Golden Energy Swoops for Ship Management Firm

Golden Energy Offshore Services has entered into a term sheet with Golden Energy Offshore Management Holdings for the possible acquisition of Golden Energy Offshore Management.

Pursuant to the term sheet, the company will, subject to a successful acquisition of the four vessels previously announced, acquire GEOM for a net purchase price of USD 5 million to be paid by the issuance of shares in the company.

To remind, Golden Energy Offshore Services has secured financing and reached an agreement with Neptune Subsea to acquire its two IMR & light construction vessels Larissa and Despina and two newbuild PX 121 H multipurpose platform supply vessels (MPSVs) from Nantong Rainbow Offshore & Engineering Equipments.

CEO, Per Ivar Fagervoll, said: “I am very pleased that we have been able to reach an agreement to include Golden Energy Offshore Management into the Golden Energy Offshore Services sphere. Being the manager of the company’s vessels, and also of any new vessels in addition to the prospective new vessels Energy Duchess, Energy Empress, Larissa and Despina, Golden Energy Offshore Management is a natural inclusion in the GEOS-ME which we believe will add value for our shareholders.

“In addition to performing management for the company, Golden Energy Offshore Management performs management for other customers which we believe would further strengthen the position of the company through a diversification of the business. We are, and continue to be, committed to create additional shareholder value in the Company for the benefit of
existing and new investors.”

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