Pelagic Partners acquires 20% stake in Golden Energy Offshore Services

Cyprus-based Pelagic Partners has announced its investment in Golden Energy Offshore Services (“GEOS”) through the public company’s latest round of private placement.

According to an announcement from the alternative investment fund manager, the private placement was led by the company’s largest shareholder, Oaktree Capital Management.

“Pelagic Partners acquired 95 million shares to secure a 20% ownership stake and become the 2nd largest shareholder in the company. Pelagic Partners will also have a seat on the Board of Directors,” the announcement noted.

Based in Norway, Golden Energy Offshore Services is a fully integrated shipowner and operator specialising in modern and high-spec offshore service vessels for the global oil and gas industry. The Company (GEOS:NO) is listed on the Oslo Euronext Growth Market.

“The oil and gas industry is not new to us nor to our management. We have been exploring different avenues to get involved in the offshore sector for more than a year without finding the right opportunity until now with GEOS,” Pelagic Partners’ announcement said.

It continued, “GEOS is a very exciting company with one of the youngest PSV fleets ready to capitalise on an accelerating market with plenty of room for growth. Furthermore, the governance framework, senior leadership team, and shareholder composition of the company reinforce our confidence in GEOS’ journey toward success.

Our primary goal is to share our knowledge and expertise to contribute to GEOS’s future. Recognising the underinvestment in the general oil and gas market over the past 5-7 years, we’ve strategically focused on modern and eco-friendly vessels, as they will be sought after in the years to come.”

Also according to the announcement, the investment was executed through the Pelagic Yield Fund compartment, “adding further diversity to the portfolio through segments that have the potential to generate robust annual yields.”