Blue Ocean Partners is taking over as the top shareholder at Norway’s Golden Energy Offshore, buying out former backer Oaktree Capital Management.
The Alesund-based offshore vessel owner said in a stock exchange filing on Tuesday that an affiliate of the US investment fund would be purchasing Oaktree’s 39% stake for $39.5m in a deal expected to close in May.
“In a short time, [Golden Energy] has become a modern offshore company, with a young and environmentally friendly fleet,” chief executive Per Ivar Fagervoll said.
“Together with Blue Ocean and our other shareholders, we will build on the foundation that has been laid with our partners at Oaktree to drive further value creation.”
Oaktree was first involved with Golden Energy in 2022, acquiring warrants for nearly half the company’s shares in exchange for financing two platform supply vessel newbuildings in China.
The warrants were exercised last August, with Oaktree providing additional financing for the two newbuildings plus five vessels acquired from Vroon Holding.
By the end of 2023, Oaktree’s position — held through Fleetscape 2 Luxembourg — amounted to 39% or just over 195m shares, according to Golden Energy’s annual report.
In Tuesday’s filing, Oaktree senior vice president and Golden Energy chairman Fredrik Ulstein said the private equity firm would continue supporting the shipowner as a lender.
“We have worked closely with management to revitalise the company and solidify its position as a preferred owner and operator of high-specification PSVs,” he said.
“With its strong fleet, robust customer base and solid financial foundation, [Golden Energy] is now well-positioned to capitalise on market opportunities and generate sustainable returns for its shareholders.”
Blue Ocean Partners has primarily been active in the chemical tanker space, with stakes in Womar Tanker Pools and Stainless Tankers and shipowning through its Easterly Maritime Logistics Equity Partners brand.
The firm is led by Womar Logistics board member Jake Scott, who managed Womar’s investment in Stainless Tankers initial public offering.
