The PSV Energy Paradise, owned by Norway’s Golden Energy Offshore Services (GEOS), will prolong its operations for Peterson after the charterer exercised a new option linked to the well program currently being developed by the vessel.
The extension covers approximately 100 additional days of work and has an estimated contract value of $3.4 million. Consequently, the platform supply vessel will maintain firm employment until late January or early February 2027.
Energy Paradise to continue operations following current program
Currently, the Energy Paradise is participating in a well program scheduled for completion in mid-October 2026. The new option will begin immediately thereafter, maintaining the PSV’s operational continuity.
The vessel was built in 2015 and is part of the Golden Energy Offshore Services fleet. Its role as a platform supply vessel involves logistical support for offshore operations by transporting supplies and equipment required by offshore facilities.
For its part, Peterson retains another option related to well work. If activated, it would have a potential contract value of approximately $2.5 million and would further extend the vessel’s period of activity.
Energy Paradise and Energy Pace contracts reach $10.3 million
Likewise, GEOS maintains another agreement related to the Energy Pace, previously announced in July. When considering the firm contracts for both vessels, the estimated combined value reaches approximately $10.3 million.
The figure could increase considerably if the charterers decide to utilize all outstanding options. Under that scenario, the estimated contract value of the agreements for the two vessels would reach approximately $19.8 million.
This framework of firm contracts accompanied by options allows for the extension of vessel utilization as offshore programs progress without establishing the entire potential service duration from the outset.
GEOS maintains high utilization of its offshore fleet
Furthermore, the latest available operational data from Golden Energy Offshore Services shows high activity across its fleet. During August 2026, the company recorded a utilization rate of 93.7%.
During the same period, the average time charter equivalent, known in the maritime sector as TCE, reached $21,024 per day.
The contract extension for the PSV Energy Paradise now provides greater visibility regarding fleet activity over the coming months. With the 100 additional days confirmed, the vessel will maintain operations for Peterson at least until early 2027.
Source: Offshore Energy
Photo: Golden Energy Offshore Services
