Golden Energy Offshore Services has seen lower rates than anticipated in the summer.
“So far, the summer season has been coloured with low activity, large availability and day rates below expectations,” the Norwegian platform supply vessel owner said in a commercial update on Thursday.
Golden Energy has had “good coverage” and, for June, achieved time charter equivalent earnings of approximately $26,850 per day for the seven vessels in operation.
Fleet utilisation was 94.8%.
The Alesund-based firm also announced it has entered into a new contract for the 10,200-bhp Energy Swan (built 2005).
The large-size PSV will be hired for a firm period of 100 days, with options for an additional 60 days, starting in September.
The vessel has maintained 100% utilisation so far this year and, with this contract, the rest of the year is covered.
The contract is with a first-class international operator and the rate reflects the market for large size PSVs, Golden Energy said.
In June, chief executive Per Ivar Fagervoll said the company was exploring the possibility of up-listing to the main list at Oslo Bors.
Golden Energy shares are traded on Euronext Growth Oslo.
The stock has fallen almost 20% since a peak at the end of April.
In April, Blue Ocean Partners became the top shareholder at Golden Energy with 39%, buying out former backer Oaktree Capital Management.
