Green Marine expands subsea support to offshore industry with specialist finance

In the fast-moving offshore wind sector, the UK remains the second largest market in the world, capable of powering 50% of homes in the country.[i] By 2030, the government aims to quadruple offshore wind power – and double onshore wind – as part of its clean energy plan. To viably meet this target, the sector must rapidly install sufficient infrastructure and scale supporting services.

According to an analysis by Green Marine, the service addressable market for subsea Operations and Maintenance services in UK offshore wind (the portion of the market realistically accessible based on current capabilities) is expected to exceed £270 million by 2030 – from a starting point of £94 million in 2023.

Green Marine is a leading provider of integrated marine services to the renewable energy and offshore sectors. Founded in 2012 and based in Stromness, Orkney, Green Marine has built a strong reputation for delivering specialist marine contracting services, covering marine renewables, subsea cable operations, offshore wind, decommissioning, and offshore engineering.

Sustainably seizing subsea opportunity

To seize this opportunity, businesses need to invest at pace in the equipment and vessels they need to deliver a top quality service. But rising costs and the associated risks remain an obstacle.[iii] Jason Schofield, Managing Director at Green Marine, warns, “There's a danger of many projects coming at the same time once they get financial closure and there may be a bottleneck”.

For its part, Green Marine has leveraged specialist finance to sustainably invest in equipment and technology to meet rising demand. In 2023, the company partnered with Siemens Financial Services (SFS) to release funds from existing assets, supporting a business restructure designed to accelerate growth. At the time, SFS had only just begun to apply its technical, engineering and financing know-how to the marine sector, with additional marine-specific sector expertise having been brought on board.

Green Marine became SFS’ first customer in the maritime sector. “SFS were a breath of fresh air,” says Jason. “They came along just as others were leaving the market (many have since returned), and they really understood the sector – whether new or used vessels. We have been on a learning journey together and built an excellent relationship. I confidently recommend SFS to colleagues and peers.”

Vehicle for underwater surveying

Green Marine has partnered again with Finance Broker Culbone Finance and SFS for two critical acquisitions.

The first supports the launch of a new Subsea Services Department. Green Marine needed a subsea remotely operated vehicle (ROV) for unmanned underwater surveying. The Rovtech VALOR ROV collects detailed data for Green Marine’s customers, on subsea structures such as wind farm foundations, cabling and pipelines.

This high-specification equipment allows 3-D image capture as well as thickness testing of submerged structures, to check for corrosion and wear. Renowned for its capabilities in challenging underwater environments, it has huge potential in offshore wind, oil and gas, defence and decommissioning projects. Through SFS’ hire purchase facility, Green Marine pays regular instalments and will own the ROV at the end of the term.

Jason Schofield explains how the additional department came about. “We already provided subsea services but had to hire equipment and personnel to carry out the services. We made a strategic decision to bring it all in house, as a turnkey package fully delivered by Green Marine. We spent a couple of years researching the best available technology before presenting our project to SFS – and they were keen to support it.”

The move has created multiple benefits: team expansion, specialist training for high-value roles, and increased use of local suppliers – from engineering firms to accommodation providers. “In an international playing field, we’re passionate about growing expertise here in our home market so we can reliably support offshore renewables for years to come.”

Company expansion

Second, Green Marine leveraged specialist finance from SFS once again, this time to acquire a second-hand vessel which had been converted to enable subsea surveying – along with ROV equipment and contracts for the personnel needed to operate the vessel. SFS assessed the vessel’s condition, value and income potential to provide a tailored marine mortgage solution. Built from glass-reinforced plastic (GRP) – a material that resists degradation – the vessel is expected to remain serviceable for more than 25 years with proper maintenance.

The vessel formed part of Green Marine’s acquisition of Roving Eye Enterprises, a marine surveying business in Orkney. The expansion marks another milestone in the business’ mission to deliver sustainable, high-performance solutions across the full lifecycle of offshore energy infrastructure.

Confident growth

Andrew Southwood, Culbone Finance, commented, “SFS’s willingness to finance these assets is borne out of the joint relationship with Green Marine, SFS and Culbone Finance and our belief in the company’s expertise and growth plans.

“Working with Culbone Finance, Green Marine has accessed financial support from SFS exactly as it should be used – to strategically fast-track growth in a sector of rising demand. We look forward to the continued partnership as Jason and the team build on their excellent work in this important field.”

Jason Schofield adds, “Beyond their sector knowledge, Andrew and SFS tick every box – engagement, speedy responses, smooth processes and competitive rates. They offer the full package. We plan to further expand our asset base over the next two years as we win more contracts in the offshore wind sector, and I’m sure SFS and Culbone Finance will be part of that journey.”