Sentinel Marine has taken delivery of a new multi-role offshore support ship following a £62m refinancing package, equally split between HSBC Equipment Finance and Clydesdale Bank.
The offshore support vessel specialist, based in Aberdeen and Singapore, offers immediate rescue and recovery support to offshore workers.
The new ship, named Cromarty Sentinel, will work alongside its existing fleet of 10 emergency response and rescue vessels (ERRVs) and is equipped for rescue, cargo operations, firefighting and responding to an oil spill.
Sentinel Marine has two further vessels slated for delivery in late 2022, which should help the company to grow its footprint in the North Sea and internationally.
As well as enabling the fleet expansion, the banks’ support will provide the company with enhanced liquidity and long-term financing to support its growth strategy.
John Black, chief financial officer at Sentinel Marine, said: “The financial support from the banks’ has been crucial in enabling our development, and we look forward to growing our presence both internationally and in the North Sea with their backing.”
Chief executive Rory Deans added: “As we increase our fleet, we are also diversifying our operations with expansion into the fishery protection sector - our vessels are multipurpose supporting coastguard functions including search and rescue, sea border control and detection of pollution.”
Sheila McIntyre, senior director in acquisition finance at Clydesdale Bank, said: “We are very proud to have supported Sentinel since 2015, from the delivery of its first vessel through to the current 11-strong versatile fleet.
“In that period, Sentinel has developed a first-class reputation as a quality operator of ERRVs in the North Sea and beyond, with a proven track record in ensuring offshore safety.”
Sentinel Marine’s fleet is mostly engaged in the UK energy sector, supporting oil and gas exploration, production and decommissioning activities, as well as renewable energy projects.
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