Blog: Our blueprint for success

North Star has a long-standing history of managing multiple ship newbuild programmes simultaneously, honed over five decades of service in the conventional energy sector and more recently in renewables. We’ve delivered over 70 vessels for the oil and gas industry, demonstrating our capacity to scale efficiently, meet stringent industry standards, and adapt to the evolving needs of our clients. This extensive experience is now being applied to the offshore wind sector, where we’ve already delivered our first three SOVs ahead of schedule, and we have five more newbuilds underway. Our commitment to high standards of quality and operational efficiency continues to drive our success in this dynamic market.

A cornerstone of our ability to scale lies in our solid financial strategy. North Star’s recent announcement of new debt investment of up to £425 million reflects our capacity to secure the necessary funding to meet our ambitious targets. By raising debt at a committed corporate level, rather than financing each vessel individually, we’ve enhanced our flexibility and reduced risk, ensuring that we can invest in newbuilds without the constraints of project-specific financing. This approach not only supports our scalability but also positions us to seize growth opportunities as they arise.

Investment in the latest proven technologies is key to our core strategy and ambition to add 40 SOVs to our fleet by 2040. We’ve already committed to delivering ships equipped with cutting-edge technologies that enhance operational efficiency and sustainability. Working in tandem with high-quality shipyards, we ensure that our ships are constructed to the highest standards, incorporating advanced digital solutions and sustainable practices.

Not known for following the pack, it's this unwavering commitment to innovation which is firmly setting us apart. Our fleet now also includes Commissioning SOVs, a new Midi-SOV design, and we are also a step closer with our electric SOV plans and infield charging solutions. We will be unveiling these in great detail for the first time with our technology partners Stillstrom A/S during a joint presentation at our stand on the first day of WindEnergy Hamburg at 3pm (hall B, stand 319).

Our team, comprising top-tier project managers, engineers, and world-class seafaring crew, is another critical factor in our scalability. Attracting and retaining the best talent in the industry enables us to manage the complexities of delivering and operating a growing fleet of SOVs. The delivery of the first three ahead of schedule is a testament to the efficiency and effectiveness of our approach.  We have invested more than £4m in onshore headcount to help us deliver on our offshore wind growth plan.  Our new build team is more than 20 strong and that is important when it comes to building several assets in parallel. In addition, we have fully crewed our new assets with a complement of both new and current North Star seafarers, offering a just transition and a future in offshore wind for many of our crew, We are in a strong position, where we can cross pollinate new assets with competent crew, so no client gets a brand new vessel with a brand new crew.

The offshore wind market presents a significant growth opportunity, especially in the UK and Central Europe, where governments’ commitments to capacity expansion are driving demand for new SOVs. North Star’s growth strategy is aligned with these market dynamics, and we are poised to take advantage of this burgeoning sector. We’ve set a goal of 40 by 40, but with the current trajectory, we expect to exceed this target, potentially having more than 20 vessels in the water by 2030. This ambitious growth plan is supported by a projected investment of up to £1 billion, which we are well-positioned to fund through our established financial relationships and business model.

Even as we scale, our commitment to existing clients remains unwavering. By leveraging our experienced senior team and exceptional maintenance crew, we ensure that our current fleet continues to operate at peak efficiency. This dual focus on expansion and support allows us to meet the growing demands of the offshore wind market without compromising the quality of service that all our clients expect.

As the world moves towards a more sustainable future, we stand ready to lead the way in the offshore wind sector. Our track record, strategic business model, and commitment to innovation position us uniquely to achieve our fleet goal. The journey ahead is exciting, and with our robust foundation, we are confident in our ability to navigate the challenges and seize the opportunities that lie ahead.

Of course, North Star’s future in offshore wind is not just about fleet expansion; it’s about setting new standards in sustainability, operational excellence, and industry leadership. As we continue to expand, our mission remains clear: to support the renewable energy transition with a fleet that reflects our values and meets the needs of our clients and the planet alike.

Matthew will be delivering a joint presentation with Stillstrom at North Star’s stand (hall B5, stand 319) during WindEnergy Hamburg tomorrow from 3pm, followed by a drink’s reception. All are welcome.

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