The European Investment Bank (EIB) has bought into French shipowner Jifmar Offshore Services in a move that should boost its fleet expansion plans.

The deal to take a 65% stake for an undisclosed sum has been made through the EIB’s €705m ($849m) Marguerite II infrastructure fund.

The holding has been acquired from RAISE Investissement, which has been supporting the company since 2016.

Headquartered in Aix-en-Provence, Jifmar operates a fleet of 45 vessels.

The company was founded in 2005 for oil and gas work, but has since expanded into subsea and renewables.

Co-founders Jean-Michel Berud, the chief executive, and chairman Foad Zahedi will remain in place and reinvest in the company alongside Marguerite II.

The transaction is expected to be completed in the second quarter.

The EIB aims to support Jifmar in its transition to next-generation offshore service vessels operations to address the decarbonisation challenges of the sector, the bank said.

Jifmar has also taken steps towards greening the fleet by implementing dual-fuel or hybrid electric motor solutions.

This transaction is Marguerite II’s second investment in 2022 after the acquisition of the biogas industrial group Keon in France.

Funding available

Over the last year, it has also bought into intermodal freight transport operator GTS in Italy, among others.

“We look forward to working with Jifmar’s founders and management to provide funding and accelerate the development of the company especially in growth sectors like marine renewable energy, aquaculture and new projects,” said Michael Dedieu, managing partner at Marguerite.

Berud said he is excited about the collaboration.

“Marguerite will bring a strong network within the energy and telecommunication sectors as well as new investment capabilities,” he added.

The CEO also pledged to accelerate the decarbonisation journey.

The Marguerite II fund was set up jointly by the EIB and a number of national banks likes Germany’s KfW and ICO in Spain.

It holds transport investments worth €42m.

Sail ro-ro project

In 2020, Jifmar formed a joint venture to build a new sail-powered ro-ro to carry rocket parts for French aerospace player ArianeGroup.

The 121-metre ship, called Canopee, is being built by Dutch company Neptune Marine.

The ro-ro will carry parts for the Ariane 6 rocket from Europe to the launch pad in French Guiana.

Once delivered at the end of 2022, the vessel will be operated by Alizes, a venture run by Jifmar and Zephyr & Boree.

Also that year, Jifmar teamed up with Danish operator World Marine Offshore to provide offshore wind services to the French market.

The plan is to build new CTVs, as well as investing in service operation vessels.