Pelagic Partners has expanded its presence in offshore support vessel (OSV) markets through a strategic investment in two 2021-built platform supply vessels (PSVs)
The Limassol, Cyprus-headquartered shipowner and shipping fund manager has joined forces with Borealis Maritime and Aurora Offshore to own and manage 89-m Aurora Coey, formerly Viking Coey and Aurora Cooper, ex-Viking Cooper.
These ice-class PSVs have dual-fuel engines to operate on LNG or diesel and are working in the North Sea market – Aurora Coey offshore Scotland with Harbour Energy and Aurora Cooper in Norway.
This investment comes as the OSV market is rising during a significant upcycle.
Both vessels are chartered to international energy companies in the stable and robust North Sea market, where it is becoming increasingly important to demonstrate green operations and sustainability.
These PSVs are fitted with hybrid battery power and low-loss concept solutions that further reduce emissions, while their onshore power capability enables them to use power from national grids while in port.
Pelagic Partners’ investment expands its previous exposure to owning offshore energy assets as it has also invested in Oslo, Norway-listed owner Golden Energy Offshore Services and its fleet of seven support vessels.
Borealis Maritime is a private investment and asset management firm.
Both 4,800-gt vessels have 7,760 kW of horse power, DP2 class dynamic positioning, FiFi2 fire-fighting systems and 980 m² of deck space.
“We are partnering with Borealis Maritime as we expand our offshore energy market exposure,” said Pelagic Partners managing director Atef Abou Merhi.
“The development of our portfolio in this segment is driven by an acknowledgement that offshore energy investment looks likely to remain steady over the next 5-6 years, coupled with an extremely low orderbook, which will likely lead to an increase in demand for PSVs,” he explained.
“We have the advantage of being both a shipowner and a shipping fund, which is why it is important for us to focus our investments on acquiring the most modern vessels; equipped to evolve with the offshore marine industry, as it transitions to more sustainable practices.”
Fearnley Securities helped to arrange finance for Aurora Coey.
On 19 March, Aurora Cooper and Aurora Coey were successfully transferred to Aurora Offshore Management. The takeover of Aurora Cooper took place in Stavanger, while Aurora Coey’s was carried out in Aberdeen, Scotland.
At the time, Aurora Offshore said the change of management was “carried out within a fairly short time frame” and it thanked energy companies Harbour Energy, Vår Energi and Equinor “for allowing the temporary release of these vessels from their busy schedules to allow the vessels to complete the change of management process.”
Pelagic Partners also holds interests in two commissioning service operation vessels under construction, four product tankers, three dry bulk carriers and one vehicle carrier, and has previously owned gas carriers.
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