A Lowestoft-based ship firm is set to continue its expansion after receiving a £425 million funding boost.

North Star, which provides infrastructure support to offshore windfarms, said that the multi-million pound investment will enable it to add 40 hybrid service operation vessels (SOVs) to its fleet by 2040.

Fraser Dobbie, North Star chief financial officer, said: “This £425m strategic investment highlights the attraction of our robust business model and ESG transition journey as we push to become the leading player in Europe’s SOV sector.”

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Eastern Daily Press: North Star, the leading UK provider of infrastructure support services to the offshore energy sector, has secured debt investment of up to £425m to add 40 hybrid service operation vessels (SOVs) to its fleet by 2040North Star, the leading UK provider of infrastructure support services to the offshore energy sector, has secured debt investment of up to £425m to add 40 hybrid service operation vessels (SOVs) to its fleet by 2040 (Image: North Star)

The firm also recently secured a contract to build a vessel bound for the East Anglia THREE offshore windfarm - 69km off the Suffolk coast.

East Anglia THREE is set to have 95 turbines with a capacity of 1,400MW - generate enough electricity to power more than 1.3 million homes.

North Star has UK bases in Lowestoft, Aberdeen and Newcastle, and a workforce of 1,400 onshore personnel and seafaring crew.

It currently operates a fleet of 41 multi-purpose ships in the North Sea.