North Star Charts Course for 40 Hybrid SOVs by 2040 with GBP 425 Million Investment

June 6, 2024, by Adnan Memija

UK-headquartered North Star has secured debt investment of up to GBP 425 million (approximately EUR 500 million) to accelerate its ambition to add 40 hybrid service operation vessels (SOV) to its fleet by 2040.

The committed financial package of GBP 225 million includes term facilities from existing lenders, IFM investors, and committed capex and working capital resources from banks including ABN AMRO, AIB, NAB, Royal Bank of Scotland, and RBC.

The facilities also have accordion capacity, allowing a further GBP 200 million in funding, enabling the company the flexibility to upsize as required, removing financial risk, and streamlining new business opportunities in the offshore wind sector, said North Star.

“The infusion of capital from a combination of institutional and bank investors secures access to the capital required to support our continued growth, and provides validation from the lender market of the excellent progress we have made on our strategic journey to build our business for sustainable, long-term success in the offshore wind market,” said Fraser Dobbie, North Star chief financial officer.

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North Star, owned by Partners Group, has bases in Aberdeen, Lowestoft, Newcastle, and Hamburg, and operates 41 multi-purpose ships in the North Sea.

In addition, the company also has three of four newbuild SOVs in operation at the Dogger Bank Wind Farm with the final ship on schedule for early delivery next year.

North Star has a further four newbuilds underway – an SOV for EnBW’s He Dreiht offshore wind farm in Germany, another for Siemens Gamesa Renewable Energy at the East Anglia THREE project, and its first two larger commissioning service operation vessels (CSOVs) to further support its offshore wind clients.