Shareholders consider sale of Golden Energy Offshore Services

Golden Energy Offshore Services operates supply vessels servicing the offshore industry. The company is listed on Euronext Growth Oslo on the Oslo Stock Exchange. Recent months have been difficult ones for the company, leading to the forced sale of several vessels after a challenging period towards the end of 2025, when a market downturn weighed heavily on revenue generation and the company’s working capital.

Golden Energy Offshore Services said Clear Ocean Partners (COP) and Pelagic Partners, its largest shareholders, are evaluating a range of options, including potentially a sale of their shareholding in the company and/or other transactions.

Clear Ocean Partners owns around 40% of the company’s shares, and Pelagic Partners much of the remainder. In connection with the review, COP and Pelagic have engaged Clarksons Securities as financial advisor and Wikborg Rein Advokatfirma as legal advisor.

In an updated company presentation, published on 18 May 2026, the Norwegian vessel owner said that, following the sale of three vessels, it had outstanding debt of approximately US$46M, but has a strong balance sheet with significant cash buffer and debt financing with what it described as ‘very attractive terms.’ The company said the North Sea market “is experiencing a significant rate rebound after short time weakness.” It said brokers suggest its fleet has a fair market value of approximately US$106M.

In Q1 2026, the Norwegian owner had it had fleet utilisation of approximately 84% and an average time charter equivalent (TCE) rate of US$12,300/day. In April 2026 utilisation was approximately 98% and TCE was approximately US$19,000/day.