Golden Energy Offshore has beefed up its fleet with 4 PSVs and 1 SSV ships in a $94m deal with Vroon.

Norway´s offshore ship owner said it had sealed a deal to buy four platform supply vessels (PSVs) and one subsea-support vessel from subsidiaries of Vroon Holding B.V.

All five purchased vessels were built in 2015 and 2016, lowering the GEOS fleet’s average age to 7.9 years.

The company is financing the fleet acquisition through a combination of debt and new equity.

“We will continue to expand” said Per Ivar Fagervoll CEO of Golden Energy Offshore Services, adding that these transactions modernize and streamline the company’s fleet of PSVs and provide the company with versatile tonnage.

“We are buying five boats at a good price, and we are significantly strengthening our cooperation with Oaktree,” said Fagervoll.

The platform supply vessels (PSVs) are of the same design as GEOS’ existing wholly-owned vessels. The offshore ship owner explains that all of the company’s PSVs can provide supply services to a strong oil and gas market, but are versatile vessels that can be equipped with accommodation units and gangways to also serve the offshore renewable energy market.

The acquisition will be completed by September 2023 and completion is subject to certain third-party approvals.

We really “push the pedal to the metal,” noted characteristically Per Ivar Fagervoll.

In connection with the fleet acquisition Oaktree Maritime & Transportation Fund, the company’s largest lender and holder of warrants for 50 percent of the outstanding share capital, has decided to exercise warrants equal to 50 percent of the outstanding share capital. This will add NOK57.77 million in new equity to GEOS.

“Oaktree is excited to expand on the strong relationship with GEOS, and facilitate the acquisition of an attractive fleet of modern and versatile vessels. The fleet acquisition represents a transformative opportunity for GEOS to solidify its position as a preferred owner and operator of high-specification PSV’s, and puts the company in pole position to take advantage of a rapidly improving offshore market,” commented Guillaume Bayol, managing director at Oaktree.