Norway’s shipowner and operator of offshore service vessels Golden Energy Offshore Services ASA (GEOS) has today entered into a non-binding term sheet with a first-class financier for the possible refinancing of the GEOS group’s seven vessels through a facility of up to USD 95,000,000, according to a stock notification from Euronext.
The aim is to complete the refinancing on or about the end of the second quarter of 2025 to ensure that GEOS is financially well-equipped to take advantage of the ongoing market upturn.
“The potential facility is on commercially desirable terms,” GEOS says, adding that a potential refinancing of the group’s fleet under the transaction envisioned by the term sheet will be a major step forward in strengthening GEOS’ position within the offshore industry.
Additionally, the first-class financier, with its robust financial platform and in-depth knowledge of the maritime industry, is seen as the ideal partner for GEOS in this development, notes CEO Per Ivar Fagervoll.
As it is reported, the transaction is subject to the parties entering into final transaction agreements (including the completion of customary KYC), and closing of the transaction will be subject to typical closing conditions for this type of financing.
GEOS ASA, listed on Euronext Growth in Oslo Stock Exchange, an offshore service company based in Ålesund, Norway operates supply and service vessels to the offshore industry.
