In 2023, Oaktree-led GEOS struck a deal to purchase five Vroon OSVs, including VOS Paradise (source: Alan Jamieson)
Investment group Oaktree Capital Management has offloaded more than 195M shares to another investor Blue Ocean Partners
Fleetscape, an Oaktree Capital Management fund closely associated with Golden Energy Offshore Services (GEOS) board members Fredrik Ulstein Rygnestad and Guillaume Bayol, ageed to sell its 39% stake of shares for US$39.5M.
In the transaction, Blue Oceanacquired 195,796,161 shares of GEOS.The transaction isexpected to be completed by 16 May 2024, at which point Blue Ocean will become the largest shareholder of GEOS.
Oaktree has been a lender to GEOS since July 2022 and an equity owner since August 2023, eventually becoming the largest shareholder in the company.
In a statement, GEOS said it has undergone “transformational growth” during this period, acquiring four sister platform supply vessels and doubling its fleet size.
The four PSVs,VOS Pace,VOS Paradise,VOS PartnerandVOS Passion, are outfitted with accommodation and gangways to serve the offshore wind market as well as the offshore oil and gas markets. All are Ulstein-designed PX121 X-Bow vessels. Two of GEOS’ PSVs,Energy DuchessandEnergy Empress, both built in 2019, share the same design layout. The GEOS fleet also includes the ST 216 L design PSV Energy Swan, built in Norway in 2005, and CSV VOS Sugar.
Oaktree senior vice president and GEOS chairman Mr Ulstein said, “Since partnering with GEOS in July 2022, we have worked closely with management to revitalise the company and solidify its position as a preferred owner and operator of high-specification PSVs. With its strong fleet, robust customer base, and solid financial foundation, GEOS is now well-positioned to capitalise on market opportunities and generate sustainable returns for its shareholders. We thank management and the board for their strong partnership and look forward to continuing supporting the company as a lender.”
“In a short time, GEOS has become a modern offshore company, with a young and environmentally friendly fleet. Together with Blue Ocean and our other shareholders, we will build on the foundation that has been laid with our partners at Oaktree to drive further value creation,” GEOS chief executive Per-Ivar Fagervoll said.
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