Golden Energy Offshore has beefed up its fleet with five ships in a $95m deal with Vroon.
The Oslo-listed, Alesund-based offshore vessel owner said it had signed an agreement to buy four platform supply vessels and a subsea support unit from the newly-reorganised Dutch player, bringing its fleet from three ships to eight.
Chief executive Per Ivar Fagervoll described the transaction as transformative for Golden Energy, putting the company on track for further growth.
“This is something we have been working on for a long time,” Fagervoll said on Friday last week.
“All five purchased vessels were built in 2015 and 2016, lowering the [Golden Energy’s] fleet’s average age to 7.9 years.
“In addition, we have gathered everything in one company and cleaned up the balance sheet. We will continue to expand and seek more opportunities in the market — and really become a player to be reckoned with in the offshore market going forward.”
The purchase also strengthens Golden Energy’s relationship with 50% shareholder Oaktree Capital Management.
The Los Angeles-headquartered asset manager exercised warrants equal to half of Golden Energy’s share capital, injecting NOK 57.8m ($5.7m) into the company’s coffers. The remainder of the deal will be funded with debt, Golden Energy said.
“We are buying five boats at a good price, and we are significantly strengthening our cooperation with Oaktree,” Fagervoll said. “Now we're going to continue the good work that has been put in and really push the pedal to the metal.”
Golden Energy did not disclose the names of the vessels.
Vroon counts four PSVs built in 2015 and five constructed in 2016 in its fleet. It owns two subsea support vessels built in 2016.
‘Financially robust’
Once a family-owned outfit, Vroon was close to insolvency after debt piled up and the Covid-19 pandemic kneecapped the oil and gas industry.
It completed a financial restructuring in June that left the Vroon family with small takes and handed control to the banks.
The company owns a fleet of roughly 100 ships, ranging from tankers to livestock carriers to offshore support vessels.
It has said it is pursuing options to sell the OSVs to become a “more focused, lean and financially robust international shipping company”.
