North Star, a fully integrated offshore infrastructure service provider, has completed the acquisition of four new Service Operation Vessels (SOVs) from Edda Wind.
The transaction takes its offshore wind fleet to 14 vessels, among Europe’s largest.
The four SOVs, which are currently deployed on offshore wind contracts, provide immediate access to high-specification capacity and enhance North Star’s flexibility in meeting customer needs across key European markets. North Star's financial platform and operational scale will support the integration of these vessels into the North Star platform while maintaining business continuity for clients.
The acquisition comprises four high-specification vessels: the Goelo Enabler, Boreas Enabler, Nordri Enabler, and Sudri Enabler, together with all associated charter parties. A total of 160 offshore roles will continue to support these vessels, alongside North Star’s existing operational teams.
Partners Group, one of the largest firms in the global private markets industry, acquired North Star in 2022 and spearheaded the company's expansion into the offshore wind industry. The company has also supported North Star’s Emergency Response & Rescue Vessels (ERRVs) platform, which complements its growing SOV fleet business.
North Star's fleet of 37 ERRVs is the largest of its kind in Europe and provides mission-critical services to the offshore energy industry under a highly regulated framework.
North Star is expected to generate USD$134.9 million (GBP 100 million) of run rate EBITDA, up more than three-fold in the last four years. The majority of this increase is derived from the growing SOV fleet business.