Golden Energy Offshore re-acquires cancelled PSV pair

Golden Energy Offshore re-acquires cancelled PSV pair

China’s offshore yard Jiangsu Rainbow Heavy Industries (RHI) has signed an agreement with Golden Energy Offshore for the sale of two platform supply vessels (PSVs), previously cancelled by the Norwegian owner.

Golden Energy Offshore ordered the two PSVs, named Energy Duchess and Energy Empress, at RHI in 2013 and the yard cancelled the construction contract in 2017 as the owner was unable to make payments according to the contract terms.

Under the new agreement, RHI has re-sold the two vessels to Golden Energy Offshore for a price of $18.1m each, around 36% lower than the original price of $28.5m.

RHI will register a loss of around $16.8m in total from the deal, which will see delivery of the two vessels before the end of March.

Golden Energy Offshore currently operates a fleet of two PSVs – the Energy Scout and the Energy Swan.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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