This is a marketing communication.

In December, Farra Marine Limited (“Farra Marine”) successfully completed its third round of funding with Cantor Fitzgerald through the Employment and Investment Incentive Scheme (“EIIS”) bringing the total raised to €14 million. This positions the business to expand its fleet from 14 to 18 operational Crew Transfer Vessels (“CTV’s”) over the next 24 months.

From the initial EIIS raise in 2021 Farra Marine has grown from operating 1 CTV and employing 5 people, to currently operating 14 CTV’s and employing close to 100 people. The company is positioned as a critical enabler in the European offshore wind markets due to its proven strategic foresight, rapid growth, and commitment to sustainability.

At the core of Farra Marine’s operations is a fleet of 14 modern, efficient, and environmentally sustainable CTVs. Designed to meet the growing demands of the renewable energy sector, these vessels play a pivotal role in the development and long-term operation of offshore wind farms. The fleet is set to grow in Q1 2025 with the expected delivery of 1 additional vessel, bringing the total in operation to 15. Farra Marine’s ambition is to grow the fleet to 18 vessels by 2026, to cement its position as a market leader in the European offshore wind sector.

Farra Marine’s vessels demonstrate the evolving and most-up-to date needs of the industry. Each vessel offers capacity for up to 24 personnel, large cargo areas, and low-emission fuel capabilities. The fleet is well-suited to handle the challenges of transporting personnel and materials safely and efficiently in a rapidly growing market.

Driven by aggressive renewable energy targets, Europe’s offshore wind energy sector has experienced unprecedented growth in recent years. This is expected to continue. By 2030 the European Union aims to expand its offshore wind capacity fivefold from the current 30 GW to 160 GW. Ireland has also introduced a target of 20 GW by 2040, aiming to accelerate the uptake of offshore wind projects in the coming years.

Farra Marine has capitalised on this continued growth in the European offshore wind market, with operations in Germany, France, Denmark, the Baltics, and the UK. Contracts have been secured with leading energy companies, such as Siemens Gamesa, Vestas, Orsted and Scottish Power, highlighting Farra Marine’s growing reputation as a reliable partner in the offshore wind supply chain.

Since its launch, fuelled by the rising demand across Europe, Farra Marine has demonstrated impressive financial growth. Revenue grew from €3.4 million in 2022 to €9.2 million in 2023 and c.€14 million in 2024. This growth is expected to continue due to their strong pipeline of long-term contracts valued at over €30 million. Farra Marine is on track to achieve a forecast stabilised annual revenue of €28 million and EBITDA of €16 million by 2026.

Financial performance is further evidenced by Farra Marine’s fleet utilisation rates averaging over 90%. Fixed day rates provide stable and predictable cash flows, while a significant portion of operating costs are passed on to clients. This operational efficiency ensures profitability and resilience.

The CTV sector in Europe is marked by intense competition, with no single dominant player. For Farra Marine to remain competitive, constant innovation and operational excellence is vital. Economic uncertainties also pose risks, however, the company’s long-term contracts and diversified client base provide a degree of insulation against these external pressures.

Environmental, Social, and Governance considerations are at the heart of Farra Marine’s operations. The company adheres to stringent maritime and environmental regulations and has invested in modern fuel-efficient, low-emission vessels to reduce environmental impact and minimise marine ecosystem disturbances. These ESG principles not only enhance Farra Marine’s reputation but also position it as a responsible and forward-thinking leader in the offshore wind sector.

Farra Marine embodies the potential of the renewable energy transition, serving as a vital link in the offshore wind supply chain. As Europe continues to invest in offshore wind, the company is poised to play an increasingly central role in shaping a greener, more sustainable future.

With government policies and market dynamics favouring renewable energy, Farra Marine is well-positioned to capitalise on increasing demand for CTV services. Its strategic focus on fleet expansion, operational efficiency, and ESG integration will be critical to sustaining its competitive advantage.