Golden Energy Offshore Services AS
GEOUF
Other OTC1.16
USD
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Golden Energy Offshore Services AS
GEOUF
(Other OTC)
Recent
price
1.16
P/E
ratio
- -
div
yld
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ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Golden Energy Offshore Services ASA (GEOS) is a Norway-based fully integrated shipowner and operator of modern, high-specification offshore service vessels for the global oil and gas and renewable offshore industries. Incorporated in 2013 and headquartered in Ålesund, Norway, the company owns and operates a fleet including platform supply vessels (PSVs) such as Energy Paradise, Energy Passion, Energy Pace and Energy Swan of Ulstein PX121 and ST 216L designs; multi-purpose support vessels (MPSVs) such as Energy Duchess and Energy Empress; and subsea construction vessels of Salt design, with an average fleet age of approximately seven years and capabilities encompassing supply services, anchor handling, subsea construction support, ROV operations, pipe transport, underwater maintenance, firefighting (FiFi I and II classification), and accommodation for up to 24 personnel with potential for service operation vessel (SOV) conversion. Through its subsidiary Golden Energy Offshore Management (GEOM), GEOS provides turn-key management solutions including technical management, crewing, QHSE, commercial chartering, newbuilding supervision, conversion planning, docking, and vessel inspections, serving tier-1 oil majors and renewable energy clients primarily in the North Sea, Caribbean, and international markets with a workforce of around 93 employees. In recent developments, GEOS completed a transformative USD 95 million sale-and-leaseback refinancing of six vessels with Neptune Maritime Leasing in 2025, reducing monthly capital costs by nearly 50% and enhancing financial flexibility for growth; acquired four PSVs and one subsea support vessel (SSV) from Vroon Holding B.V. subsidiaries for USD 94 million in 2023, later selling the SSV at a profit of around USD 15.85 million; took delivery of Energy Paradise and secured North Sea PSV contracts worth about USD 14 million with an oil major for Energy Paradise (six months to mid-2025, with options) and Energy Passion (one year); added two MPSVs (Energy Sphynx and Energy Savanah) under management via joint affiliates of major shareholders Clear Ocean Partners and Pelagic Partners; obtained medium-term bring-to-work contracts for Energy Duchess and extensions for Energy Swan; and received backing from Oaktree Capital Management as majority owner (49.9% stake) alongside Pelagic Partners (23.6%), positioning the company to expand its fleet toward 15-20 vessels amid favorable market conditions.