Partners Group Expands North Star's Offshore Wind Fleet with New Vessel Acquisition
Partners Group invests in North Star to acquire four offshore wind Service Operation Vessels, expanding its fleet to 14. This investment aligns with the growing offshore wind services market in Europe, projected to increase at a 16% CAGR through 2035.
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Partners Group has facilitated North Star's acquisition of four new Service Operation Vessels (SOVs) from Edda Wind, increasing its fleet to 14. This move exemplifies North Star's growth strategy under Partners Group's ownership, which began in 2022 and has seen the company’s EBITDA rise to approximately GBP 100 million, reflecting over a three-fold increase in four years.
North Star also operates 37 Emergency Response and Rescue Vessels, the largest in Europe, ensuring stable cash flows from essential services. The SOV market is bolstered by structural growth drivers, including expanding offshore wind assets and increased uptime requirements, indicating potential for continued expansion in this sector.
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