Golden Energy Offshore Services

Earnings Release • Jun 27, 2024

GEOS FIRST QUARTER 2024 REPORT

GEOS FIRST QUARTER 2024 REPORT

Ålesund 27.06.2024

See attached the first quarter financial report for Golden Energy Offshore Services ASA.(GEOS)

Commercial highlights have been:

• In Q1 2024, GEOS had revenues of NOK 74 million compared with NOK 31 million same quarter last year, which is an 139% increase.

• EBIDTA and adj. EBITDA of NOK 2.9 million for Q1 2024, compared with adj. EBITDA -1.5 million in Q1 2023.

• All new vessels acquired at the end of 2023 have been successfully in operation during the period, and independent shipbrokers reflect an estimated improvement of the value of the Group’s vessels.

• Securing contract extensions and new contracts at attractive rates.

• Backlog of NOK 313 million firm and options of NOK 280 million.

Post reporting date commercial up-date:

For April 2024, GEOS achieved time charter equivalent (TCE) earnings of approximately USD 16 257 per day for the 7 vessels in operation. Fleet utilization was 89.%

For May 2024, GEOS achieved time charter equivalent (TCE) earnings of approximately USD 25 192 per day for the 7 vessels in operation. Fleet utilization was 94.%

April was still slow in the spot marked (with one vessel at Yard for planned maintenance), but we are starting to see effect of the contract entered earlier in Q1, with also the vessels Energy Swan and Energy Empress having maintained 100% utilization on their respective contracts. In May the group had one vessel at yard for about 16 days completing the 5-year DD/SS whilst rest of fleet maintain good utilization and rates.

Per Ivar Fagervoll, CEO, has stated:

“Looking ahead, our prospects have never been better. With a modern attractive fleet, increasing secondhand values, and reducing LTV, we are well-capitalized. We are well positioned to seize new opportunities and drive our strategic objectives. We will continue to focus on operational excellence, innovation, and customer satisfaction, which are the cornerstones of our success. As a natural part of our journey, the Company is exploring the possibility of an uplisting to Oslo Børs. We have so far converted to ASA and completed a reverse split of the share, along with other regulatory preparations.”

For further information please contact.

Per Ivar Fagervoll

CEO

email pif@geoff.no

Phone +47 97428884