The Bank's Business Development Manager in Liverpool, Greg Doran added, 'Our service incorporates core banking, asset finance, marine mortgages and business insurance, all of which will help marine companies like Osiris to build a strong market position.'

The market area in which Osiris sees substantial growth potential is that for offshore renewable energy. The company took the decision to build its new vessel last winter, pre-empting the July 2003 announcement by the Department of Trade and Industry committing the British Government to a major expansion of offshore wind farms in UK waters. With 29 developers already looking to build offshore wind farms within the next five years, many of them in the North West, the potential for providing survey and other services to a major new market is substantial.

The vessel under construction is a 15.3m (50ft) LOA aluminium catamaran being built in Pembrokeshire, South Wales by Ali-it Marine. Boat builder Martin Hackett has moved to the UK from Australia and continues to produce vessels designed by Gavin Mair of Global Marine Design Ltd.

The Osiris craft is based on a standard workboat design which is given a large wheelhouse and twin six cylinder Yanmar 440hp diesels driving four bladed propellers through ZF two-speed gearboxes. Most unusual for a workboat, the vessel is equipped with hydrofoils which allow a 35 knot top speed and 28 knot cruising to the windfarm sites which are often far offshore. The foils also deliver a 30% savings on fuel and damp any pitching which may occur during low speed survey work, when the boat will typically run at 3 to 5 knots for long periods of time.

With a 5.6m beam and a draft of only 1m, this 18,260 kg displacement survey vessel will work below the low water mark, but its MCA CAT 1 specification means it can also venture 150 miles from safe haven. With a capacity for 12 personnel and sleeping accommodation for four, the boat is capable of 24 hour operation if required.

The craft will be equipped with a full suite of seabed mapping tools as well as a 1,500kg hydraulic crane and combined winch, a hydraulic capstan and a 1.5m by 1.25m moonpool. Sea trials are scheduled for April 2004 and the vessel is due to be in service for the start of what is expected to be a very busy summer season.

MJ Information No: 18836