Diverse Marine Launch UK First Finance & Lease Programme

Nov 23, 2023

Diverse Marine is pleased to announce the introduction of the Diverse Marine Client Finance Programme, their own finance and lease programme. The programme is designed initially for the financed construction of offshore wind crew transfer vessels.

Over the last 24 months, Diverse Marine has witnessed the pressures that our clients and vessel owners are under and the difficulties they face justifying builds in the UK, with conventional vessel procurement methods uncompetitive against yards in Europe, Scandinavia and the Far East - who can offer procurement terms without the need for stage payments through the construction phase.

The solution was to find a mechanism whereby the shipyard funds the construction of the vessels giving the owner/operator the ability to “collect” the vessel on completion through term finance or long term lease options.

Diverse Marine has listened and can now offer this with immediate effect through the Diverse Marine Client Finance Programme. Financing for an initial, but rolling, eight vessels has been allocated, with the first vessels already in build for delivery in 2024.

With the UK Government targeting 50GW of installed offshore wind capacity by 2030 from the current 15GW and European member states targeting a collective 111GW offshore wind capacity by 2023, the European and UK supply chain needs to provide solutions as to how this can be achieved.

Funding for offshore wind CTV’s has been challenging and the Diverse Marine Client Finance Programme aims to ease and overcome the challenges to ownership and operation of crew transfer vessels.

Peter Curtis, an independent marine finance consultant, has been instrumental in setting up the new programme for Diverse Marine and continues to play a vital role in the day to day running and liaison with clients as Customer Finance Director.

Ben Colman, Director of Diverse Marine: “The introduction of this in-house programme is the result of over 12 months of discussions with funders after listening to the needs of our clients. For UK yards to remain globally competitive, the need to talk monthly lease figures or monthly repayment figures has become more critical than capital purchase costs. The scheme is unique in how it is set up and unique in terms of the finance solution that we can offer our clients”.

Peter Curtis, Customer Finance Director adds: “The financing of CTV’s with Diverse Marine fulfils decades of ambition with UK operators and UK shipyards and to finally be able to launch this programme is very exciting for the industry.”

Diverse Marine would like to acknowledge the considerable effort that has been put into the programme to date from Graeme Laing of LCM Partners, their legal team at Ernst & Young LLP and Diverse Marine’s own legal team at Stephenson Harwood LLP.

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Diverse Marine Start Construction of CSOV Daughter Craft

12 Jun, 2024

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Diverse Marine & NR Marine Services announce the launch of NR ALPHA

10 Jun, 2024

Diverse Marine and NR Marine Services and proud to announce the launch of the second of class Storm Class CTV, NR ALPHA that is now proudly being displayed at Seawork 2024 in the Port of Southampton on berth VB21. NR ALPHA is a sister to NR PREDATOR delivered in March this year. NR PREDATOR has performed very well on her first contract with higher performance levels and substantially lower fuel burn and emission levels than other similar vessels on the same project. The Storm Class measures 27.6m LOA by 10m BOA and is fitted with a quad IMO Tier-3 Volvo Penta IPS propulsion system. Its unique hull form features a very fine entry with higher buoyancy reserves above the main chines and resistance reducingsolutions integrated into the underbody. A resilient superstructure ensures very low noise and vibration levels in the passenger saloon with the first recording sub 55dBA at full power. NR ALPHA is the first vessel from the Diverse Marine Finance and Lease Programme announced late last year and the first of three vessels being delivered to the scheme this year. The programme allows Diverse Marine to build offshore wind crew transfer vessels to stock for onward lease or sale. The scheme removes the requirement for clients to source construction finance and Diverse Marine can offer the vessels on lease/hire purchase with 0% deposit, a fully funded solution with payments monthly in arrears. Ben Colman, Director of Diverse Marine:“We are delighted to announce the build of NR ALPHA for NR Marine Services.Theperformance of NR PREDATOR has exceeded everybody’s expectations with exceptionally good performance, fuel efficiency and reliability, a testament to the high quality produced by our team at Cowes”. Owen Nutt, Director of NR Marine Services: “The addition of NR ALPHA to our fleet so soon after NR PREDATOR is testament to the growth and forward plans set out by our business to add high quality, high performance and efficient vessels to our fleet. Diverse Marine’s Storm Class is the result of the KPI’s we provided to Walker Marine Design and the ship yard. With NR PREDATOR all of these KPI’s were met with the vessel proving to be faster and more efficient that predicted. We are very pleased and excited that we can add NR ALPHA to the fleet and provide our clients with class leading vessels that can save £100,000’s of fuel cost annually without any compromise”.