North Star intends to broaden its position as on of the UK’s leading SOV operators (Source: North Star)

North Star raises financing package to expand SOV fleet

British offshore operator North Star has secured a £140million (US$172.2 million) financing and loan package to support the next phase of its offshore wind growth plan including newbuildings. North Star aims to broaden its position as one of the UK’s leading service operations vessel (SOV) operators and seek new opportunities in Europe.

North Star chief strategy officer Fraser Dobbie said: “The 140 million pounds … secures the capital required for us to continue our newbuilding programme in the year ahead, whilst providing us with the flexibility to continue to expand these facilities to meet our strategy of 40 new SOVs by 2040.” The investment includes a £50million commitment from the Scottish National Investment Bank, as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets.

North Star, which is owned by Partners Group, has a 1,300-strong workforce and currently manage and operate 42 offshore support vessels providing safety services to over 50 UK Continental Shelf installations.

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Article Editorial staff Ship&Offshore
Article Editorial staff Ship&Offshore