GEOS to Sell VOS Sugar Offshore Vessel at 'Substantial Profit'

The Norwegian offshore vessel owner Golden Energy Offshore Services AS (“GEOS”) said Wednedsay it had entered into a memorandum of agreement (the “MoA”) with an undisclosed buyer for the sale of the subsea support vessel VOS Sugar.

The VOS Sugar is one of the Vroon Offshore vessels GEOS agreed to buy last month, a purchase which is in the process of completing. 

The MoA is subject to satisfactory vessel inspection by the buyer. Provided that the subject is lifted, the sale is expected to be completed in November 2023. 

"The agreed sales price in the MoA is EUR 15 million and when completed would represent a substantial cash profit to the company relative to the acquisition cost of USD 9.4 million in the [Vroon fleet acquisition]," GEOS said.

As previously reported Golden Energy Offshore Services (GEOS) in August entered into a binding Memorandum of Agreement for the acquisition of four platform supply vessels and one subsea support vessel from subsidiaries of Vroon Holding B.V. for a total consideration of $94 million.

Dutch vessel owner Vroon earlier this year completed the implementation of the financial restructuring for the “new” Vroon focusing on specialized fleet of deepsea vessels (livestock carriers, product tankers, and high-heat tankers) and emergency response and rescue vessels (ERRV).

As part of the restructuring, the majority ownership of Vroon has transferred to the company lenders, with the Vroon family retaining a small interest.