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Pelagic Partners invests in Borealis PSVs

Pelagic Partners strengthens its strategic focus on increasing its exposure to the offshore energy sector by investing in two modern platform supply vessels.

Shipowner and fund manager Pelagic Partners announces the completion of an investment in two modern Platform Supply Vessels (PSV). The vessels belong to the offshore division of the private Hamburg-based investment and asset management company Borealis Maritime. [ds_preview]

These are the two 89-meter-long vessels “Aurora Coey” (formerly “Viking Coey”) and “Aurora Cooper” (formerly “Viking Cooper”), built in 2021 at the Polish Remontova shipyard on behalf of Borealis. Both vessels are included in the fleet list of Aurora Offshore, a company founded in 2021 and based in Kristiansand, Norway, which is part of the Borealis Maritime Group. The “Aurora Cooper” is currently under charter to Vår Energi, while the “Aurora Coey” is under contract to Harbour Energy.

According to Pelagic Partners, they are among the best PSVs available on the market. Both ice-class vessels are dual-fuel vessels that can be operated with LNG and are suitable for operation with ammonia. The sister vessels are equipped with hybrid batteries and low-loss concept (LLC) solutions that further reduce emissions and can utilise shore power thanks to their onshore power supply in port.

Pelagic Partners focuses on demand growth in the PSV segment

Atef Abou Merhi, Managing Director of Pelagic Partners: “We are delighted to partner with Borealis Maritime as we look to expand our exposure to the offshore energy market. The development of our portfolio in this segment is driven by the realisation that investment in the offshore energy sector is expected to remain stable over the next five to six years, coupled with an extremely low order book, which is likely to lead to an increase in demand for PSVs.”

As a shipowner and shipping fund, it is important for Pelagic Partners to focus investments on acquiring the most modern vessels that can evolve with the offshore shipping industry as it transitions to more sustainable practices.

At the end of 2022, Pelagic Partners, the investment vehicle set up by Leer-based shipowner Niels Hartmann and Atef Abou Merhi, launched a third fund to invest in new vessels for the offshore wind market.

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