THE SUCCESSFUL GROW TH OF AN OFFSHORE SERVICE PROVIDER
Mainprize Offshore has operated in the North Sea for over 40 years, gaining extensive experience in the offshore oil, gas and renewable industry. Now, the company is undergoing an era of rapid growth and expansion, as General Manager Steve Evans explained to Hannah Barnett.
SAone of the market-leading Crew Transfer Vessel owners, operators and designers, offering the only truly costeffective multi-role CTVs in the industry, it would be easy for Mainprize Offshore to rest on its laurels. However, the company is doing the exact opposite.
“We plan to capitalise on the market conditions and our product to drive the company towards its potential,” said Steve Evans, General Manager. “We currently have six vessels on order, an investment of around £30 million’s worth, and more will follow.
“I’ve been in the CTV industry since 2009 and seen many companies fail. One main reason they fail is growing too quickly without the right infrastructure to maintain and sustain that growth. We must invest in our staff and have a great foundation to be successful. We are getting the right staff in place, establishing the foundation for these boats to arrive.”
The other fundamental cornerstone of this growth plan was secured in February 2024, when, following an investment round, Alcuin Capital Partners joined Mainprize Offshore as investment partners. “Bob
SIEMENS FINANCIAL SERVICES
Siemens Financial Services (SFS) is proud to have supported Mainprize Offshore with a €25m Marine Mortgage Loan to assist the fleet expansion. This partnership, rooted in a mutual dedication to offshore renewables, has delivered outstanding results for Mainprize Offshore and marks a milestone as our largest Marine Finance deal to date.
At SFS, we take the time to understand our customers long-term objectives, which is evidenced in our relationship with Mainprize Offshore, paving the way for lasting partnerships that transcend a single transaction. We’re committed to supporting vessel owners and operators to grow their business with our innovative financial solutions.
MAINPRIZE OFFSHORE I PROFILE
and Sharon (Mainprize, Directors and Co-founders) have brought Alcuin on board to support our growth and help drive the company's success. We anticipate additional investment rounds in the future as opportunities and partnerships arise.”
Building the best Mainprize Offshore has a turnover of around £15 million, increasing from the £10 million just over two years ago. Aided by the company’s reputation for offering designs at the forefront of innovation, plus efficient, reliable and cost-effective solutions.
The company established this reputation with its MO range of market-leading large cargo and transfer vessels. The MO10
and MO11, built by Strategic Marine in Singapore, were the most recently delivered iterations. These vessels went straight into five-year long-term charters with Vestas. Thanks to the Alcuin investment, there are six more new vessels on order, all to be built by Strategic Marine, taking the company to MO17.
From the MO12 onward, all vessels will follow the same design. “These will be some of the highest performing CTVs on the market in terms of transfer performance,” said Mr Evans.
A key feature that sets the new Mainprize Offshore fleet apart is the highperformance Supa-SWATH hull design, first introduced on MO5. “We've chosen to
build MO12 to MO17 with the Supa-SWATH design, matching the success of MO10 and MO11,” Mr Evans explained.
Additionally, the vessels are powered by the C32B Caterpillar engine, delivering 400 more horsepower than the C32 engines used in the older vessels, improving, speed, noise, vibration, power and fuel efficiency.
Mainprize Offshore will receive the vessels in pairs, starting in Autumn 2025, with the final delivery expected by Q3 2026, bringing the fleet to a total of 17 vessels.
Seamless sustainability
The company is improving its sustainability in meaningfull ways that make the most sense. This includes researching what paths not to take.
“After looking at different engine options and reviewing emissions linked with potential increases to vessel weight when using hybrid engines, we’ve chosen not to go hybrid,” Mr Evans explained.
“Our focused analysis indicates that major fuel consumption in a CTV's daily operations occurs during transit. However,
during these periods, hybrid systems cannot be effectively utilised. Hybrid systems are rendered impractical during the two primary tasks responsible for the highest emissions and fuel consumption.
“Furthermore, the added weight of the hybrid system during transit significantly increases fuel burn and CO2 emissions, ultimately questioning the meaningfulness and credibility of these systems for CTV operations.”
Recognising the growing momentum towards methanol as a viable alternative fuel in the offshore wind industry, Mainprize Offshore has strategically decided to install CAT C32B engines in all its new vessels. These methanol-ready engines align with the industry's trajectory towards more sustainable fuel options. As offshore wind energy increasingly adopts methanol as a preferred fuel, a trend reflected in the new Service Operation Vessels, the company foresees the potential redundancy of existing hybrid systems.
The company is deploying its highly skilled in-house design team to explore
MAINPRIZE
hull efficiency by reducing weight. Stern gear optimisation plays a pivotal role in fuel efficiency. Like on the MO8, Mainprize Offshore has the possibility to implement a 6-blade Class S propellers in conjunction with CJR Propulsion's flow-aligned rudders significantly maximises fuel efficiency and passenger comfort. Through this integration, the company achieves a calculated 7% increase in fuel efficiency, underlining the significance of innovative propeller designs.
“Our customers drive the fuel decision for their charters, so we must ensure that we can efficiently accommodate their preferences,” Mr Evans contributed. “We don’t believe that it’s ok to simply pass fuel burn costs on to our customers without trying to minimise them – design refinements play a massive part in that.”
To increase sustainability, maintain reliability, uphold the commonality of spares and continue to push for innovation, Mainprize Offshore has worked closely with many suppliers for some time.
“We have been using all the same trusted suppliers for years,” Mr Evans said, “like Hercules Hydraulics and Hypro Marine,
which are standard on all our vessels, FURUNO and BEE Electrics and Electronics. We use the same suppliers because we get longevity and good relationships .”
The readiness is all
Mainprize Offshore continues to succeed in a competitive, fairly young, market, thanks to the quality of its designs, skill of its workforce and tireless attention to detail.
“We don’t use stock vessels, we design our own,” said Mr Evans. “That gives us a
competive advantage due to the years of iterations and improvements. Not many of our competitors can do this, because they buy boats ‘off the shelf’, reducing their ability to implement design changes. We pride ourselves on the fact that we build and design our vessels. Our R&D spend has been upwards of around £3 million over the past five years.”
As well as supplier and customer relationships, Mainprize Offshore is focused on increasing the size of its workforce to complement the company’s growth plans.
As Mr Evans explained, being ready to support this expansion is vital.
“We can’t just take delivery of six vessels and off we go,” Mr Evans explained. “We need to be prepared in the back office, because when the vessels arrive, they are going to be on charter straightaway. So, we can’t be bringing the vessels in and then bolster the team. Instead, we’re bringing people in now to be prepared for a year’s time when the boats arrive.
“I joined Mainprize over three years ago, and we only had five vessels back then. So, the growth in three to four years has been phenomenal. As a General Manager, I have my hand in every department of the business and it’s exciting to grow, in vessels and staff numbers alike. To be part of an industry that’s rapidly expanding and is highly motivating; I can’t imagine working in any other company or sector!” n
