New Charter contracts and New vessels under management

01 Oct 2024 08:04 CEST

Ålesund 1st October 2024.

New Time Charters

Golden Energy Offshore Services ASA (“GEOS”) has entered a new contract on the
MPSV Energy Duchess for firm until 1stMarch 2025 plus options, commencement week
40, 2024 and vessel head out of North Sea. The contract is with first class
international operator and brings the vessel well through the winter season at
100% utilization.

Energy Paradise is extended on present contract and now firm until mid-April
2025 with options to extend until mid-October 2025.


New Vessels Under Management

Golden Energy Offshore Services ASA’s wholly owned management company – Golden
Energy Offshore Management AS – today also entered into two agreements for the
management of the vessels Energy Sphynx and Energy Savanah. The vessels have
newly signed MoAs by Energy Sphynx AS and Energy Savanah AS, joint affiliates of
GEOS’s two largest shareholders, Clear Ocean Partners and Pelagic Partners.

The vessels are modern Multi-Purpose Offshore Vessels (built in Qingdao in 2021)
and will trade under the GEOS brand as “Energy” vessels. GEOS is thrilled with
the opportunity to expand the management segment of its operation to these two
new vessels which create the potential to expand GEOS’s brand through additional
exposure to high-end vessels, further enhancing GEOS’s strong reputation in the
market.

In accordance with the agreements made for the purchase of the vessels, GEOS
will man the vessels with experienced crew, enabling the continued operation of
Energy Sphynx on its current charter and being able to quickly capture new
opportunities with Energy Savannah.

In addition, Group has purchased a W2W Gangway system of Uptime make – UPT26
which is available for use across the GEOS brand fleet, which again give quick
mobilization turnaround for all vessels in the fleet.


The agreement includes:

1. Vessels will fly GEOS brand and prefix;
2. Technical and commercial management;
3. Multiple year agreement; and
4. Profit-sharing above a certain performance threshold.
5. Access to UPT26 Gangway system across the fleet.


GEOS CEO Per Ivar Fagervoll says: “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’s management business in general. 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. We are also pleased to announce two
more “over the winter season” contracts for the GEOS fleet which secures steady
income at good levels.”

GEOS Chairman Jake Scott says: “We are excited about this opportunity to expand
GEOS’s fleet and brand recognition in the market without any dilution to GEOS’s
shareholders. These arrangements will provide GEOS with significant long-term
risk-free revenue which will be immediately accretive to GEOS’s shareholders.
We anticipate continuing to execute similar agreements with a wide range of
shipowners seeking first class commercial and technical management of their
ships.”

Board Director Atef Abou Merhi says: “We are very pleased to help expand GEOS’s
fleet, market presence, and track record. We intend to continue to build the
organization and increase the workforce both on and offshore. This structure
will: (i) create the possibility for GEOS to increase activity in various market
segments; (ii) ensure long term continuity; (iii) protect shareholders from
dilution; and (iv) 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.”

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