Golden Energy Offshore Services

Earnings Release • Nov 24, 2022

Third quarter report

Third quarter report

Ålesund 24.11.2022

See attached the third quarter financial report for Golden Energy Offshore Services AS.

Result for Q3 2022:

• Total operating income amounted to tNOK 53,047.

• Total operating expenses were tNOK -49,197.

• Operating profit before depreciation was tNOK 3,850.

• Depreciation was tNOK -5,975. However, previous impairments of tNOK 111,000 were reversed.

• Net financial items were tNOK -71,884.

• The profit before tax was tNOK 36,990.

Result year to date 2022:

• Total operating income amounted to tNOK 112 925.

• Total operating expenses were tNOK -107,227.

• The operating profit before depreciation was tNOK 5,648.

• Depreciation was tNOK -21,186 (again noting the reversal noted above).

• Net financial items were tNOK -145,018.

• The profit before tax was tNOK -49,555.

The activity level for PSV’s in the North Sea has been good throughout Q3 with high utilization levels, where the groups vessels had 99% utilization through Q3 2022.

The spot market was volatile with high day rates in the beginning of the quarter, soften somewhat towards the end, however - the seasonal volatility in the spot market has little impact on our forward-looking view on this segment. The fundamental activity drivers for this segment are robust and we foresee a healthy marked going forward.

The group therefore expects that the vessels will continue attracting higher charter revenue in its operation. The group also see improved values and expects that the market value of the group’s vessels will continue to improve correspondingly.

For further information please contact.

Per Ivar Fagervoll

CEO

email pif@geoff.no

Phone +47 97428884