Norwegian owner Golden Energy Offshore Services (GEOS) has reached a mutual understanding with China’s offshore yard, Nantong Rainbow Offshore (ROC), a subsidiary of Jiangsu Rainbow Heavy Industries, for an extension of the payment obligations while they continue to work on the financing of the two large platform supply vessels.
GEOS has been working on securing finance for the overdue payment of the lease obligations for its 2019-built PSVs Energy Empress and Energy Duchess.
The deal is expected to be signed shortly with ROC and includes a downpayment of $2m per vessel payable by June 28, 2022, and a balance payment payable by July 15, the same year. The balance payment payable per vessel is around $14.75m, including fees and interest.
GEOS initially ordered the vessels at ROC in 2013, but the yard cancelled the construction contract in 2017 as the owner was unable to make payments according to the contract terms. The PSV pair was re-acquired in 2019 under separate hire-purchase bare-boat agreements with the yard.