, and topsides for wind and oil & gas. Geographic and product overlap with HSM, particularly in steel jacket foundations and platform fabrication.
• Aker Solutions: Norwegian-headquartered EPC contractor delivering offshore platforms, substation integrations, and modules for offshore wind and oil & gas developers. Most comparable broad-line peer competing for the same large North Sea substation and platform tenders that HSM pursues.
• Sembcorp Marine (SMOE): Singapore-based offshore platform and module EPC contractor with growing presence in European offshore wind substations and hydrogen platforms. Comparable product scope and large-project execution model.

Broad incumbents

• McDermott International: Global offshore EPC incumbent delivering fixed platforms, FPSOs, and substation solutions. Competes with HSM on large offshore platform tenders and brings broader portfolio scale.

Emerging players

• Equans (offshore fabrication): European engineering services group with growing offshore wind and hydrogen fabrication capabilities. Emerging competitor particularly in the offshore hydrogen platform segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hsm-offshore-energy
• Instagraminstagram.com/smuldershsm

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HSM Offshore Energy