Golden Energy Offshore Services

Earnings Release • Aug 27, 2024

GEOS 1H-2024 Financial Statement

GEOS 1H-2024 Financial Statement

Ålesund 27 August 2024

Golder Energy Offshore Services AS (GEOS) is pleased to report an EBITDA of NOK 58,2 million for the Q2 2024, compared with NOK 15.7 million in Q2 2023, which is an NOK 42.5 million increase.

For Q2 2024, the company achieved time charter equivalent earnings of approximately NOK 226 thousand per day for the vessels in operation. Fleet utilization was 92 %, which is an improvement from 82 % in the first quarter.

For the half-year EBITDA of NOK 61.2 million compared with NOK 17.2 million in the first half of 2023.

Revenues in the first half of 2024 (NOK 209.9 million) are at the same level as for total year end 2023 revenues (NOK 210.1 million).

“With the continuous high utilization of the existing GEOS fleet and the forecast of a continuously strong marked, the vessels fit perfect into our profile and focus area. With yet an limited order book on this type of assets and with GEOS at present holding 6x PSV of PX 121 design with an average age of approx. 7.5 years – the series remain amongst the youngest fleet in the industry for several years ahead. Despite a slow start to the year, characterized by high availability and low utilization, we managed to secure good contract coverage for most part of Q2-2024 and well into Q3 and Q4 - 2024. Most of these contracts commenced in the second quarter, significantly boosting our operational activity and financial performance. ” CEO Per Ivar Fagervoll commented.

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