Golden Energy’s vessel duo scores contract extensions

Norwegian offshore vessel operator Golden Energy Offshore Management has secured contract extensions for two vessels that the company manages.

Golden Energy Offshore Management said that the inspection, maintenance, and repair (IMR) vessel Larissa was awarded several months of firm W2W work for Dutch company Wintershall Noordzee. 

According to the company, the vessel already arrived at Den Helder with mobilization ongoing. The work began on Tuesday, 13 April 2021. The vessel is then firm until 1 September 2021.

Another IMR vessel Despina, which started its contract with Fugro in mid-January, has been awarded a two-month contract extension with the vessel now committed until 15 August 2021. Worth adding, Fugro has options to further extend the contract.

“The contracts are of great importance and secure high utilization of the vessels. GEO are humbled and glad to be in a position where we can make such an announcement, and wish to thank both of our highly valued, long term customers for the trust”, the company stated.

It is worth reminding that Golden Energy Offshore Services acquired Golden Energy Offshore Management back in early December 2018.

In October 2018, Golden Energy Offshore Services secured a $35 million bank loan to buy the Larissa and Despina vessels from Neptune Subsea.

The set price at the time was $39 million per vessel, with Neptune agreeing to subscribe to $8 million of shares in Golden Energy as part settlement of the purchase price.

Larissa and Despina are 98.6 meters long sister vessels of Ulstein SX130 design delivered in 2011 by Zhejiang Shipbuilding, a subsidiary of Sinopacific Shipbuilding Group.

Apart from that tandem, the company currently operates another three platform suppliers – the Energy Swan, the Energy Dutchess, and the Energy Scout.