Repsol extends platform supply vessel’s assignment

Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) has secured another contract extension for one of its platform supply vessels (PSVs) with Repsol Norge, a subsidiary of Spain’s Repsol.

Golden Energy Offshore Services disclosed a contract extension with Repsol Norge for the PSV Energy Swan on Thursday, 3 August 2023. The Norwegian vessel owner points out that this deal is in direct continuation of the current charter contract from 2021 when the PSV was chartered for a firm period of one year plus one year of extension options.

After the expiration of the firm period, GEOS agreed with Repsol Norge to extend the deal for an additional six months until 1 May 2023. Afterwards, the two players agreed to prolong the contract for additional two months until 1 July 2023 and then they agreed to extend it for two more months until 1 September 2023.

Thanks to the latest extension, GEOS and Repsol have now made arrangements to prolong the contract for two more months until 1 November 2023. As a result, Repsol no longer has any options available to hire this vessel.

The 2005-built Energy Swan is a large PSV/pipe carrier of an ST 216 design. It can accommodate 28 people. Previously, the vessel worked for Wintershall Norge, a Norwegian unit of Wintershall Dea.

During July 2023, Golden Energy Offshore Services achieved time charter equivalent earnings of approximately $19,162 per day and fleet utilisation of 99 per cent. The company currently has three PSVs.

The PSV Energy Swan is on a contract with Repsol and the PSV Energy Empress is on a contract in the Caribbean. On the other hand, the firm claims that its PSV Energy Duchess is in “an attractive position” for several business opportunities.