As a well-deserved holiday season comes to a close, Oslo’s ship and offshore finance community is rested up and preparing for the bevy of deals that will define the coming months. Companies: Tidewater, Bahri, OceanPact, Pioneer, Constellation, Clarksons Securities, Goldman Sachs, J.P. Morgan, Itau BBA, Morgan Stanley, Arctic Securities, DNB Carnegie, Fearnley Securities, Pareto Securities, McDermott, Bruton Limited

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The long-awaited Marine Money Credit Issue is on its way to the printers and in the meantime, we thought we would provide a little sneak-peak at the 2025 results.

Offshore drilling coverage is far from a weekly occurrence in this newsletter, but Borr Drilling Ltd.’s July 29 acquisition of five jack-up rigs from Fontis Finance Ltd. is a useful reminder that the same financing tools we track in shipping — non-recourse seller credit, joint-venture structures, opportunistic timing — travel just fine into adjacent asset-heavy sectors. Companies: Borr Drilling Ltd., Fontis Finance Ltd., BC Ventures Ltd., Proyectos Globales de Energía y Servicios, Friede & Goldman, LeTourneau, Valaris Ltd., Transocean Ltd.), Noble Corp., ADES Holding Co. Ltd., Paratus Energy Services, SeaMex, Seadrill, Archer, Seagems, Petrobras, Pemex

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Pelagic Credit Plc, the yield-oriented shipowning platform that debuted on Euronext Growth Oslo earlier this year, has moved into dry bulk for the first time. This week, the company announced it has entered definitive agreements for a sale-and-leaseback of three handysize bulk carriers valued at an aggregate $47.4 million. Companies: Pelagic Credit, Pelagic Partners, Bertling Group, Hartmann Group

In this “shipowners” market for credit, we have seen several owners refinancing loan facilities or signing new ones for reasons as simple as the terms are too good to pass up. Companies: Performance Shipping, Nordea Bank

Pyxis Tankers recently announced plans to issue a $20 million convertible preferred offering, marking its return to the preferred securities market for the first time since redeeming its 7.5% Series A preferred shares in 2024. Companies: Pyxis Tankers, ThinkEquity, Tsakos Energy Navigation, Costamare

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Seacor Marine announced its 2Q earnings after yesterday’s market close. The financial results were generally in-line with market expectations, but the company continues to suffer from negative operating cash flow with fleet utilization at just 68%. Companies: Seacor Marine , American Industrial Partners , EnTrust Global, Blue Ocean, Clifford Capital, NIBC , Hamburg Commercial Bank, Comerica, DNB, Hudson Structured Capital Management

We have discussed various “shipping funds” several times in the last few years as these investment vehicles grow in number and influence in the world of shipping finance. Companies: Pelagic Credit , Zeaside Capital Partners , Alba Tankers, Clear Ocean