A Wave of Opportunity for Golden Energy Offshore Services
Norwegian shipowner and operator Golden Energy Offshore Services (GEOS) is riding high after securing a series of lucrative contracts worth a staggering $21 million in firm commitments, with an additional $27.7 million in potential extensions. These deals, signed with Tier 1 international energy majors, underscore GEOS’s growing reputation as a key player in the offshore support vessel market.
The contracts span multiple vessels, including the multi-purpose support vessel (MPSV) Energy Duchess, which is now booked solid until September 2025, with an optional six-month extension. Meanwhile, the platform supply vessel (PSV) Energy Passion has locked in a contract extension firm until March 2026, with a potential 12-month add-on. Not to be outdone, the PSV Energy Paradise (or Pace) has also secured commitments until April 2026, with an optional year-long extension.
A Backlog That Speaks Volumes
With these new agreements, GEOS’s backlog now stands at approximately $27 million in firm contracts, bolstered by an additional $46.9 million in optional extensions. This robust pipeline not only highlights the company’s operational excellence but also signals strong demand for its versatile fleet in the competitive offshore energy sector.
The contracts have already kicked off, ensuring steady revenue streams for GEOS while reinforcing its position as a trusted partner for global energy leaders.
What This Means for the Offshore Industry
These deals are more than just a win for GEOS—they reflect a broader trend in the offshore energy market. As international majors ramp up exploration and production activities, the demand for reliable, high-performance support vessels is surging. GEOS’s ability to secure long-term contracts with Tier 1 players demonstrates its capacity to meet the industry’s evolving needs, from seismic surveys to platform supply operations.
With a fleet that’s now fully booked for years to come, GEOS is poised to capitalize on this momentum, setting the stage for further growth and innovation in the offshore sector.
