€16m 'Mainport Edge' Survey Support Vessel Purchase as MML invests in Mainport Shipping Alongside Irish Mainport Holdings
Summary
Irish Mainport Holdings Limited (IMH) today announced that it has agreed a multi-million euro equity investment from MML Growth Capital Partners Ireland Limited (MML) into Mainport Shipping Limited.Mainport Shipping is an integrated marine services business that charters survey support vessels to global geo data specialists in the international offshore energy sector. The remaining capital will be used to fund the acquisition of additional survey support vessels to meet the rapid growth and demand stemming from the offshore wind sector which is being driven by energy security and the transition towards cleaner sources of electricity.Offshore wind is one of the lowest-cost, low-carbon energy sources that can be delivered at scale and will be a key element to the global energy transition to 2050. The purchase of the Mainport Edge and additional vessels will enable the Company to become a significant player and charterer of survey support vessels, which are a key requirement in the development and ongoing operation of offshore wind infrastructure. The Company currently operates one of the most modern survey support fleets to high international standards and has significant expansion ambitions.The investment is being made from the MML Growth Capital Partners Ireland Fund II, a 145 million fund supported by the Ireland Strategic Investment Fund, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium-sized private businesses originating on the island of Ireland.IMH was founded in 1957 to provide ship chartering for imports into Ireland.