Bank of Scotland provides £40m finance package for North Star Shipping

North Star Shipping, Britain’s largest offshore emergency response and rescue vessel (ERRV) operator, has secured a new £40 million finance package from Bank of Scotland as it pursues growth in its North Sea operations.

The term loan and revolving credit facility puts in place long term financing that provides a platform for continued growth and capacity for further investment.

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. The firm’s 1,000-strong team operates a fleet of 45 emergency response and rescue vessels, including five platform supply vessels.

Lloyds Banking Group has said the funding underlines its 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.

Matthew Gordon, North Star Shipping chief executive, 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.”

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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