Mainprize Offshore Expands CTV Fleet with EUR 25 Million from Siemens Financial Services

August 20, 2024, by Adrijana Buljan

UK-based crew transfer vessel (CTV) owner and operator, Mainprize Offshore, is expanding its fleet with EUR 25 million provided by Germany-headquartered Siemens Financial Services (SFS) as the lender.

Mainprize currently operates nine CTVs on offshore wind farms in the North Sea, off the coast of Scotland, Germany and Denmark.

The move to expand the fleet comes as more offshore wind farms are being built and planned to come online over the coming years, especially those farther offshore, according to SFS, which says Mainprize is considered to be among the top five operators in the “far offshore” market in this segment.

The company’s newly acquired vessels, based on a proprietary design as its existing fleet, are a more environmentally friendly version and are hybrid-ready, offering flexibility in future fuel types.

According to Mainprize Offshore, as part of its plan to acquire the new CTVs, Mainprize sought a financing partner who would understand how it operates as well as its growth ambitions.

“We initially met Siemens Financial Services (SFS) at Seawork in 2023, and so when we needed finance support to acquire new CTVs, they were already in our minds as a prospective lender”, said Bob Mainprize, owner of Mainprize Offshore.

“Though the greener CTV market is relatively nascent, SFS needed no explanation on the value of CTVs in supporting offshore wind. This, combined with their deep market and technical knowledge, allowed us to have far more candid and constructive conversations as we negotiated appropriate financing structures.”

Mainprize said that SFS also indicated the potential for a future financing arrangement to further expand the fleet and support business growth.

At the beginning of this year, the CTV provider also saw investment from London-based Alcuin Capital Partners.