Ålesund, 10 March 2023:
Golden Energy Offshore Services AS (“GEOS” / the “Company”) and GEOS MIDCO AS (as direct borrower) signed today an amendment agreement (the “Amendment Agreement”) to its existing senior secured facility agreement originally dated 20 July 2022 expanding the loan with a new short-term working capital facility of a total of USD 4,200,000 (“Facility D”).
The background for this new loan facility is short term working capital needs as a result of the accident with Energy Duchess and the loss of revenue thereof (as communicated on 20 February 2023).
The main terms of Facility D are as follows:
1. Principal: USD 4,200,000
2. Term: One (1) year from closing
3. Interest: SOFR + 900 bps with SOFR floor of 2.00% (payable quarterly)
4. Fees: Upfront fee of USD 700,000 to be deducted from the principal amount at closing
5. Repayment: Bullet at end of term (insurance proceeds received from the Energy Duchess claim to be used for
early repayment up to 75% of outstanding amount)
6. Covenants/security: Existing structure to apply
The Company is pleased to note the continued support of its lender, Oaktree Maritime & Transportation Fund, L.P., through the above noted expansion of its loan facility.
With regards to the commercial update for February 2023, GEOS achieved time charter equivalent earning of approximately USD 12,400 per day and a utilization of 84,9%.
Lower utilization and average rate are due to emergency dry docking of Energy Swan. Energy Empress has had full utilization and Energy Duchess maintained good utilization throughout February.
For further information please contact.
Per Ivar Fagervoll
CEO
email pif@geoff.no
Phone +47 97428884