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Norwegian Firm Agrees to Buy Five Vroon Offshore Vessels for $94M

marinesalvage by marinesalvage
October 20, 2023
in Tug&Barge&Salvage
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Norwegian Firm Agrees to Buy Five Vroon Offshore Vessels for $94M
Credit: ruud coster/MarineTraffic.com

Credit: ruud coster/MarineTraffic.com

Norwegian offshore vessel operator Golden Energy Offshore Services (GEOS) has entered right into a binding Memorandum of Agreement for the acquisition of 4 platform provide vessels and one subsea help vessel from subsidiaries of Vroon Holding B.V. for a complete consideration of $94 million.

Dutch vessel proprietor Vroon earlier this yr accomplished the implementation of the monetary restructuring for the “new” Vroon specializing in specialised fleet of deepsea vessels (livestock carriers, product tankers, and high-heat tankers) and emergency response and rescue vessels (ERRV). 

As a part of the restructuring, the bulk possession of Vroon has transferred to the corporate lenders, with the Vroon household retaining a small curiosity.

Vroon stated in June that “the future of our 40 offshore support vessels (OSV) will be elsewhere, under new ownership. Several options to wind down this part of the fleet are being pursued, and we expect to inform you on progress in the coming period.”

As for GEOS’ acquisition of Vroon’s offshore vessel quintet, GEOS stated: “The fleet acquisition ensures considerable accretive growth of the company’s fleet of offshore supply vessels, greatly increasing the company’s ability to seize market opportunities within the oil and gas and offshore wind sectors going forward,” Golden Energy Offshore Services stated.

The 4 PSVs are of the identical PX 121 design as GEOS’ current fully-owned vessels, Energy Duchess and Energy Empress, offering flexibility in chartering in addition to OPEX financial savings, GEOS stated.

“The SSV VOS Sugar is a versatile, multi-purpose commissioning support vessel. With SPS class for 40 persons, capacity for a walk-to-work gangway and a small crane it has been used in both the oil & gas and offshore wind markets,” GEOS added.

“All of the Company’s PX 121 vessels are large PSVs providing supply services to the oil & gas market but may also be outfitted with accommodation units and gangways to opportunistically serve the offshore wind market,” GEOS stated.

All 5 vessels acquired had been inbuilt 2015 and 2016, reducing GEOS’ common fleet age to 7.9 years.

The acquisition is anticipated to shut across the finish of September 2023, and a deposit of USD 9.4 million can be paid to the vendor in early August, GEOS stated.

Golden Energy Offshore Services plans to finance the Fleet Acquisition via a mix of debt and new fairness.

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