Sentinel Marine Launches Modern Fleet with Clydesdale Bank Support

9th June 2015

An Aberdeen-based company which provides offshore support vessels to the oil and gas sector has formally named the latest addition to its fleet after receiving a significant eight figure funding package from Clydesdale Bank and Norddeutsche Landesbank (NORD/LB).

Sentinel Marine marked the christening of the new vessel, Cygnus Sentinel, at Aberdeen Harbour as the 61m ship began its five year contract to serve Gaz De France operations in the southern sector of the UK’s continental shelf.

The Cygnus Sentinel is the second of four Emergency Response and Rescue Vessels (ERRV) that Sentinel will take delivery of as part of a £28 million funding package provided, in partnership, by Clydesdale Bank and NORD/LB, which is based in Hannover, Germany. The Clydesdale Bank portion of the deal was led by Sheila McIntyre, Senior Director of the Bank’s Specialist and Acquisition Finance team in its Aberdeen Business and Private Banking Centre.

Founded in May 2013, Sentinel Marine has quickly established a strong reputation in the offshore marine sector for exceptionally high standards of safety and service. This is in large part due to the company’s policy of providing modern vessels for use around the UK’s continental shelf.

While the majority of vessels currently serving this market are more than 30 years old, Sentinel’s fleet of new vessels offer a number of benefits. They are multi-role, allowing them to not only operate as ERRVs but to also carry out platform supply roles. Coupled with their increased fuel efficiency, this means that Sentinel’s fleet delivers significant cost savings to the company’s clients.

The company currently operates five vessels, with another seven on order.

Sentinel currently employs 120 seafarers and 14 head office staff, and plans to increase those numbers as it takes delivery of new vessels during the next 18 months.

Rory Deans, Chief Executive of Sentinel Marine, said: “It is always a proud moment when we see one of our vessels heading out on a new project for a client. The sector we operate in is a niche one but we firmly believe that our new vessels, like the Cygnus Sentinel, are bringing a range of benefits and savings to our clients which will quickly become the new industry standard.

“We are a relatively new company, although through our staff of more than 130 people we hold a wealth of experience, so it’s been important that we can act quickly on the opportunities available to us. Working with Clydesdale Bank and NORD/LB has allowed us to do just that, and their support has been invaluable to our growth.”

The Cygnus Sentinel has a gross tonnage of 1,890 tonnes and cargo capacity of 1,400 tonnes. It will operate with a 12 man crew who will work on a roster of 28 days on, 28 days off. Sheila McIntyre, Senior Director of Specialist and Acquisition Finance at Clydesdale Bank, said: “In a short space of time, Sentinel Marine has become an important supplier to the UK’s oil and gas sector and we’re pleased to have supported that success and the company’s continuing growth.

“Working with NORD/LB we have been able to provide significant funding support which has allowed the company to increase its client base and subsequently its workforce. At Clydesdale Bank we are committed to supporting successful local companies which bring jobs and other benefits to the local economy.”