Pelagic Partners secures 20% stake in publicly listed Golden Energy Offshore Services


Cyprus-based Pelagic Partners, an alternative investment fund founded by Dr. Niels Hartmann and Atef Abou Merhi, announces it has acquired a 20% stake in Golden Energy Offshore Services (GEOS) through the public company’s latest round of private placement. 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 GEOS. Pelagic Partners will also have a seat on the Board of Directors.

Alesund-based Golden Energy Offshore Services is a fully integrated shipowner and operator specializing 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.

Pelagic Partners describes GEOS is a very exciting company with one of the youngest PSV (Platform Supply Vessel) fleets ready to capitalize 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,” it says.

Pelagic Partners has previous experience in the offshore market and aims to share its knowledge and expertise to contribute to GEOS’s future. Noting an “underinvestment in the general oil and gas market over the past 5-7 years’, the fund says it has strategically focused on modern and eco-friendly vessels as it believes they will be sought after in the years to come.

The investment was executed through the Pelagic Yield Fund compartment, adding further diversity to the portfolio through segments with the potential to generate robust annual yields.