Golden Energy Offshore continues expanding its fleet as its bottom line grows.
For the third quarter, the Norwegian company reported a NOK 28.8m ($2m) profit versus a NOK 49.5m loss for the same period last year.
But then, the company was operating just three vessels in a weaker market, which brought in NOK 52.8m in revenue.
In the most recent quarter, the Alesund-based shipowner was operating seven ships that brought in NOK 130m.
Chief executive Per Ivar Fagervoll said: “Our strategy continues to show strong results, thanks to favourable market conditions and our collective efforts.”
“[Golden Energy’s fleet has] had good utilisation at very attractive day rates vs the spot market.
“Tender activity remains high despite a slow spot marked throughout the summer and early fall, and we’ve extended and secured new contracts at competitive rates, which will ensure high operational activity through the winter season.”
In October, the company’s fleet grew further with the addition of the 97-loa Energy Sphynx and Energy Savanah (both built 2021).
The ships were added via management agreements signed with Clear Ocean Partners and Pelagic Partners in early October, with the vessels formally joining the Golden Energy Offshore fleet later in the month.
Fagervoll said the Energy Sphynx and the Energy Savanah management agreements were “an achievement that reinforces our commitment to growth and our readiness to meet increased market demand”.
“Combined with our earlier acquisition of the Vroon fleet, this expansion demonstrates our team’s skill in managing growth and integration within a rapidly evolving industry,” he added.
In early trading on Wednesday, Golden Energy Offshore shares were at NOK 25.10, having climbed NOK 0.60 from Tuesday’s close, but losing half that after the start of trading.
