Golden Energy Offshore Services chief executive Per Ivar Fagervoll has added to his holding in a series of share deals.
He acquired 1.4m shares on 6 June at an average price of NOK 0.92 each, meaning an outlay of NOK 1.3m ($118,000).
Fagervoll now has 4.19m shares in the Alesund-based, Oslo-listed owner of three platform supply vessels.
This is equivalent to 7.8% of the company.
He also controls a further 2.02% indirectly, giving him close to 10%.
The stock climbed as much as 22% on Wednesday to NOK 1.22.
The shipowner said that in May, it achieved time charter equivalent earnings of about $16,780 per day and fleet utilisation of 100%.
One of its ships is chartered to Spain’s Repsol, another is carrying out work in the Caribbean on a term deal and a third is trading spot or on short-term deals with “very good” utilisation into the third quarter, the company said, and “the market continues improving in several regions”.
The 3,300-dwt PSV Energy Scout (built 2005) was sold in the first quarter for proceeds of NOK 3m.
Brokers reported the buyer as Norway’s Atlantica Shipping for $6.45m.
VesselsValue assesses the ship as worth $8.26m now, up from $3.36m a year ago.
The PSV was reactivated in March 2022 following 16 months in warm lay-up.
Loss grows as interest expense rises
Golden Energy Offshore’s first-quarter net loss was NOK 33m, up from NOK 23.6m in the same period of 2022, as interest and currency charges rose.
Revenue tripled to NOK 34m from NOK 11.6m.
Golden Energy Offshore expects a continued tightening of the supply and demand balance.
“The fundamental activity drivers for this segment are robust and we foresee a healthy market going forward on the background of expected high demand from increased activity levels and limited supply from a historically low fleet to orderbook ratio,” it added.
The owner believes charter revenue and asset values will rise.
