GEOS in expansive mood, adds three-year-old MPSV pair to its fleet

Norway’s Golden Energy Offshore Services (GEOS) has announced new contracts for two of its fleet, and inked management agreements that will expand its fleet with two 2021-built multi-purpose support vessels (MPSVs).

The Alesund-based OSV owner entered a new contract on the MPSV Energy Duchess that will see it repositioned out of the North Sea until 1 March 2025. The contract, which began the week 40 of 2024, has options, and is “brings the vessel well through the winter season at 100% utilisation,” reported GEOS. The charterer of the Ulstein PX 121 H is Repsol Spain, according to GEOS website.

A second contract extends the platform supply vessel Energy Paradise until mid-April 2025. Further options if exercised would extend the Ulstein PX 121 PSV until mid-October 2025.

Meanwhile, GEOS’s wholly owned management company, Golden Energy Offshore Management, struck two agreements to manage the MPSVs Energy Sphynx and Energy Savanah. These vessels have newly signed memoranda of agreement by Energy Sphynx AS and Energy Savanah AS, joint affiliates of GEOS’s two largest shareholders, Clear Ocean Partners and Pelagic Partners.

Both high-spec MPSVs were built in Qingdao in 2021 and will trade under the GEOS brand as ’Energy’ vessels. Under the terms of 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 Savanah.

GEOS chief executive Per Ivar Fagervoll said, “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.”

At the time of the agreement, an Uptime UPT26 W2W gangway system was purchased by the group for use across the GEOS fleet.

The multi-year agreement calls for the OSVs to fly GEOS brand and prefix; technical and commercial management of the vessels, profit-sharing above a certain performance threshold, and access to UPT26 gangway system across the fleet.

GEOS chairman Jake Scott said, “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.”

With the two new MPSVs, GEOS now controls a fleet of seven OSVs.