Busy June in North Sea lifts GEOS fleet to 95% utilisation

In a North Sea summer season marked by “low activity, large availability, and day rates below expectations,” Golden Energy Offshore Services (GEOS) reported its fleet achieved 94.8% utilisation and time charter TCE earnings of US$26,850 per day in June. 

The Norwegian OSV owner has a fleet of two multi-purpose support vessels and five platform supply vessels (PSVs). GEOS reported in a stock exchange filing that it has inked a new contract for 19-year-old PSV Energy Swan for 100 days firm plus 60 days options. The charter, which will commence in September 2024, will take the 93-m vessel out of the North Sea.

As a result of this latest contract, the ST 216 design vessel will have achieved a 100% utilisation for the year. The most recent contract for 2005-built Energy Swan was a week-long charter with Equinor in mid-August for general supply duties supporting Grane, Gina Krog, Deepsea Stavanger, Deepsea Aberdeen, Randgrid FPSO, and Sleipner. Prior to that, it was under charter for 33 months to Repsol Norge.

GEOS did not reveal the charterer, but said the “contract is with a first-class international operator” with a day rate reflective of the market for a large-size PSV.