Investment in fleet growth shapes North Star’s 2025 results as revenue climbs 11%

Leading integrated offshore infrastructure services company North Star grew turnover by 11% to £153 million and gross profit by 19% to £49.4 million in 2025, as three new service operation vessels (SOVs) entered service on schedule and the company signed the largest chartering deal in the global SOV sector.

Adjusted EBITDA rose 19% to £34.4 million (2024: £29.0 million), while the business earned revenue outside the UK for the first time, with £7.7 million coming from the rest of Europe. Its balance sheet also strengthened, with net assets up 18% to £191.3 million and cash rising from £5.7 million to £24.4 million.

During that year the Grampian Tweed began a 10-year contract at Dogger Bank, completing North Star’s four-vessel fleet at the UK’s largest offshore wind farm, with the Grampian Kestrel and Grampian Eagle following in June and July. 

In August, North Star agreed four long-term charters with RWE totalling 44 years of commitment, including two newbuild vessels due in 2028 and 2029 which are expected to support up to 200 roles, including up to 100 new jobs. Its emergency response and rescue vessel (ERRV) business ended the year with £275 million of firm backlog, maintaining steady demand despite the pressures facing UK oil and gas.

North Star’s pre-tax loss of £19.3 million is a result of interest costs which rose to £25.6 million (2024: £15.6 million) due to the company’s continued investment in new vessel assets as it builds out its SOV fleet for the future. These vessels take up to three years to build, so financing costs come ahead of earnings, however North Star will earn attractive returns on its investment in years to come, with each ship providing around 40 years of future earnings capability.  Growth has continued into 2026 through the acquisition of four SOVs from Edda Wind, funded through new debt and further equity from Partners Group as part of £228 million of debt and equity raised since the year end, and a £275 million refinancing that brought three new banks into the lending group and covers existing shipbuilding commitments in full.

Gitte Gard Talmo, North Star chief executive officer, said: “Our strategy is to invest for long-term growth, backed by long-term customer commitments, and 2025 shows that investment beginning to translate into performance. We grew turnover by 11% and adjusted EBITDA by 19%, while expanding our fleet, securing a landmark agreement with RWE and establishing our first revenues outside the UK.

“We have continued that progress in 2026, including the acquisition of four SOVs from Edda Wind. With 14 SOVs, including four under construction, and our recent £275 million refinancing fully covering our existing shipbuilding commitments, North Star is financially well positioned for the next phase of our growth.”

North Star chief financial officer Fraser Dobbie added: “Gross profit and adjusted EBITDA both rose 19% in 2025, and that will build as the vessels delivered last year complete their first full year and new SOVs earning higher margins join the fleet. With our £275 million refinancing covering existing shipbuilding commitments in full and much of the revenue from our new vessels already contracted, the support of a broad base of infrastructure private debt investors and Partners Group demonstrates the confidence of the professional infrastructure investment market in the North Star strategy.” 

Since entering offshore wind in 2021, North Star has committed more than £750 million in SOVs and secured significant contracts including wins with Dogger Bank, RWE, EnBW and Siemens Gamesa Renewable Energy. The four-ship acquisition completed in April 2026 takes its offshore wind fleet total to 14, a step closer to achieving its ambition of 40+ SOVs by 2040.

North Star is backed by Partners Group, one of the largest firms in the global private markets industry, and has bases in Aberdeen, Lowestoft, Newcastle and Hamburg and employs over 1,700 offshore and onshore personnel.