Overview
- North Star, which announced the deal on Monday, closed a £275 million (about €321 million) debt financing that fully covers its existing shipbuilding commitments and provides extra capital for future service operation vessel (SOV) acquisitions and newbuilds.
- New lenders Rabobank, LBBW and KfW IPEX-Bank joined the loan group while RBS, AIB, the Scottish National Investment Bank and RBC increased their commitments, with RBC Capital Markets acting as lead adviser on the transaction.
- The package follows North Star’s April 2026 purchase of four SOVs from Edda Wind, which brought its fleet to 14 vessels and sits alongside the firm’s goal to reach 40 SOVs by 2040 after committing more than £750 million to its SOV programme since 2021.
- North Star’s CFO said the funding gives clients firmer assurance the company can deliver vessels it pledges during tendering, a key advantage as competition for long-term offshore wind service contracts intensifies.
- The deal underlines lender confidence in North Star’s expansion plan and should help the Aberdeen‑based operator, which employs about 1,700 people and works from bases including Lowestoft, Newcastle and Hamburg, bid for and deploy more contracts across the North Sea and Europe.