North Sea rescue operator secures £40 million finance package

Matthew Gordon
Matthew Gordon, North Star chief executive

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SHIPPING firm North Star has secured a new £40m finance package to help grow its North Sea operations.

The funding from Bank of Scotland puts in place long term financing that provides a platform 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.

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

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.”

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