UK operator Mareel has announced a sale and leaseback deal with a transport fund for 25 crew transfer and wind farm support vessels (CTVs).

The buyer is Flexam Invest, which specialises in shipping and logistics investments.

Mareel, a subsidiary of Swedish offshore shipping company Northern Offshore Group (NOG), will manage and operate the ships off the UK, Germany, the Netherlands and Scandinavia under bareboat charters.

They were bought by a Luxembourg alternative investment vehicle managed by Flexam.

David Kristensson, CEO of NOG, said: “We are pleased to have started a relationship with Flexam. These vessels are part of our strategy in developing the group’s business within the UK’s offshore wind industry.”

Flexam added: “We are very pleased to partner with Mareel and NOG in order to support the growth of their existing offshore business. Working with NOG is a key milestone for us in the renewable energy sector where we see growing needs for alternative sources of financing.

"It testifies our concern to participate in the development of a more sustainable economy.”

Flexam was advised by Allen & Overy and Loyens, while Mareel and NOG were advised by HFW.