Blue Ocean Enters Agreement to Acquire 39% Stake in Golden Energy Offshore Services from Oaktree

Apr 23, 202406:59 UTC

Ålesund 23.04.2024

Blue Ocean GEOS MI LLC ("Blue Ocean") has entered into a binding sharepurchaseagreement ("the Transaction") to acquire 195,796,161 shares of Golden EnergyOffshore Services AS ("GEOS") common stock, representing 39.03% of the issuedshare capital, from funds managed by Oaktree Capital Management, L.P.("Oaktree"), for a total consideration of USD 39,500,000. The Transaction isexpected to be completed by 16 May 2024. Upon completion of the Transaction,Blue Ocean will become the largest shareholder of GEOS.

Per-Ivar Fagervoll, CEO of GEOS commented: "In a short time, GEOS has become amodern offshore company, with a young and environmentally friendly fleet.Together with Blue Ocean and our other shareholders, we will build on thefoundation that has been laid with our partners at Oaktree to drive furthervalue creation.

Oaktree has been a lender to GEOS since July 2022 and an equity owner sinceAugust 2023, becoming the largest shareholder of the company. GEOS hasundergonetransformational growth during this period, acquiring four sister platformsupply vessels ("PSVs") and doubling its fleet size.

Fredrik Ulstein, Senior Vice President at Oaktree and Chairman of GEOS,commented: "Since partnering with GEOS in July 2022, we have worked closely withmanagementto revitalize the company and solidify its position as a preferred owner andoperator of high-specification PSVs. With its strong fleet, robust customerbase, and solid financial foundation, GEOS is now well-positioned tocapitalizeon market opportunities and generate sustainable returns for its shareholders.We thank management and the Board for their strong partnership and lookforwardto continuing supporting the company as a lender."

For further information, please contact: Per Ivar Fagervollpif@geoff.noMobile: + 47 974 28 884

https://newsweb.oslobors.no/message/616458