Diverse Marine Secures Financing for Eight Crew Transfer Vessels

November 28, 2023, by Adnan Memija

The UK shipbuilder Diverse Marine has introduced the Diverse Marine Client Finance Programme, its own finance and lease programme, through which it secured financing for an initial, but rolling, eight crew transfer vessels (CTVs).

Funding for offshore wind CTVs has been challenging, said the company, and the Diverse Marine Client Finance Programme, designed initially for the financed construction of offshore wind CTVs, aims to ease and overcome the challenges to ownership and operation of crew transfer vessels.

Under its new Diverse Marine Client Finance Programme, the shipyard funds the construction of vessels giving the owner/operator the ability to “collect” the vessel on completion through term finance or long-term lease options.

Financing for an initial, but rolling, eight vessels has been allocated, with the first vessels already in build for delivery in 2024.

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“The introduction of this in-house programme is the result of over 12 months of discussions with funders after listening to the needs of our clients. For UK yards to remain globally competitive, the need to talk monthly lease figures or monthly repayment figures has become more critical than capital purchase costs. The scheme is unique in how it is set up and unique in terms of the finance solution that we can offer our clients,” said Ben Colman, Director of Diverse Marine.

With the UK Government targeting 50 GW of installed offshore wind capacity by 2030 from the current 15GW and European member states targeting a collective 111 GW offshore wind capacity by 2023, the European and UK supply chain needs to provide solutions as to how this can be achieved, said Diverse Marine.