Offshore support services firm North Star has secured a £425 million (€499 million) loan to add another 40 vessels to its fleet, with eight already added.
The firm already provides round-the-clock support to more than 50 North Sea installations, it says, such as the Dogger Bank wind farm, which has chartered three of its SOVs for 10 years.
It has also invested in its first two Commissioning SOVs to support the growing European offshore wind market.
The debt package has been agreed with existing lender IFM and banks including ABN AMRO, AIB, NAB, the Royal Bank of Scotland and RBC, who will offer various services.
“The facilities also have accordion capacity allowing a further £200 million in funding, enabling the firm the flexibility to upsize as required, removing financial risk and streamlining new business opportunities in the offshore wind sector,” says North Star. “RBC Capital Markets performed the lead advisory role in support of the transaction.”
“This £425 million strategic investment highlights the attraction of our robust business model and ESG transition journey as we push to become the leading player in Europe’s SOV sector,” said chief financial officer Fraser Dobbie.
“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.”
