Leading integrated offshore infrastructure services company North Star has completed a £275 million (GBP) debt financing, adding to debt commitments to support continued growth, broadening its lender group and improving its terms.
As the business prepares for its next phase of growth across the UK and Europe, the new investment demonstrates investor confidence in the world's largest operator of service operation vessels (SOVs), following its recent acquisition of four SOVs from Edda Wind. The commitments secured cover existing shipbuilding commitments in full and provides additional capital for further acquisitions and newbuild activity.
The package is structured across sterling and euro tranches, reflecting North Star's revenue base in both currencies. North Star's lending group now includes new participants Rabobank, KfW IPEX-Bank and LBBW, with increased commitments also secured from existing lenders RBS, AIB, Scottish National Investment Bank and RBC. The confidence shown in North Star from existing and new lenders providers further credibility to the company's ambitious plans for continued growth. RBC Capital Markets acted as lead advisor on the transaction.
Fraser Dobbie, North Star chief financial officer, said: "This deal reflects the scale we've built and the path we are on. As the business has grown, so too has our ability to attract new lenders and secure better pricing and terms, a dynamic that keeps reinforcing itself. Rabobank, LBBW and KfW IPEX-Bank are exactly the calibre of new partner we want, alongside the banks and institutions that have backed us for years.
"For our clients, this package means further certainty on our ability to deliver the vessels we commit to during the tendering process, which matters more as competition for offshore wind contracts intensifies. Confidence in our balance sheet is now as much a part of our story as our reputation for high-performance SOVs and experienced crews.
North Star chief executive officer, Gitte Gard Talmo added: "Having established the company as the world's leading SOV and ERRV owner and operator, we are now looking to build on our operating and financing capabilities to consider what other offshore maritime markets could demonstrate the right balance of risk and return to our investors."
Since entering offshore wind in 2021, North Star has committed over £750 million in SOVs and secured significant contracts including wins with Dogger Bank, RWE, EnBW and Siemens Gamesa Renewable Energy. The four-ship acquisition completed in April 2026 takes its offshore wind fleet total to 14, a step closer to achieving its ambition of 40 SOVs by 2040.
North Star is backed by Partners Group, one of the largest firms in the global private markets industry, and has bases in Aberdeen, Lowestoft, Newcastle and Hamburg. It has been operating for 140 years and employs a workforce which includes 1,700 onshore personnel and seafaring crew.
About North Star:
North Star is the UK's market-leading fully integrated offshore infrastructure service provider, delivering mission-critical offshore infrastructure support services across the offshore wind and oil and gas sectors. Headquartered in Aberdeen with operational bases in Lowestoft, Newcastle and Hamburg, the company employs around 1,700 offshore and onshore personnel.
Established over 140 years ago to support the fisheries industry, North Star has since built five decades of proven expertise in the energy sector. Today, it operates a fleet of 51 vessels, including 14 Service Operations Vessels (SOVs) - four under construction - and 37 Emergency Response and Rescue Vessels (ERRVs) that provide continuous support to approximately 50 North Sea installation around the clock, 365 days a year.
Since 2021, North Star has invested over £750 million in SOVs to meet the increasing demands of Europe's offshore wind market.
As the UK's largest employer of offshore cadets, North Star is committed to the future of maritime, investing around £1.5 million annually since 1996 to train the next generation of deck and engineering professionals.
By combining safety, service, and quality, North Star delivers reliable, high-performance support in some of the world's most challenging offshore environments.
About Partners Group:
Partners Group is one of the largest firms in the global private markets industry, with around 2'000 professionals and over USD 186 billion in assets under management globally. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, royalties, and special opportunities. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.
