Mainprize expands CTV offering

The European CTV fleet is expected to almost double from 393 vessels in 2023 to 732 by 2032. To boost its offering in the burgeoning offshore market, Mainprize brought in a finance partner that would understand both its operation and growth ambition, said owner, Bob Mainprize.

“Our business needs specialist financing partners who understand our products, our markets, asset values and applications, and the dynamics of a business like ours,” he said.

“Technical understanding and market appetite are crucial. Though the greener CTV market is relatively nascent, SFS needed no explanation on the value of CTVs in supporting offshore wind.

“This, combined with their deep market and technical knowledge, allowed us to have far more candid and constructive conversations as we negotiated appropriate financing structures.

“SFS also indicated potential for a future financing arrangement to further expand the fleet and support business growth.”

Mainprize says that the new vessels will help the company maintain its position as a leading market operator and boost its ability to win new business. The new vessels will be hybrid-ready and offer flexibility in fuel type.

“Our mutual passion about supporting offshore energy made our conversations fruitful, culminating in an excellent result for Mainprize,” said Andrew Southwood, head of Marine Finance at SFS.

“As well as focusing on the immediate needs of the business, we also took the time to build a bigger picture of their long-term objectives and provide input where possible.”