Golden Energy Offshore Services

Earnings Release • Sep 11, 2023

GEOS - FIRST HALF 2023 FINANCIAL REPORT

GEOS - FIRST HALF 2023 FINANCIAL REPORT

Ålesund 11 September 2023

Golder Energy Offshore Services AS (GEOS) is pleased to report an EBITDA of TNOK 19,360 for the second quarter. Average utilization of the fleet was 95.6% and average time-charter equivalent earnings (TCE) were approx. TNOK 169 per day for the three vessels in the fleet. GEOS has reported a TCE of TNOK 199 and TNOK211 for July and August respectively.

The operating result before depreciation amounted for the 2nd quarter were TNOK 17 208, excluding any potential insurance settlement related to the Energy Duchess

GEOS has announced a number of events following end of the 2nd quarter, including acquisition of 100% of the share capital of Golden Energy Offshore Management and Oaktree Capital Management and Athos Capital Limited exercising warrants for 61.78m shares in total, increasing share capital to 115.55m shares on fully diluted basis. In addition, a transformative acquisition of 4 x PSV’s and 1 x SSV from Vroon Holding B.V.

“With the continuous high utilization of the existing GEOS fleet and the forecast of a continuously strong marked, the acquired vessels will fit perfect into our profile and focus area. With an order book of close to zero on this type of assets and with GEOS at present holding 6x PSV of PX 121 design with an average age of approx. 6.5 years – the series will be amongst the youngest fleet in the industry for several years ahead. The market continues improving in several regions and the young fleet is in an attractive position for several business opportunities.” CEO Per Ivar Fagervoll commented.

The North Sea spot market had a slow start to the year, however activity levels increased as we approached the summer season when the majority of projects and campaigns commence. The spot market on the Norwegian side of the North Sea has seen a significant shortage in available vessels, leading to a strong spot market.

The fundamental activity drivers for this segment are robust and we foresee a healthy market going forward on the background of expected high demand from increased activity levels and limited supply from a historically low fleet to order book ratio.

The Group is continuing its focus on environmentally friendly operations through energy efficiency programs and other measures.

For further information please contact.

Per Ivar Fagervoll

CEO

email pif@geoff.no

Phone +47 97428884