21st January 2021
Development Bank Loan Boosts Offshore Crew Transfer Firm
High Speed Transfers, a Gorseinon-based offshore crew transfer specialist , has moved closer to its zero emission ambition after securing a £2.28m loan from the Development Bank of Wales.
The company own and operate crew transfer vessels (CTVs), providing transport and services to customers in the construction and operation of offshore platforms.
The Development Bank loan is being used to finance the construction and purchase of a fifth, hybrid, CTV.
The new CTV – the HST Ella being constructed on the Isle of Wight – will feature a hybrid propulsion system which incorporates an electric motor with a diesel engine, drivng a high-performance changeable pitch propeller (CPP) system.
High Speed Transfers chief executive Tom Nevin said: “The HST Ella is a revolutionary design of vessel from Chartwell Marine – a Southampton based vessel designer. She is being built in the UK, on the Isle of Wight, by the team at Diverse Marine. HST Ella’s unique hybrid propulsion system allows silent, zero emissions operation at low speeds in ports, while maintaining highly effective and efficient performance during transit and transfer operations.
“A huge thanks to all involved in helping us start the journey towards zero emission shipping, we have worked extremely hard to assemble a great shore management structure to support our fantastic offshore crews who are performing 24/7 on our ongoing projects.”
Regional manager for the Development Bank of Wales, Alun Thomas, said: “High speed Transfers is a fast growing, well-run and successful business based in south west Wales. It is great to support this business, especially with such an innovative vessel.
“The HST Ella will significantly reduce carbon emissions and is part of a future thinking sustainability-focused business plan from Tom and the team at High Speed Transfers. This investment also aligns with the Welsh Government’s commitment to tackling climate change, a commitment we support through impact investments like this one.”
Tania Wilson from Haines Watts advised the Development Bank of Wales.