The Scottish National Investment Bank has committed a further £25 million to North Star, the integrated offshore infrastructure services company, to expand its fleet of service operation vessels (SOVs). The funding sits within a £275 million financing package and will pay for four additional ships.

This latest commitment takes the Bank's total investment in North Star to £75 million, its largest backing of a single company to date.

Established in 1886 to serve Scotland's fishing industry, North Star now operates a fleet that provides critical infrastructure support to major offshore energy projects across the UK and Europe. After pivoting to offshore wind in 2021, the company has invested more than £750 million in a specialist SOV fleet.

-- Advertisement --

Since the Bank's initial £50 million investment in 2022, the company has become one of the largest operators of its kind in Europe, winning a major contract to service the Dogger Bank project, which is set to become the world's largest offshore wind farm upon completion.

The new vessels will strengthen North Star's market offer, and the broader financing will help move the business towards its goal of operating 40 SOV ships by 2040.

Headquartered in Aberdeen, the company's expansion is expected to support high-quality jobs and reinforce supply chains in the North East as the region transitions away from legacy offshore energy sectors.

The investment aligns with the Bank's net zero mission by addressing infrastructure constraints that can slow offshore wind deployment.

Laura Fidao, Investment Director at the Bank, said: "North Star shows how Scotland can lead the world in the energy transition, delivering the critical services required by the offshore wind sector and supporting high-quality jobs and skills pathways in our communities.

"The Bank is proud to support the continued expansion of this market-leading business alongside this wider investment group, helping to develop a sustainable and successful energy transition."