Specialist finance enables new subsea services
Support from Siemens Financial Services has enabled the launch of a new Subsea Services Department at Orkney-based Green Marine. Founded in 2012 and based in Stromness, Orkney, Green Marine is a leading provider of integrated marine services to the renewable energy and offshore sectors.
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
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 has now partnered again with Finance Broker Culbone Finance and SFS for two critical acquisitions;
The first supports the launch of a new Subsea Services Department with 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. Through SFS’ hire purchase facility, Green Marine pays regular instalments and will own the ROV at the end of the term.
The second leveraged specialist finance from SFS 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. 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.
Jason Schofield, Managing Director of Green Marine, 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.
Image; Jason Schofield, Managing Director, Green Marine
Exhibitor; Siemens Financial 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
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 has now partnered again with Finance Broker Culbone Finance and SFS for two critical acquisitions;
The first supports the launch of a new Subsea Services Department with 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. Through SFS’ hire purchase facility, Green Marine pays regular instalments and will own the ROV at the end of the term.
The second leveraged specialist finance from SFS 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. 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.
Jason Schofield, Managing Director of Green Marine, 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.
Image; Jason Schofield, Managing Director, Green Marine
Exhibitor; Siemens Financial Services
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