The two largest shareholders in Golden Energy Offshore Services have launched a strategic review that could pave the way for a sale of their holdings or other transactions involving the Oslo-listed offshore vessel owner.

Clear Ocean Partners and Pelagic Partners said they are reviewing a broad range of alternatives tied to their investment in the Ålesund-based company.

The review could include a partial or full disposal of their shareholdings as well as other strategic options, the investors said in a statement.

The two shareholders have appointed Clarksons Securities as financial adviser and Wikborg Rein as legal adviser for the process.

No timeline or specific transaction details were disclosed, and the shareholders stressed there is no certainty the review will lead to a deal.

The move comes as Golden Energy continues reshaping its fleet and balance sheet following a period of financial pressure.

The offshore vessel owner has been actively selling tonnage over the past year in an effort to improve liquidity and streamline operations. Earlier this year the company agreed to sell three vessels for about $85m.

Golden Energy also manages two 2021-built subsea vessels that were brought under management in 2024 from affiliates linked to Clear Ocean Partners and Pelagic Partners. One of those vessels was recently confirmed as sold to Astro Offshore.

The company currently operates a fleet that includes four platform supply vessels under sale-and-leaseback arrangements with Neptune Maritime Leasing. Shipbrokers value the PSV fleet at around $106m.

The latest strategic review follows a turbulent period for the company. In its third-quarter 2025 results, and prior to the triple sale, management warned of liquidity pressure and said it was evaluating ways to strengthen the balance sheet. Golden Energy later secured a short-term loan in December 2025 and raised further funds through a private placement, of which most were used to settle overdue liabilities, repay short-term borrowings and cover salary and tax obligations.

The shareholder shake-up could now mark the next phase in the restructuring of the Norwegian offshore owner, whose backers also have interests across several other shipping and offshore ventures.