Golden Energy Offshore Services

Earnings Release • May 16, 2024

GEOS Company Presentation

- DRAFT VERSION -

Annual general meeting 16 May 2024

Company highlights

Attractive market fundamentals in offshore supply – GEOS is well positioned to capitalize on a strong and improving market

Fleet acquisition of 4x PSVs in 2023 at attractive price and timing to leverage the exposure to oil & gas and offshore wind sectors

One of the most modern fleet of PSVs – flexible Norwegian design, upgradable for work in subsea IMR, survey and offshore wind W2W. Pursuing several market possibilities for growth in Subsea, W2W, CLV segments.

Strong track record of working with Tier 1 clients operating safely with high utilization throughout the cycle

Solid listed platform backed by strong strategic owners, enabling GEOS to pursue further growth and/or capital returns

Golden Energy Offshore Services present

Well positioned owner with a strong track record

• GEOS was founded in 1929 as Ugelstad Shipping, and entered the offshore market in 1974
• Admitted to trading on Euronext Growth Oslo in 2018 and on OTCQB in the US in 2022.
• Fully integrated company with in-house commercial and technical management

Sailing fleet

Energy Duchess	Energy Empress	Energy Swan	Energy Paradise	Energy Passion
PSV Built: 2019 Deck: 850m2	PSV Built: 2019 Deck: 850m2	PSV Built: 2005 Deck: 1,041m2	PSV Built: 2015 Deck: 850m2	PSV Built: 2016 Deck: 850m2
Energy Partner	Energy Pace
PSV Built: 2015 Deck: 850m2	PSV Built: 2015 Deck: 850m2

Creating a strong player in an improving market

GEOS owns one of the most modern fleets of MSPV's

A pure play OSV owner with strong heritage

• Pure play exposure to one of the most modern fleets of OSVs with solid track record working with tier 1 clients
• The company owns 6x vessels of identical design positively impacting chartering flexibility and OPEX
• The company was recapitalized in July 2022
• Since then, the company has sold non-core assets and cleaned up the balance sheet
• The new structure has reshaped GEOS and the company is now rigged for future growth
• Planned uplisting to Oslo Børs
• On 23 April 2024, the Company announced that Blue Ocean GEOS MI LLC ("Blue Ocean") had entered into a binding share purchase agreement to acquire 195,796,161 shares in the Company from Oaktree, for a total consideration of USD 39,500,000 (the "SPA"). Following the completion of the SPA, Blue Ocean will be the Company's largest shareholder, holding shares representing approximately 39.03% of the Company's issued share capital.

One of the most modern fleets in the market¹

GEOS –Annual Results for 2023

Appendix

Executive summary – Key highlights

Financial highlights – 2023

Average TCE Earnings/day NOK 187 300 (17 570 USD)	EBITDA NOK 127,1m 11.92 USDm	Firm Backlog NOK 314m 28,8 USDm
Net Debt	NAV	Optional Backlog
NOK 964,1	NOK 825m	NOK 280m
87.88 USDm	78.6 USDm	25,7 USDm

Main Events

• For 2023, the company achieved time charter equivalent earnings of approximately NOK 0.19 million per day for the vessels in operation. Fleet utilization was 97%.
• Revenues of NOK 210 million compared with NOK 141 million last year, which is an 49% increase from last year.
• Profit before tax increased from negative NOK 58 million in 2022 to negative NOK 8,5 million in 2023, with the last quarter of NOK 44 million positive.
• Building solid backlog Revenue pipeline of firm NOK 314 million and options in excess of NOK 280 million.
• Successfully completed private placement and raised NOK 386 million.
• The Fleetscape senior loan was settled through repayment and debt to equity conversion, and in connection with the fleet acquisition from Vroon Holding B.V. new financing was issued by Fleetscape.
• Acquired the vessels VOS Passion, Pace, Partner, Partner and Sugar.
• Acquired and Sold the vessel VOS Sugar in December and sold Energy Scout in January.
• Research coverage initiation of two Nordic investment banks at least two more to follow

Commentary

Strategy

▪ Increase presence in the Offshore Energy Market across O&G and Renewable by pursuing attractive opportunities within PSV, AHTS; (C)SOV and OCV

Market outlook

• Commercial Update
• As we heading towards end of March it seems like we are pretty sold out for term work apart from Duchess which are in prime position to take benefit of the tight marked on Norwegian side, but also in other segments area such as OWF work.
• Looking ahead: Promising outlook, supported by increasingly tight market
• ESG – Available on Company Website
• Golden Energy Offshore Services is committed to the protection of the environment and place high priority on environmental considerations in managing its business. We support initiatives that promote environmental responsibility. In addition to complying with environmental legislation, we will strive to do more where it makes sense, recognizing that individual contributions make a difference.
• We commit to energy management and define goals for reducing fuel oil consumption, give high focus on Green Operations, Sustainability and be in the front seat when developing and testing new technology. How well we manage to reach our goals is thoroughly proven. We have a high focus on how our environmental footprint can be reduced, and how our operations can be optimized to contribute to the United Nations sustainability goals.

6

Create shareholder returns on future development in the offshore sector

Positioned to meet current and future demand in the Offshore Oil & Gas and Offshore Wind space

	Growth phase	Integration phase	Monetising phase
s e u Val et s As e / ycl C ore h Offs	▪ Recapitalize company with new financial partner ▪ Seek accretive fleet additions (second-hand acquisitions / M&A) and explore newbuilding opportunities ▪ Integrate management company in listed entity	▪ Take advantage of cyclical upturn in offshore oil & gas – securing backlog ▪ Increasing focus on offshore wind – adapt to global energy transition ▪ Increasing focus on offshore subsea – adapt to global energy transition ▪ Actively utilize the listed platform for further growth and optimize capital structure	▪ Maximize share price and equity returns 1. Distribution of excess cash flows 2. Actively pursue M&A transactions 3. Continue growth 4. Uplisting to Oslo main listing Today

GEOS operational leverage in tightening market – almost sold out Q2-Q3

Current employment overview

Chartering Status GEOS Fleet - present and future Updated Year 2024 2025 2026 Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Month jan feb mar apr mai jun jul aug sep okt nov des jan feb mar apr mai jun jul aug sep okt nov des jan feb mar Vessel Name Charteres Energy Swan Repsol N Energy Duchess Equinor N - spot Energy Empress Delta / BP Energy Pace Spot/Shell Uk Energy Paradise Ineos DK/Total Energy Partner Spot Energy Passion TEPUK

Firm Opt

Spot Note - This is status as per 16.05.2024 - dynamic sheet.