Golden Energy Offshore Services signs $94 million agreement for the acquisition of five vessels
The acquisition will be completed by September 2023 and completion is subject to certain third-party approvals
Golden Energy Offshore Services AS says that the company has entered into a binding Memorandum of Agreement (MoA) on the acquisition of 4 PSVs and 1 SSV from subsidiaries of Vroon Holding B.V. for a total of USD 94 million.
These transactions modernize and streamline the company's fleet of PSVs and provide the company with versatile tonnage. This enables the company to seize market opportunities in both the oil, gas, offshore and renewables markets.
The 4 PSVs are of the same design as GEOS' existing wholly-owned vessels, offering flexibility in chartering as well as operating costs. All of the company's PSVs can provide supply services to a strong oil and gas market but are versatile vessels that can be equipped with accommodation units and gangways to also serve the offshore renewable energy market.
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 warrantsfor 50 percent of the outstanding share capital, has decided to exercise warrants equal to 50 percent of the outstanding share capital. This will add NOK57.77 million in new equity to GEOS.
The acquisition will be completed by September 2023 and completion is subject to certain third-party approvals.
