Norway’s Golden Energy Offshore Services (GEOS) has struck a deal to buy five ships from Vroon Holding for $94m.
The deal includes four unnamed platform supply vessels and one subsea support vessel, VOS Sugar, all built between 2015 and 2016. The SSV is a versatile multipurpose commissioning support unit fit for both the oil and gas and offshore wind markets.
The PSV quartet is of the same PX 121 design as GEOS’ existing fully-owned vessels Energy Duchess and Energy Empress serving the oil and gas market, but may also be outfitted with accommodation units and gangways for work in the offshore wind sector.
“This is something we have been working on for a long time. This investment transforms the company into a modern offshore company, with a new and environmentally friendly fleet. We will continue to expand and seek more opportunities in the market – and really become a player to be reckoned with in the offshore market going forward,” said Per Ivar Fagervoll, CEO of Golden Energy Offshore Services.
The acquisition is expected to close around the end of September 2023, and GEOS will pay a deposit of $9.4m in early August.
The company is financing the deal through a combination of debt and new equity. Oaktree Maritime & Transportation Fund, GEOS’ largest lender and holder of warrants has decided to exercise warrants equal to 50% of the outstanding share capital, which will add NOK57.77m $5.7m in new equity to GEOS. Oaktree has also provided a $3.3m gross bridge loan, which together with the new equity injection and cash on hand will be used to pay the deposit.
Furthermore, GEOS received a term sheet from Oaktree’s subsidiary Fleetscape Capital for a five-year $98.6m sale and leaseback transaction for the five vessels plus the Energy Duchess and Energy Empress. The sale and leaseback will, if utilised, refinance the existing Fleetscape loan and provide funds for the acquisition of vessels. The proposed deal includes purchase options as well as a put option.
