In a strategic initiative in the offshore sector, Pelagic Partners strengthens its position in Golden Energy Offshore Services (GEOS). In a recent stock exchange filing, Pelagic Partners acquired an additional 6.12 million shares at NOK 1.2975 per share, totalling to nearly NOK 8 million ($770,000). This transaction elevates Pelagic Partners’ stake to 23.63%, amounting to a total of 118.5 million shares, positioning the Investment Fund as the second-largest shareholder in the company.
The collaboration between Pelagic Partners and GEOS commenced in October when we secured a 20% holding by acquiring 95 million shares in the Oslo-listed company. This strategic move was part of a private placement orchestrated by GEOS’ largest shareholder, the US private equity giant Oaktree Capital Management. Since then, Atef Abou Merhi, Managing Director of Pelagic Partners, has actively participated on the GEOS board, contributing to strategic decisions.
Pelagic Partners’ interest in GEOS is grounded in our confidence in the promising future of the offshore sector. In our initial investment statement, we expressed our enthusiasm for our entry into the offshore sector with GEOS and while we explored various avenues for more than a year, GEOS is perceived as the ideal opportunity. GEOS is perceived as the ideal opportunity with one of the youngest fleets of Platform Supply Vessels (PSVs), positioning the company to capitalize on a rapidly accelerating market.
Golden Energy Offshore Services, operating two multipurpose support vessels and five platform supply vessels, stands out as a dynamic player in the offshore industry. The company’s commitment to maintaining a young and versatile fleet aligns seamlessly with Pelagic Partners’ vision of growth in the sector. With a fleet well-suited to meet market demands, GEOS is strategically positioned to benefit from the anticipated expansion in the offshore industry.
Pelagic Partners’ continued investment in Golden Energy Offshore Services underscores its confidence in the strategic direction of the company and the broader offshore industry. As Pelagic increases its stake in GEOS, it positions itself as a key player in the company’s journey towards capitalizing on the accelerating market and securing a prominent role in the offshore sector’s growth.