Cyprus-based Pelagic Partners, a manager of Shipowning Funds, has bought 20% stake in public listed Golden Energy Offshore Services, a shipowner and operator of offshore service vessels.
After this move Pelagic Partners becomes the second largest shareholder to the Oslo Euronext listed Golden Energy Offshore Services (GEOS).
Pelagic, said it bought 95 million shares as part of a private placement led by Golden Energy’s largest shareholder, Oaktree Capital Management.
The investment will make Pelagic the second largest shareholder in the Oslo-listed offshore shipowner, with a seat on its board of directors.
GEOS is a dynamic and fully integrated shipowner and operator, specializing in modern and high-spec offshore service vessels tailored for the global oil and gas industry.
With a fleet of PSVs that is among the youngest in the industry, “GEOS is well-prepared to seize opportunities for exceptional growth,” as Pelagic Partners claims.
The Cyprus Pelagic has been exploring for more than a year different avenues in order to access the offshore sector.
As the top management of the company explains “The oil and gas industry is not new to us nor to our management. We have been exploring different avenues to get involved in the offshore sector for more than a year without finding the right opportunity until now with GEOS.”
Pelagic also believes that GEOS is a very exciting company with one of the youngest PSV fleets ready to capitalize on an accelerating market with plenty of room for growth.
The investment was executed through the Pelagic Yield Fund compartment, adding further diversity to the portfolio through segments that have the potential to generate robust annual yields.
“Recognizing the underinvestment in the general oil and gas market over the past 5-7 years, we’ve strategically focused on modern and eco-friendly vessels, as they will be sought after in the years to come,” Pelagic added.
