North Star Shipping, Britain’s largest offshore emergency response and rescue vessel (ERRV) operator, has secured £40m to finance growth of its North Sea operations.
The company secured the finance package from Bank of Scotland in the form of a term loan and revolving credit facility.
The Aberdeen-based business provides support to more than 50 offshore installations in the North Sea, including a bespoke offering for the offshore wind market.
North Star’s thousand-strong team operates a fleet of 45 emergency response and rescue vessels.
The funding underlines Lloyds Banking Group’s commitment to support businesses through the energy supply chain, particularly in the developing offshore wind sector.
The group recently acted as lead arranger on a £5.5bn funding package to support the construction of SSE Renewables and Equinor’s Dogger Bank development, which will become the world’s largest offshore wind farm once completed.
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.”