Golden Energy Offshore Services

M&A Activity • Mar 1, 2022

Fleet update - Secure term contracts

Fleet update - Secure term contracts

GOLDEN ENERGY OFFSHORE SERVICES AS has secured term contract for the vessels with first class international operators.

ENERGY EMPRESS

Vessel are fixed and firm to first class international operators to conduct environmental monitoring activities and sampling, which include, but are not limited to geomorphological, chemical, physical, and biological analyses. Vessel has been trading North sea spot market, with busy Q4-21 and somewhat slower market so far in Q1TD-22. For the new contract mobilization and de-mobilization of top side equipment will take place in Norway and operation offshore Ghana. Contract has commenced.

Period is 100 days firm plus options – Contract are on today’s market terms.

ENERGY DUCHESS

GEOS has secured a contract to first class international operator in direct continuation from present contract. Vessel has since reactivation in June-21(ref notice 17 June 2021) maintain very high utilization and through Q3-21 and Q1TD-22 maintain 100% utilization. Vessel are presently completing a job at Trinidad & Tobago / USGOM and will be redelivered to Owners in Esbjerg in time to commence her new contract. New contract period are firm for 150 days plus options on today’s market terms.

ENERGY SWAN

Energy Swan entered it’s long term contract 1st November 21 (Ref notice 17 September 2021) and performing good and her large capacities and capabilities are optimal utilized throughout. GEOS completed installation of shore power connections to facilitate use as per IEC PAS 80005-3 and system has been in regular use since commencement of contract.

Contract remain same and as announced 17 September 2021 and duration is 12 months firm, in addition Repsol Norge AS have options to use the vessel for a total additional period up to 12 months and if options are used, GEOS are secured full utilization on the vessel until end of 2023.

We are pleased to announce the new contract awards - which along with the existing secure 100% utilization of the active vessels through remaining of Q1-22 and Q2-22, 70% back log for Q3 and 60% Q4 – 22. The firm back log has a consolidated value in excess of NOK 65 million.

Golden Energy Offshore Services continue to pursue possibilities for the vessels and along with company future plans in both O&G and Renewable.

Golden Energy Offshore Services strategy - continuous focus on Green profile – reducing NOX ,CO2 emissions and make vessels more energy effective and environmentally friendly.

For further information please contact:

Per Ivar Fagervoll

CEO

Golden Energy Offshore Services AS

pif@geoff.no

+47 97 42 88 84