Oaktree-backed Norwegian owner Golden Energy Offshore Services (GEOS) has secured contracts from an oil major for two of its platform supply vessels.
The Oslo-listed, Alesund-based company has fixed the 2015-built Energy Paradise for six months and the 2016-built Energy Passion for one year to work in the North Sea. The contracts for both ships acquired from Dutch owner Vroon last year are worth about $14m in total.
The Energy Paradise fixture comes with a six-month extension option, while the Energy Passion has a one-year option attached to its deal, worth a combined $15.8m.
“These contracts confirm the robustness of the current charter market, with fixed earnings yielding attractive payback periods of the newly acquired vessels,” GEOS said in a filing.
The PSVs have been on hire to Ineos and Shell, respectively, and their new contracts are set to start between March and April this year.
In August last year, the seven-vessel-strong GEOS struck a deal to buy four PSVs and one subsea support vessel (SSV) from Vroon for $94m. The SSV has since been sold at a profit in a deal worth around $15.85m. The company’s largest shareholder is Oaktree Capital Management. Cyprus-based alternative investment fund Pelagic Partners also owns about 23.6%.
