Golden Energy Offshore will buy Vroon OSV quintet for $94 million

Written by Nick Blenkey
Golden Ocean Offshore vessel

Golden Energy Offshore five boat buy has been facilitated by Oaktree Maritime & Transportation Fund.

Ålesund, Norway, headquartered Golden Energy Offshore Services AS (GEOS) reports that it has entered into a binding Memorandum of Agreement (MoA) to acquire four PSVs and one SSV (safety standby vessel) from subsidiaries of Vroon Holding B.V. for a total of $94 million.

The move comes after Vroon emerged from a financial restructuring in June that it proclaimed as “the start of the new Vroon.” It also means a big expansion of the Golden Energy Fleet, which currently consists of three vessels: two Ulstein PX21 design MPSVs, delivered by the ROC shipyard in China in 2019, and an ST 216 L design PSV, delivered by Norway’s Brattvåg Skipsverft AS in 2005.

The company is financing the fleet acquisition through a combination of debt and new equity. In connection with the fleet acquisition Oaktree Maritime & Transportation Fund, L.P., the company’s largest lender and holder of warrants for 50% of the outstanding share capital, has decided to exercise warrants equal to 50% of the outstanding share capital. This will add NOK 57.77 million (about $5.7 million) in new equity to GEOS.

“This is something we have been working on for a long time,” said Golden Energy Offshore Services CEO Per Ivar Fagervoll. “This investment transforms the company into a modern offshore company, with a new and environmentally friendly fleet. All five purchased vessels were built in 2015 and 2016, lowering the GEOS 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.”

“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.”

The four PSVs are of the same design as GEOS’ existing wholly-owned vessels, offering flexibility in chartering as well as operating costs. GEOS says that while all of its PSVs can provide supply services to a strong oil and gas market they are versatile vessels that can be equipped with accommodation units and gangways to also serve the offshore renewable energy market.

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