Sentinel Marine expands fleet with $81m of bank funding

Offshore support vessel specialist Sentinel Marine has taken delivery of a new multi-role offshore support vessel, with two more set to follow this year, after a £62m ($81.3m) refinancing package, equally split between HSBC Equipment Finance and Clydesdale Bank.

The company, based in Aberdeen and Singapore, offers immediate rescue and recovery support to offshore workers. The new vessel, named Cromarty Sentinel, will work alongside its existing fleet of 10 emergency response and rescue vessels (ERRVs).

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. In addition to fleet expansion, the banks’ support should provide the company with enhanced liquidity and long-term financing to support its growth strategy. “The financial support from the banks’ has been crucial in enabling our development,” said John Black, chief financial officer at Sentinel Marine.

“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,” added chief executive Rory Deans.

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