The British offshore service provider North Star has acquired four Service Operation Vessels (SOVs) from Edda Wind and is thus expanding its fleet to 14 units – one of the largest in Europe.
The acquired vessels include the “Goelo Enabler”, “Boreas Enabler”, “Nordri Enabler” and “Sudri Enabler”, all of which are already deployed in current offshore wind charters. Around 160 offshore positions will continue to be served by the vessels.
With this acquisition, the Aberdeen-based company says it is consolidating its leading position in the European SOV market; measured by fleet size and charter backlog, North Star now sees itself as the world’s largest provider of offshore infrastructure services. Run-rate EBITDA is expected to reach around GBP 100 million in the future – more than three times the figure of four years ago.
CEO Gitte Gard Talmo described the transaction as a “further step forward” and emphasized the strengthened market presence in important European markets. CFO Fraser Dobbie emphasized the continued investor confidence that made the acquisition possible.
Majority owner Partners Group acquired North Star in 2022 and has since driven its expansion into the offshore wind sector. In addition to the SOV fleet, North Star operates 37 Emergency Response & Rescue Vessels (ERRVs) – also the largest such fleet in Europe. In addition to its headquarters in Aberdeen, the company also has offices in Lowestoft, Newcastle and Hamburg.
North Star expands management team
Alongside the fleet expansion, North Star has also restructured its management team. Duncan Palmer takes over the company’s HR strategy as Chief Human Resources Officer (CHRO); he brings with him 24 years of experience in talent strategy at companies such as Sodexo, Prosafe and Petrofac. Joanna Lang has been promoted to Chief Legal & Compliance Officer (CLCO) and will be responsible for all legal and compliance matters including shipbuilding contracts, ESG reporting and corporate governance.
Kenneth Coughlan is also new to the team as Chief Technology Officer (CTO): The trained naval architect and former Global Head of Maritime Technical Projects at Siemens Gamesa Renewable Energy is to steer North Star’s course towards a lower-emission fleet by 2045 and succeeds the retired James Bradford.
