North Star increased turnover and gross profit in 2025, supported by the scheduled entry into service of three new service operation vessels (SOVs) and the signing of a new charter agreement in the global SOV sector.
Turnover rose by 11% to £153 million, while gross profit increased by 19% to £49.4 million. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 19% to £34.4 million (2024: £29.0 million). The company also generated revenue outside the UK for the first time, with £7.7 million coming from the rest of Europe. Net assets increased by 18% to £191.3 million, while cash reserves rose from £5.7 million to £24.4 million.
During the 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. The Grampian Kestrel and Grampian Eagle subsequently entered service in June and July.
In August, North Star agreed four long-term charters with RWE, representing a total commitment of 44 years. The agreements include two newbuild vessels scheduled for delivery in 2028 and 2029. These 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 a firm contract backlog of £275 million, maintaining demand despite challenging conditions in the UK oil and gas sector.
North Star reported a pre-tax loss of £19.3 million, mainly due to higher interest costs, which increased to £25.6 million (2024: £15.6 million). This reflects continued investment in new vessels as the company expands its SOV fleet. Vessel construction can take up to three years, meaning financing costs arise before the vessels generate revenue. The company expects these investments to provide long-term returns, with each vessel having an estimated operating life of around 40 years.
Growth continued into 2026 with the acquisition of four SOVs from Edda Wind. The acquisition was funded through additional debt and equity from Partners Group. Since the end of 2025, North Star has raised £228 million in debt and equity and completed a £275 million refinancing. The refinancing brought three new banks into its lending group and provides full coverage for existing shipbuilding commitments.
