North Star Shipping, the largest offshore support vessel operator in the North Sea, has secured a £40million finance package from Bank of Scotland.
The Aberdeen-based business will use the funds as a “platform for continued growth and capacity for further investment”.
North Star Shipping operates a fleet of 45 emergency response and rescue vessels (ERRVs) and five supply vessels, working across more than 50 North Sea installations.
The 1,000 strong team also carry out work for the burgeoning offshore wind market.
North Star Shipping chief executive Matthew Gordon said: “The energy sector is changing at pace and it’s important that we continue to invest for the future while maintaining and building upon the quality of service we’ve become renowned for.
“Bank of Scotland was integral in backing our acquisition of Boston Putford in 2019, which helped us to become the largest support operator in the region and we welcome the longer term financing that underpins our core business and also supports continued investment in both existing and new markets.”
Lloyds Banking Group, which owns Bank of Scotland, said the investment underlines its commitment to support businesses through the energy supply chain, particularly in developing offshore wind.
Simon Sweeney, corporate & institutional debt director at Bank of Scotland, said: “We are delighted to support this market leading business that provides critical safety services with a comprehensive financing package, which supports both their existing business and provides flexibility to continue to invest in the rapidly changing offshore North Sea market.”
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