North Star, the Aberdeen-headquartered offshore infrastructure service provider, has completed the acquisition of four Service Operation Vessels (SOV) from Edda Wind (provider of purpose-built SOV), bringing its offshore wind fleet to 14 vessels and establishing the company as the world's largest integrated SOV owner-operator by fleet size and charter backlog.

The Transaction

The deal, announced, encompasses four high-specification vessels currently deployed on offshore wind contracts: the Goelo Enabler, Boreas Enabler, Nordri Enabler, and Sudri Enabler, along with all associated charter parties. A total of 160 offshore roles will continue to support the acquired vessels alongside North Star's existing operational teams.

The acquisition gives North Star immediate access to operational capacity in the European offshore wind market and broadens the company's client base by absorbing the existing charter arrangements attached to the four vessels.

North Star described the transaction as extending its operational reach across key European markets while adding flexibility to meet customer needs.

Fleet and Financial Scale

With the addition of the four SOVs, North Star now operates what it describes as one of Europe's largest offshore wind fleets. The company also maintains a fleet of 37 Emergency Response and Rescue Vessels, which it says is the largest of its kind in Europe.

Those ERRVs provide services to the offshore energy industry under a regulated framework and complement the growing SOV fleet business.

On the financial side, North Star said it is expected to generate approximately GBP 100 million of run-rate EBITDA, a figure the company said represents more than a three-fold increase over the last four years. North Star attributed the majority of that increase to the growth of its SOV fleet business.

Chief Financial Officer Fraser Dobbie said the deal underscores continued investor confidence in the company's commercial capabilities and the maturity of its systems and organization to support increasing scale.

He added that the acquisition complements ongoing investment in newbuild vessels and strengthens the company's earnings profile.

Partners Group's Role

Partners Group, which the company describes as one of the largest firms in the global private markets industry, acquired North Star in 2022 and has driven the company's expansion into the offshore wind sector. Partners Group has also supported North Star's ERRV platform alongside the SOV fleet business.

Kevin Gilhawley, a North Star board member and Member of Management for Infrastructure Europe at Partners Group, said the acquisition adds meaningful scale to the company's fast-growing SOV fleet.

He pointed to what he described as compelling structural growth drivers underpinning the long-term SOV market, citing a growing offshore wind asset base, the location of wind assets further from shore, rising uptime requirements, and a rationalizing supply chain.

Leadership Commentary

Chief Executive Gitte Gard Talmo said finalizing the four-vessel transaction marks another step forward for North Star in offshore wind. She said bringing the SOVs into the fleet broadens the company's customer offering, strengthens its platform, and reinforces its presence in key European markets. Talmo also said the deal provides a strong foundation for the next phase of expansion across the business.

She acknowledged the internal effort required to complete the transaction, saying she was proud of the team that worked to complete due diligence and ship inspections, and expressed a welcome to new colleagues joining North Star as part of the acquisition.

Company Background

North Star is headquartered in Aberdeen and maintains UK bases in Lowestoft and Newcastle, as well as an operation in Hamburg, Germany. The company was established 140 years ago to support the fisheries sector and has provided services to North Sea installations for over 50 years. North Star describes itself as a fully integrated offshore infrastructure services company with a track record spanning decades.

The company said its long operational history enables it to scale and integrate additional assets and crews efficiently, reliably, and safely. Its SOV fleet supports operations and maintenance activities at offshore wind installations, which North Star said contributes to Europe's energy security and its transition to renewable energy sources.

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