Offshore maritime services provider Mainprize Offshore has secured a €25m finance facility from Siemens Financial Services (SFS) to grow its Crew Transfer Vessel (CTV) fleet.
To enable the acquisition of new CTVs to service the growing number of offshore wind farms, UK-based Mainprize said it sought a financing partner which would understand how it operates as well as its growth ambitions. “We initially met Siemens Financial Services (SFS) at Seawork in 2023, and so when we needed finance support to acquire new CTVs, they were already in our minds as a prospective lender,” said the company owner Bob Mainprize.
He added: “Our business needs specialist financing partners who understand our products, our markets, asset values and applications, and the dynamics of a business like ours.
“Technical understanding and market appetite are crucial. That’s why we wanted to work with Siemens Financial Services. Its specialised approach is a strategic advantage to support our business growth.
“Though the greener CTV market is relatively nascent, SFS needed no explanation on the value of CTVs in supporting offshore wind.
“This, combined with its deep market and technical knowledge, allowed us to have far more candid and constructive conversations as we negotiated appropriate financing structures. Its understanding of new vessel build times and inherent FX requirements, for instance, is reflected in our financing agreement, which offers flexibility on the fund drawdowns as well as an in-house FX facility.
“SFS also indicated potential for a future financing arrangement to further expand the fleet and support business growth. The backing of a significant partner such as SFS with the possibility of a longer partnership helped to set them apart from generalist financiers.”
Mainprize said the introduction of new vessels ensures the company continues to maintain its position as one of the leading market operators, strengthening the business’ ability to win long-term contracts with customers. Notably, the new vessels are also hybrid-ready, offering flexibility in future fuel types.
“We were delighted to embark on this new partnership with Mainprize – starting with our largest deal to date,” said head of marine finance at SFS Andrew Southwood.
“Our mutual passion about supporting offshore energy made our conversations fruitful, culminating in an excellent result for Mainprize.
“As well as focusing on the immediate needs of the business, we also took the time to get to know Bob and the team, to build a bigger picture of their long-term objectives and provide input where possible.
“This created the foundation for a beneficial partnership which goes beyond a one-off transaction.”