The Company has also received a term sheet from Fleetscape Capital Ltd. (“Fleetscape”), a subsidiary of Oaktree and the Company’s largest lender, for a 5-year USD 98.6 million sale and leaseback transaction (the “Sale and Leaseback”) for the 5 vessels in the Fleet Acquisition plus the Energy Duchess and Energy Empress. The Sale and Leaseback will, if utilized, refinance the existing Fleetscape facility in addition to providing funds towards the Fleet Acquisition. The proposed Sale and Leaseback is structured as a finance lease with customary purchase options as well as well as a put option.
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Presentasjonen:
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Energy Empress - extension of contract
21.8.2023 08:39 • Oslo Børs •
Kopier link
Ålesund August 21st 2023
Golden Energy Offshore Services AS (GEOS) is pleased to inform that the charter
on Energy Empress reported 11 August 2022 has now been extended for six months
at agreed day rate of USD 18,500/day.
The Energy Empress has thereby secured firm employment till 24 April 2024. The
charterers have another six months option under this charter. For more
information about this charter, reference is made to the notice from GEOS dated
11 August 2022.
An updated company presentation reflecting this extension can be found on the
Company’s website.
For further Information please contact:
Per Ivar Fagervoll
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GEOS has today signed a non-binding term sheet (the “Term Sheet”) with Fleetscape Capital Ltd (“Fleetscape”) for a USD 98.55 million long term financing for the 5 vessels being acquired from subsidiaries of Vroon Holding B.V. (“Fleet Acquisition”), plus the Energy Duchess and Energy Empress, by way of a 5-year sale and leaseback facility (the “SLB”). The SLB will refinance the existing Fleetscape facility in addition to providing debt funding for the Fleet Acquisition. The proposed SLB is structured as a finance lease with customary purchase options as well as a put option at maturity and is priced at a margin of 650 basis points above SOFR. Based on the latest average broker valuations received the lease amount of USD 98.55 million equates to a loan-to-value (“LTV”) of about 63% of the 7 vessels to be financed under the SLB. The total put/call option price after year 5 is USD 17.99 million.
In addition to the above 7 vessels, GEOS owns the Energy Swan which is currently financed by a Nordic Bond Loan of NOK 70 million and the outstanding loan equates an LTV of about 39% based on the latest average broker valuations for this vessel.
The Term Sheet is subject to necessary credit committee approvals, agreement on transaction documentation and GEOS Board of Director’s approval.
Hva betyr dette.? Blir det ingen emisjon. Har Fagervoll rett og slett skaffet til veie finansieringen for neste 5 år på båtene sine. ?
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Kan det være mulig vi går glipp av en emisjon nå… 
På XI har vel noen regnet seg frem til at de bare mangler en “håndfull” million er nå…så ja det kan være det. Fin flipp det der altså…
Nja. Vanskelig med oaktree som kontollerer alt men det ekke dumt med 6 helt like båter (Ex Swan da men vi får se med den) driftsmessig og de gjor en god jobb med flippen sv sugar
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Glir inn som nest største eier og får en styreplass… Stilig!
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300/dag på Duchess, pent!
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« Golden Energy Offshore Services AS (GEOS) achieved time charter equivalent earnings of approximately USD 19 783 per day for the 4 vessels in operation in the month. Fleet utilization was 96% and downtime was primarily related to the days from takeover of the new vessel until it was ready for the market.»
Oslo (Infront TDN Direkt): Arctic Securities tar opp dekning på Golden Energy Offshore Services med en kjøpsanbefaling og kursmål 1,55 kroner pr aksje.
Det fremgår av en analyse tirsdag.
Arctic Securities mener selskapet tilbyr et attraktivt belånt spill på ren PSV-eksponering og er godt posisjonert for å dra nytte av et stramt marked, der meglerhuset estimerer at dagratene vil øke med omtrent 10 prosent årlig over de neste tre årene.
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@pdx fanges ikke børsmeldinger opp her?
Golden Energy Offshore Services AS (GEOS) is pleased to report total revenues of TNOK 52,810 for the third quarter. Average utilization of the fleet was 98.6% and average time-charter equivalent earnings (TCE) were approx. TNOK 197 per day for the three vessels in the fleet.
The operating result before depreciation amounted for the 2nd quarter were TNOK 15 185.
During the third quarter, GEOS converted its senior loan into a sale and leaseback facility, partly funding the acquisition of 4 x PSV’s and 1 x SSV from Vroon Holding B.V. The Company completed a private placement of $30m and converted a bridge loan of $3.3m into equity. In addition, GEOS has agreed with an unnamed third party to on-sell the SSV Vos Sugar for €15m versus acquisition price of $9.4m. The transaction is expected to close by Q4, 2023.
“With the proceeds from the private placement and new financing facility, GEOS is sufficiently capitalized for the fleet acquisition from Vroon. We own and operate one of the youngest fleets in the industry and are positioned for future growth. The market continues improving in several regions and our fleet is in an attractive position for several business opportunities.” CEO Per Ivar Fagervoll commented.
Activity levels on the Norwegian side of the North Sea has seen a significant shortage in available vessels, leading to a strong spot market. The fundamental activity drivers for this segment are robust and we foresee a healthy market going forward on the background of expected high demand from increased activity levels and limited supply from a historically low fleet to order book ratio. The Group is continuing its focus on environmentally friendly operations through energy efficiency programs and other measures.