Rystad Energy Advisory served as commercial advisor to Partners Group and North Star on their acquisition of four commissioning and service operation vessels (CSOVs) from Edda Wind. The transaction takes North Star's fleet to 14 vessels, cementing its position as one of Europe's leading integrated SOV players. Rystad Energy delivered an independent, data-driven assessment of the offshore wind and CSOV markets, spanning demand fundamentals, competitive dynamics, day rate outlooks and newbuild economics, providing the deal team with a robust, defensible fact base for the transaction.

Offshore wind vessel transactions require a different lens than most infrastructure deals. Value hinges not only on a financial model, but on charter backlog quality, utilization rate assumptions and the medium-term supply/demand trajectory for SOVs and CSOVs. The CSOV segment in particular sits at an inflection point: increasing turbine sizes, greater distances from shore and growing pull from the oil and gas sector are driving structural growth in demand, while newbuild delivery timelines, escalating construction costs and financing conditions are reshaping the competitive landscape. Assessing the opportunity required a granular, wind farm-level view of vessel demand, a complete picture of the contracted fleet and competitive dynamics, and a credible outlook for day rates and newbuild costs in a market where recent data points are scarce and fast-moving.

The analysis was built on Rystad Energy's proprietary OffshoreWindCube and OffshoreVesselCube, providing bottom-up, wind farm-level projections of installed capacity through 2050 and a full mapping of the global CSOV fleet, combined with bespoke supply/demand modeling for the CSOV and SOV segments.

The engagement demonstrates Rystad Energy's ability to combine proprietary data, deep sector expertise and transaction-grade rigor at deal speed, supporting investors on the buy side, sell side and in financing processes across the offshore wind vessel space.