Golden Energy Offshore Services

Earnings Release • May 19, 2023

GEOS FIRST QUATER 2023 REPORT

GEOS FIRST QUATER 2023 REPORT

Ålesund 19.05.2023

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

The Group’s revenues for the 1st quarter of 2023 were TNOK 33 986, mainly originating from operations in the North Sea and Caribbean.

None of the Group’s three (four) vessels have been laid up during the period and the fleet achieved 92,3%

utilization throughout 1Q-2023 on market levels. Utilization acceptable considering the unfortunate event of Energy Swan needed emergency docking and Energy Duchess trading spot marked.

The operating result before depreciation amounted for the 1st quarter were TNOK -1 550, excluding any potential insurance settlement related to the Energy Duchess and Energy Swan.

Although the activity level for PSVs in the North Sea has been low throughout Q12023 with low utilization levels, extension and short-term tenders have been concluded at attractive rate levels and we expect continued tightening of the supply and demand balance going forward.

The spot market was soft with high availability, but start seeing more activity towards the end Quarter.

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

The Group is continuing its focus on environmentally friendly operations through energy efficiency programs and other measures. These are important factors in the competitive market.

For further information please contact.

Per Ivar Fagervoll

CEO

email pif@geoff.no

Phone +47 97428884