PSV Energy Paradise; Source: Golden Energy Offshore Services (GEOS)

Two vessel gigs land on Norwegian player’s North Sea backlog

Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) has found more work for two platform supply vessels (PSVs) in its fleet by securing a set of new contracts in the North Sea.

PSV Energy Paradise; Source: Golden Energy Offshore Services (GEOS)

These new deals are with the same undisclosed company, which Golden Energy Offshore Services describes as a “Tier 1 international oil major.” The first deal, which comes with a one-year firm contract and a one-year option, is for the PSV Energy Passion.

The 2016-built vessel is currently working for Shell in the UK. With a length of 83,4 meters and a DWT of 4,138 T, this PSV was constructed by Cosco Guangzhou Shipyard.

The second contract is for the 2015-built PSV Energy Paradise, which has been hired on a six-month firm deal that can be extended with a six-month option. This vessel, which has a length of 83,4 meters and a DWT of 4,200 T, is carrying out operations for Ineos.

According to Golden Energy Offshore Services, these two contracts are for operations in the North Sea and are anticipated to start between March/April 2024. The gross contract value for the firm period is $14 million. The option period, if exercised, will bring an additional $15.8 million.

Per Ivar Fagervoll, CEO of GEOS, commented: “We are very pleased to secure these contracts for Energy Passion and Energy Paradise, which provides a solid backlog for GEOS. The awarded contracts underscore the company’s strong standing as a supplier of quality tonnage to Tier 1 clients.

These contracts confirm the robustness of the current charter market, with fixed earnings yielding attractive payback periods of the newly acquired vessels.”

The two latest assignments come months after the company won a new deal for the PSV Energy Swan with Repsol Norge.