Financing of Hybrid Crew Transfer Vessels

Context
Northern Offshore Services (N-O-S) is one of the leading operators of Crew Transfer Vessels (CTVs), which are essential for the operation of offshore wind farms.
In a sector under increasing pressure to reduce its carbon footprint, N-O-S has begun modernizing its fleet with hybrid vessels, capable of operating in 100% electric mode.
In 2023, NEoT Green Mobility (NGM) supported N-O-S with a first round of financing for the construction of four hybrid CTVs.
Building on the success of this initial collaboration, the two companies have now structured a new financing deal for four additional vessels.

The challenges

• Reducing the environmental impact of offshore maritime transport
• Offshore wind farm operators are expected to decarbonize their entire value chain, including the vessels that transfer technical crews to the turbines.
• The next generation of CTVs must offer better energy performance and be capable of operating in hybrid or full-electric mode, even during docking operations.

Our solution
Neot Green Mobility has structured a dedicated financing solution enabling N-O-S to accelerate the deployment of more environmentally friendly vessels.
As with the first four vessels financed in 2023, these new CTVs will be equipped with an innovative propulsion system developed by Volvo Penta, ensuring more efficient operations.

Résults & impact

• Expansion of a low-carbon fleet: 8 hybrid CTVs financed in total, strengthening N-O-S’s position in the market
• Reduced offshore transport emissions: adoption of cleaner, more efficient propulsion technologies
• Support for a key industry player: N-O-S consolidates its role as a leader in the energy transition for offshore maritime transport

Why Neot ?
With deep expertise in low-carbon asset financing, NEoT Green Mobility supports maritime operators in their energy transition.
Our solutions enable the financing of both new vessels and the retrofit of existing infrastructure, including onboard technologies such as battery or hydrogen storage systems.

Philippe RINGENBACH, CEO of Neot Green Mobility: “This second collaboration with N-O-S demonstrates the relevance of our approach to financing the low-carbon economy. With Europe’s CTV fleet expected to nearly double by 2035, the offshore transport sector represents a real opportunity to accelerate maritime decarbonization.”