Norwegian offshore vessel owner Golden Energy Offshore Services is accelerating the restructuring plan for its entire fleet, aiming to strengthen its balance sheet following a period of turbulence.
Recently, according to a filing submitted by Golden Energy to the stock exchange, the company has reached an agreement to sell the Platform Supply Vessel (PSV) “Energy Passion” for $28 million, with delivery to the new owner expected in mid-April 2026.
Golden Energy stated that this transaction will generate a book gain of approximately $5.4 million, and that, after repaying vessel lease obligations and covering default penalties as well as other transaction costs, it expects to realize net proceeds of approximately $14 million.
Following the completion of the transaction, Golden Energy’s fleet consists of four remaining offshore support vessels, including the multipurpose platform supply vessel (MPSV) “Energy Duchess”; and the platform supply vessels “Energy Paradise”,”Energy Pace”, and “Energy Swan”.
According to records, the “Energy Passion” was built to the Ulstein PX121 design and delivered in 2016. Its original owner was Vroon Offshore Services, and it was later acquired by Golden Energy.
The “Energy Passion” has an overall length of 83.4 meters, a beam of 18 meters, a maximum draft of 6.7 meters, and a maximum speed of 15 knots. It is equipped with a DP2 dynamic positioning system, ensuring precise positioning in complex sea conditions and guaranteeing the safety of platform supply operations. It primarily operates in the North Sea, providing platform supply, personnel transport, and offshore support services to major international oil companies.
It is worth noting that in recent months, Golden Energy has been working to improve its liquidity by selling vessels. Earlier this year, the company agreed to sell the multipurpose platform supply vessel “Energy Empress” and another platform supply vessel.
Prior to announcing its latest vessel sale, Golden Energy had mentioned in its third-quarter 2025 earnings report that it was facing financial pressure; at the time, management stated that it was evaluating various options to improve liquidity.