Golden Energy Offshore Services Secures Major PSV Contract
A noteworthy achievement for the offshore sector: Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) recently announced the acquisition of a significant term contract valued at approximately £4.85 million (exceeding €5.6 million). This deal will see one of its platform supply vessels (PSVs) deployed on the UK Continental Shelf (UKCS), marking a pivotal moment for both GEOS and the offshore oil and gas industry.
The Vessel: Energy Pace
The contract involves the PSV Energy Pace, specifically designed for efficient operations in offshore environments. Constructed by the renowned Cosco Guangzhou Shipyard in 2015, the Energy Pace adheres to the Ulstein PX121 design, recognized for its robust performance and adaptability. At 83.4 meters long, this vessel is equipped to handle a variety of supply tasks crucial to the needs of the offshore market.
Details of the Contract
This lucrative contract was awarded by a first-class international charterer, covering a firm period of approximately 319 days associated with drilling operations for nine wells. What makes this deal even more attractive for GEOS is the inclusion of eight optional one-well agreements, which correspond to an estimated 260 additional days of potential service. If all options are exercised, the total contract value could reach approximately £10 million, enhancing GEOS’s portfolio and reinforcing its market position.
Previous Charters and Future Potential
Energy Pace has a solid track record, having previously been chartered to several major players in the industry, including Shell UK, Total UK, Pentagon Marine UK, and Peterson Den Helder. From November 2025 to the end of June 2026, the vessel will be on charter with Three60 AF Decom until mid-June 2027, implying a continuous demand for its services, which underscores GEOS’s strategic planning in asset deployment.
Broader Implications for the Offshore Market
The securing of this contract highlights not only the resilience of the offshore supply sector but also signifies a rebound in activity within the UKCS. As operators increasingly look towards efficient and reliable supply vessels for their offshore operations, the importance of partnerships with established companies like GEOS cannot be overstated. This trend points to a revitalization of investment in offshore infrastructure and operational capabilities, making the offshore energy sector a focal point for economic growth.
Future Prospects for GEOS
With this recent success, GEOS is well-positioned to expand its operational footprint further in the offshore market. As energy demands shift and the global focus on sustainable practices intensifies, GEOS can leverage its expertise and asset capabilities to secure additional contracts in both existing and emerging markets.
In summary, the term contract awarded to Golden Energy Offshore Services for the Energy Pace represents a significant milestone not only for the company but also for the offshore energy community at large. As they prepare to mobilize the vessel for upcoming operations on the UK Continental Shelf, anticipation builds around the future roles and potential contracts that may soon follow in the wake of this notable achievement.