Neptune Leasing expands offshore vessel portfolio with $95M deal for GEOS fleet

The leasing platform, led by Harris Antoniou, has entered into a US$95M sale and leaseback facility covering GEOS’s seven-vessel fleet. GEOS has already drawn six of the seven tranches available under the agreement, securing financing for Energy Duchess, Energy Empress, Energy Pace, Energy Passion, Energy Partner and Energy Paradise. The final tranche, covering the seventh vessel, is expected to be completed later this month.

According to GEOS, the deal will reduce its monthly capital costs by nearly 50%, while also laying a stronger financial foundation for capital accumulation and potential future dividend payments.

The company noted the agreement grants guaranteed access to supplementary financing with a loan-to-value ratio of up to 60%, providing the flexibility to expand its fleet with additional vessels.

’A game changer’

“We continue to expand our fleet, as well as to grow our sector coverage to include offshore vessels and our geographic coverage to include Norway, the Middle East and Asia,” said Neptune Leasing founder and chief executive Harris Antoniou.

“This is a game changer for Golden Energy Offshore Services,” added GEOS chief executive Per Ivar Fagervoll, emphasising the new structure offers a more flexible and growth-oriented platform amid a rising-rate market.

Founded in 2021, Neptune Maritime Leasing is backed by Costamare, led by Konstantinos Konstantakopoulos, as its controlling shareholder. The company has steadily increased its activity in the offshore segment.

As of 12 February 2025, Neptune is funding or committed to funding 37 shipping assets, including 19 dry bulk carriers, three tankers and 15 offshore vessels under its sale-and-leaseback arrangements.

Headquartered in Norway, GEOS operates supply and service vessels to the offshore industry. The company is listed on Euronext Growth in the Oslo Stock Exchange.