Golden Energy Offshore Services (GEOS) has entered into agreements to manage two multipurpose offshore vessels (MPSVs).
Deals have been signed with joint affiliates of its two largest shareholders, Clear Ocean Partners and Pelagic Partners, for the 97-loa, 2021-built Energy Sphynx (ex-Edda Sphynx) and Energy Savanah (ex-Edda Savanah.
GEOS chief executive Per Ivar Fagervoll said: “We are very happy and excited with this new management opportunity, which we believe will be very positive for the GEOS brand and for GEOS’ management business in general.”
GEOS said it will crew the vessels, enabling the continued operation of the Energy Sphynx on its current charter and allowing it to capture new opportunities with the Energy Savannah.
“Our view of the market is that these vessels are sought after and in demand, which will be mutually beneficial for both the shipowners and GEOS,” Fagervoll added.
The “multiple year agreement” includes “profit-sharing above a certain performance threshold”.
GEOS chairman Jake Scott, who is also managing partner of Clear Ocean Partners, said: “We are excited about this opportunity to expand GEOS’ fleet and brand recognition in the market without any dilution to GEOS’ shareholders.
“These arrangements will provide GEOS with significant long-term risk-free revenue which will be immediately accretive to GEOS’ shareholders.
“We anticipate continuing to execute similar agreements with a wide range of shipowners seeking first-class commercial and technical management of their ship.”
Atef Abou Merhi, GEOS board member and managing director of Pelagic Partners, said: “We are very pleased to help expand GEOS’ fleet, market presence and track record. We intend to continue to build the organisation and increase the workforce both on and offshore.
“This structure will: create the possibility for GEOS to increase activity in various market segments; ensure long-term continuity; protect shareholders from dilution; and produce an attractive stream of low-risk income while gaining market share.
“Everybody at GEOS is committed to innovative thinking and adapting as market opportunities arise.”
In January, Norway’s Ostensjo Rederi announced term charters for several vessels, including the Edda Sphynx and Edda Savanah.
The clients were not named, but the contracts of various lengths secured utilisation into 2026.
In addition, GEOS has purchased a W2W Gangway system of Uptime make — UPT26, which is available for use across the GEOS brand fleet, giving quick mobilisation turnaround.
GEOS also signed new contracts for two other MPSVs.
It entered a pact for the 83-loa Energy Duchess (built 2019) until 1 March 2025 plus options.
The contract is with a “first class” international operator in the North Sea.
The 83-loa Energy Paradise (built 2015) has been extended on its contract with TotalEnergies and is now firm until mid-April 2025 with options until mid-October 2025.
“We are also pleased to announce two more ‘over the winter season’ contracts for the GEOS fleet, which secures steady income at good levels,” Fagervoll said.
