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Financial flexibility for growth-minded Sentinel Marine

Sentinel Marine owns and operates high quality emergency response and recovery vessels (ERRVs), providing a safe and reliable offshore marine service at all times. The Aberdeen-headquartered company is active in the North Sea and has created a strong position in this niche segment with its young and fuel-efficient fleet, building further on its outstanding track record.

As well as operating as emergency response ships, Sentinel’s best-in-class fleet of six new multi-purpose vessels can carry out small-scale support or maintenance operations. This combination allows the vessels to make an important contribution to health, safety and the environment in the North Sea.

The assignment

Sentinel Marine has ambitious growth plans. It needed a banking partner that understood its sector and could provide tailor-made financing, so it could continue pursuing its long-term strategy. The company sought financing for the next phase in its growth, allowing it to take delivery of a newbuild vessel and refinance existing debt facilities.

Adding value

Acting as lead bank and facility agent in a three-bank transaction, NIBC devised an entrepreneurial and creative solution for Sentinel Marine. We refinanced its relatively inflexible existing project finance structure into a tailor-made new corporate facility that matched the growing company’s need for flexibility.

Delivering results

Sentinel Marine used to finance each vessel of its fleet on a separate basis. Now, the company has financing that equips it for the next phase of growth. The facility not only allows the company to refinance its current fleet, but also to take delivery of its newbuild standby safety vessel Forties Sentinel. What is more, it can now finance future newbuilds, including three vessels under construction in Singapore.Having NIBC as a finance partner that understands our long-term strategy and can provide solutions which give us flexibility across the lifespan of that plan rather than on a vessel by vessel basis is crucially important for Sentinel Marine. We have made a significant investment into developing a new breed of modern ERRVs: six are currently operational in the field, with a further three currently under construction and scheduled to enter service at various points throughout 2018. Our plan is to continue to lead the field and to add to this fleet of vessels and to continue to partner with NIBC -Rory Deans, CEO, Sentinel Marine

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