Golden Energy Offshore
St Olavs Plass 1, 6002 Ålesund, Norway
Post box 411, NO-6001 Ålesund, Norway
post@geoff.no
+47 70 10 26 60
+47 70 10 26 61
Emergency: +47 974 28 884
Golden Energy Offshore Services ASA (GEOS) is making significant strides in its financial strategy by completing a transformative refinancing of six out of its seven vessels. The recent agreement with Neptune Maritime Leasing, involving a USD 95 million sale and leaseback deal, positions GEOS to slash its monthly capital costs by close to 50%. This strategic move not only enhances the company's financial sustainability but also lays the groundwork for future growth and fleet expansion amid a buoyant market. CEO Per Ivar Fagervoll emphasizes the flexibility and capital-building potential this refinancing brings to the table
Golden Energy Offshore Services (GEOS) announced today that they have completed a comprehensive refinancing of six of their seven vessels, with the last one scheduled to be finalized in July. The agreement is made with Neptune Maritime Leasing and involves a sale and leaseback financing totaling USD 95 million, equivalent to approximately one billion Norwegian kroner.
The new financing solution provides GEOS with a completely different basis for further development:
- A close to 50 percent reduction in monthly capital costs
- A significantly extended and "normalized" amortization profile, resulting in a much more sustainable cost structure
- A strengthened foundation for capital accumulation, potential future dividends, and growth
- Access to supplementary financing with a loan-to-value ratio of up to 60 percent, allowing the company to expand its fleet with new vessels
"This is a game changer for Golden Energy Offshore Services, which now has a much more flexible and growth-oriented platform in a market marked by higher rates. We now have the freedom to build capital, grow, and deliver on what our shareholders expect," says Per Ivar Fagervoll, CEO of Golden Energy Offshore Services ASA.
The stock market announcement is available on Newsweb: https://newspoint.oslobors.no/newsmessage/view/602662.
