GEOS Lands Contracts for Two PSVs with Oil Major

Norwegian vessel owner Golden Energy Offshore Services (GEOS) has entered into contracts for two of its platform supply vessels (PSVs) – Energy Passion and Energy Paradise.

The contract is with ‘Tier 1 international oil major’ whose name was not disclosed, with the operations planned to take place in the North Sea.

The contract for the 2016-built Energy Passion PSV is for one-year firm, with one-year option.

The Energy Paradise PSV, built in 2015, has been hired for six months firm and six months option.

The gross contract value for the firm period is $14 million, with an additional $15.8 million for the option period.

The operations are expected to begin between March and April, GEOS informed.

"We are very pleased to secure these contracts for Energy Passion and Energy Paradise, which provides a solid backlog for GEOS. The awarded contracts underscore the company's strong standing as a supplier of quality tonnage to Tier 1 clients. These contracts confirm the robustness of the current charter market, with fixed earnings yielding attractive payback periods of the newly acquired vessels,” said Per Ivar Fagervoll, CEO of GEOS.