A Northeast-based marine services company providing scout vessels, safety support vessels and specialized marine operations for the offshore wind industry has secured a $3 million invoice financing facility from Prestige Capital. The new facility replaces its previous funding source, which withdrew amid growing uncertainty surrounding federal actions and project delays in the offshore wind sector.
The financing enables the company to maintain full vessel deployment, cover critical operational costs including crew wages, vessel maintenance, fuel and insurance, and continue seamlessly fulfilling its contractual obligations with key partners and other offshore wind developers.
“When other funders see uncertainty in an industry, they often pull back first and ask questions later,” Rachel Hersh, sales director, North America at Prestige Capital, said. “Our model doesn’t work that way. We look at the invoices, who owes the money and whether they’re creditworthy. This client had real contracts, real receivables and real customers paying their bills. That’s what we finance. The news cycle doesn’t change that.”
The CEO of the marine services company added ,“This facility from Prestige Capital came at exactly the right time and has given us the working capital stability we need to keep our vessels operating at full capacity. In an industry facing unique headwinds, having a flexible and decisive funding partner like Prestige Capital allows us to stay focused on our core mission of meeting our contractual obligations for our offshore wind clients. We’re grateful for their confidence in our team and our track record.”
With Prestige Capital’s financing in place, this business is positioned to navigate current market conditions, maintain operational momentum and continue supporting the growth of the offshore wind industry.
