UK-based Mainprize Offshore has finalized a €25 million finance facility with Siemens Financial Services (SFS) to bolster its Crew Transfer Vessel (CTV) fleet, aimed at supporting the burgeoning offshore wind sector. This strategic move comes as Mainprize Offshore prepares to acquire new CTVs to meet the escalating demand from offshore wind farms.
“We are pleased to partner with Siemens Financial Services, whose deep understanding of our industry and tailored financing solutions perfectly align with our growth strategy,” stated Bob Mainprize, owner of Mainprize Offshore. “Their specialized approach and market knowledge have enabled us to secure a financing structure that not only supports our immediate fleet expansion but also lays the groundwork for future growth opportunities.”
The financing agreement, initiated following an initial meeting at Seawork 2023, reflects SFS's comprehensive grasp of the CTV market dynamics, including vessel build timelines and foreign exchange requirements. This understanding has facilitated constructive discussions, ensuring flexibility in fund drawdowns and incorporating an in-house FX facility into the agreement.
Andrew Southwood, Head of Marine Finance at SFS, emphasized the collaborative nature of the partnership: “Our mutual commitment to advancing offshore energy solutions has been instrumental in crafting a financing solution that meets Mainprize Offshore's current and future needs. This marks a significant milestone in our relationship, underpinned by a shared vision for sustainable growth in the maritime sector.”
Mainprize Offshore anticipates that the addition of new vessels, equipped to accommodate future hybrid fuel technologies, will enhance its competitive edge and position in securing long-term contracts with clients in the offshore wind industry.
