Golden Energy Offshore Services

Capital/Financing Update • Aug 30, 2023

Update on financing

Update on financing

GOLDEN ENERGY OFFSHORE SERVICES AS

Ålesund August 30th 2023

Reference is made to the previous announcement on 4 August 2023 regarding Golden Energy Offshore Services AS ("GEOS") transformative fleet acquisition and a potential refinancing.

GEOS has today signed a non-binding term sheet (the “Term Sheet”) with Fleetscape Capital Ltd (“Fleetscape”) for a USD 98.55 million long term financing for the 5 vessels being acquired from subsidiaries of Vroon Holding B.V. (“Fleet Acquisition”), plus the Energy Duchess and Energy Empress, by way of a 5-year sale and leaseback facility (the “SLB”). The SLB will refinance the existing Fleetscape facility in addition to providing debt funding for the Fleet Acquisition. The proposed SLB is structured as a finance lease with customary purchase options as well as a put option at maturity and is priced at a margin of 650 basis points above SOFR. Based on the latest average broker valuations received the lease amount of USD 98.55 million equates to a loan-to-value (“LTV”) of about 63% of the 7 vessels to be financed under the SLB. The total put/call option price after year 5 is USD 17.99 million.

In addition to the above 7 vessels, GEOS owns the Energy Swan which is currently financed by a Nordic Bond Loan of NOK 70 million and the outstanding loan equates an LTV of about 39% based on the latest average broker valuations for this vessel.

The Term Sheet is subject to necessary credit committee approvals, agreement on transaction documentation and GEOS Board of Director's approval.

For further information, please contact:

Per Ivar Fagervoll

pif@geoff.no

Mobile: + 47 974 28 884