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North Star has completed the acquisition of four Service Operation Vessels from Edda Wind, expanding its offshore wind fleet to 14 ships and claiming the title of the world’s largest integrated SOV owner operator by fleet size and charter backlog.
The deal adds the Goelo Enabler, Boreas Enabler, Nordri Enabler, and Sudri Enabler to the Aberdeen headquartered company’s platform, along with all associated charter parties and approximately 160 offshore roles. All four vessels are currently deployed on offshore wind contracts across European waters, giving North Star immediate access to working capacity rather than waiting on newbuild delivery slots.
A Threefold Jump in Earnings
The transaction caps a rapid expansion phase for North Star, which is now expected to generate approximately GBP 100 million in run rate EBITDA. That figure represents more than a threefold increase over the past four years, with the majority of growth driven by its SOV business.
Partners Group, one of the world’s largest private markets firms, acquired North Star in 2022 and has backed the company’s push into offshore wind. The investment firm’s support has also extended to North Star’s Emergency Response and Rescue Vessel platform, which operates 37 ERRVs across the North Sea, making it the largest fleet of its kind in Europe.
Kevin Gilhawley, a North Star board member and Member of Management for Infrastructure Europe at Partners Group, pointed to structural tailwinds underpinning the long term SOV market, including a growing offshore wind asset base, turbines located further from shore, rising uptime requirements, and a rationalizing supply chain.
Operational Scale as a Competitive Edge
North Star positions itself as a fully integrated offshore infrastructure services provider, meaning it owns, crews, and manages its vessels rather than relying on third party operators. The company said its financial platform and operational scale will support efficient integration of the four new ships while maintaining continuity for existing clients.
CEO Gitte Gard Talmo said the acquisition broadens North Star’s customer offering, strengthens its platform, and reinforces its presence in key European markets. She added that the deal provides a foundation for the next phase of expansion across the business.
CFO Fraser Dobbie said the transaction reflects continued investor confidence in the company’s commercial capabilities and organizational maturity. He noted that the acquisition complements ongoing investment in newbuild vessels and strengthens the company’s earnings profile.
European Wind Sector Demand in Focus
The deal arrives as European governments accelerate offshore wind buildout targets, creating sustained demand for specialist vessels that service and maintain turbines at sea. SOVs serve as floating bases for technicians, enabling them to live and work offshore for extended periods while performing maintenance on wind farm assets.
North Star’s operational footprint now spans UK bases in Aberdeen, Lowestoft, and Newcastle, as well as a facility in Hamburg, Germany. The company traces its origins back 140 years to the fisheries sector and has spent more than five decades providing around the clock support at North Sea installations.
With 14 SOVs and 37 ERRVs now under its management, North Star’s combined fleet of 51 vessels makes it one of the most significant offshore vessel operators in European waters. The company’s leadership has signaled that further growth remains on the agenda, with both acquisitions and newbuilds forming part of the strategy.
Whether the broader SOV market can absorb new capacity without putting pressure on charter rates will depend on the pace at which new offshore wind farms reach the operations and maintenance phase, a timeline that varies significantly across European jurisdictions.
