Oslo-listed OSV pure play Golden Energy Offshore Services (GEOS) is getting a new majority shareholder after Oaktree Capital Management offloaded its stake for $39.5m.
Fleetscape, a fund managed by Oaktree and closely associated with GEOS chairman Fredrik Ulstein and board member Guillaume Bayol, has sold 39.03% of its holding, corresponding to nearly 196m shares in the Alesund-based company, to Blue Ocean Partners, which has investments in Oslo-based Stainless Tankers and tanker manager Womar.
GEOS was recapitalized in July 2022, with Oaktree coming in as a financial partner, and an equity owner since August 2023. The company has since sold non-core assets and acquired four platform supply vessels, counting seven ships in its fleet today.
“With its strong fleet, robust customer base, and solid financial foundation, GEOS is now well-positioned to capitalise on market opportunities and generate sustainable returns for its shareholders,” said Ulstein, senior vice president at Oaktree, adding that the company would continue to back GEOS as a lender.
Commenting on the latest development, GEOS chief executive Per-Ivar Fagervoll said: “In a short time, GEOS has become a modern offshore company, with a young and environmentally friendly fleet. Together with Blue Ocean and our other shareholders, we will build on the foundation that has been laid with our partners at Oaktree to drive further value creation.”
Cyprus-based owner and shipping fund manager, Pelagic Partners, is the second largest shareholder in GEOS, with close to 24% stake.
