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North Star raises £140m for offshore wind service operations vessel newbuilds

North Star North Star SOV image 1.png
North Star has secured £140m in funding to support its growth plans as the UK's leading offshore wind service operations vessel (SOV) operator.

The investment comes from the Scottish National Investment Bank, IFM Investors, Edmond de Rothschild's BRIDGE and RBC Capital Markets. It will be used to support offshore wind projects in the North Sea and reflects the increasing demand for SOVs.

North Star, which is owned by Partners Group, operates in the North Sea and offers 24/7 support to more than 50 offshore installations. It entered the offshore wind market last year after winning all four long-term charter SOV awards for the Dogger Bank Wind Farm.

North Star chief strategy officer Fraser Dobbie said: “We have a 40-year track record of reliable marine operations, 15 years of DP experience operating close to clients’ assets, and proven expertise in overseeing numerous concurrent shipbuilding projects.

“The £140million secured today 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.”

Jimmy Williamson, Scottish National Investment Bank executive director said: “The Bank is catalysing support for Scotland’s offshore wind supply chain by enabling companies like North Star to increase focus on providing vital services for offshore wind farms and in supporting their transition to net zero.

Kevin Gilhawley, member of management, private infrastructure Europe, Partners Group, said: "Offshore wind forms part of our thematic focus on decarbonization and we see mission-critical infrastructure support services, such as those provided by North Star, as a high growth subsector. We look forward to partnering with North Star and the group of lenders on its transformational growth plans in the offshore wind sector."

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