Cyprus-based firm pools resources with UK player to widen its offshore energy market reach with two vessels

Cypriot shipowner and shipping fund manager, Pelagic Partners, has invested in two platform supply vessels (PSVs), which enables it to join forces with Borealis Maritime, a UK-based private investment and asset management firm, and boost its offshore energy asset exposure.

The two vessels, Aurora Coey, formerly Viking Coey, and Aurora Cooper, previously known as Viking Cooper, are currently under charter with undisclosed international companies. According to the Cypriot player, the investment in this PSV duo ensures that its portfolio remains future-proofed as the firm expects further growth in the offshore energy segment over the coming years.

The 2021-built sister ships are dual-fuel, 89-meter-long ice-class PSVs that can operate on lower-carbon LNG. These vessels are ammonia-ready, with hybrid battery power and low-loss concept (LLC) solutions meant to curb emissions. Due to an ICE-compliant onshore power capability, grid energy can be used while the ships are in port. 

Atef Abou Merhi, Pelagic Partners’ Managing Director, commented: “We are very pleased to be partnering with Borealis Maritime as we expand our offshore energy market exposure. The development of our portfolio in this segment is driven by an acknowledgement that offshore energy investment looks likely to remain steady over the next 5-6 years, coupled with an extremely low order book, which will likely lead to an increase in demand for PSVs. 

“We have the advantage of being both a shipowner and a shipping fund, which is why it is important for us to focus our investments on acquiring the most modern vessels; equipped to evolve with the offshore marine industry, as it transitions to more sustainable practices. We’d also like to thank Fearnley Securities for the arrangement on the Aurora Coey.”

Global shipowners continue optimizing their fleets with new divestments and acquisitions while securing new assignments. DOF recently sold one of its PSVs to an undisclosed company, while BW Offshore sent a floating production, storage, and offloading (FPSO) vessel to India for recycling. On the other hand, Golden Energy Offshore Services (GEOS) won new contracts for two PSVs with unnamed companies.