Norwegian operator’s vessel remains busy until end of 2024

Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) has secured a new contract for one of its large platform supply vessels (PSVs).

The 100-day contract for the PSV Energy Swan comes with a 60-day option and is set to start in September 2024, when the vessel will embark on its journey to an undisclosed new location from the North Sea. According to GEOS, the ship has maintained a 100% utilization year to date (YTD), covering the rest of the year with this contract.

While the client remains unknown, the firm has described it as a “first-class international operator,” noting that the size of the deal reflects the market for vessels of this type. The 2005-built Energy Swan is a large PSV/pipe carrier of an ST 216 design, able to accommodate 28 people. A short-term contract for the vessel was previously inked in April. Last year, the PSV worked with Repsol Norge.

Additionally, the Norwegian player shared that the summer season has been marked by low activity, large availability, and day rates below expectations. However, the firm says its fleet managed to score a 94.8% fleet utilization rate in June, with time charter equivalent (TCE) earnings for the seven vessels in operation totaling around $26,850 per day.