Golden Energy Offshore Services

AGM Information • Mar 11, 2021

Call for EGM – request for power of attorney for capital increase

Call for EGM – request for power of attorney for capital increase

Ålesund, 11 March 2021: Reference is made to the announcement by Golden Energy Offshore Services AS (the “Company”) and the call for an EGM to vote on a power of attorney for the board of directors to increase the share capital of the Company.

The board of directors have received input from a major shareholder that they will in the general meeting propose an alternative power of attorney than as proposed by the board of directors. The proposal is as follows:

1. The board of Golden Energy Offshore Services AS (the “Company”) is hereby given a power of attorney to increase the share capital of the Company with an amount up to NOK 22,836,881.

2. This power of attorney shall be valid for a period of one (1) year from the date of the general meetings resolution to award the power of attorney.

3. The shareholders preferential rights in the Norwegian Limited Liability Companies Act (the “Act”) section 10-4 may be deviated from at the discretion of the board of the Company.

4. The power of attorney also comprises capital increases through contribution-in-kind, cf. the Act section 10-2, but in such case limited to conversion of debt and obligations incurred in relation to the business of the Company and its subsidiaries (jointly the “Group”), and/or the financing of the Group and their current fleet of vessels.

The proposal deviates from the board of director’s proposal on the term (from two years to one year) and the limitations on the ability to conduct contributions-in-kind.

The board of directors have reviewed the proposal and have decided to back the alternative proposal. Shareholders are as such encouraged to vote in favour of this alternative proposal.

Please see attached an updated proxy which reflects the alternatives, so please use this document or otherwise indicate which proposal is chosen in an adequate way (through notation on original proxy, in the cover email or other).

For further information, please refer to the summons to the EGM attached to this announcement, or please contact:

Per Ivar Fagervoll

pif@geoff.no

mobile +44 97428884