Pelagic Partners teams up with Borealis Maritime to invest in two platform supply vessels

Limassol-based shipowner and shipping fund manager Pelagic Partners has successfully completed an investment in two state-of-the-art platform supply vessels (PSV) that will see it partner with private investment and asset management firm, Borealis Maritime.

“Pelagic Partners continues its strategic focus on increasing offshore energy asset exposure amid positive sentiment in the sector for foreseeable future,” it said in a press release.

Built in 2021, the 89-metre Aurora Coey – formerly Viking Coey – and Aurora Cooper – ex-Viking Cooper – represent the best-in-class PSVs available in the market. Both ice-class ships are dual-fuel and capable of operating on lower carbon LNG, as well as being ammonia-ready. The sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions, and their ICE-compliant onshore power capability means that they can use grid energy while in port.

Pelagic Partner said its investment in the Aurora Coey and Aurora Cooper underlines the company’s commitment and strategic focus in the offshore energy segment; with low offshore asset order books, married with a continued positive cycle in the sector, that is anticipated for several years to come. Both vessels are currently under charter with reputable international counterparties.

Atef Abou Merhi, Managing Director, Pelagic Partners, said: “We are very pleased to be partnering with Borealis Maritime as we expand our offshore energy market exposure. The development of our portfolio in this segment is driven by an acknowledgement that offshore energy investment looks likely to remain steady over the next 5-6 years, coupled with an extremely low order book, which will likely lead to an increase in demand for PSVs. We have the advantage of being both a shipowner and a shipping fund, which is why it is important for us to focus our investments on acquiring the most modern vessels; equipped to evolve with the offshore marine industry, as it transitions to more sustainable practices. We’d also like to thank Fearnley Securities for the arrangement on the Aurora Coey.”