Golden Energy Offshore Services

Major Shareholding Notification • Apr 23, 2024

Blue Ocean Enters Agreement to Acquire 39% Stake in Golden Energy Offshore Services from Oaktree

Blue Ocean Enters Agreement to Acquire 39% Stake in Golden Energy Offshore Services from Oaktree

Ålesund 23.04.2024

Blue Ocean GEOS MI LLC (“Blue Ocean”) has entered into a binding share purchase agreement (“the Transaction”) to acquire 195,796,161 shares of Golden Energy Offshore Services AS (“GEOS”) common stock, representing 39.03% of the issued share capital, from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), for a total consideration of USD 39,500,000. The Transaction is expected to be completed by 16 May 2024. Upon completion of the Transaction, Blue Ocean will become the largest shareholder of GEOS.

Per-Ivar Fagervoll, CEO of GEOS commented: “In a short time, GEOS has become a modern offshore company, with a young and environmentally friendly fleet. Together with Blue Ocean and our other shareholders, we will build on the foundation that has been laid with our partners at Oaktree to drive further value creation.

Oaktree has been a lender to GEOS since July 2022 and an equity owner since August 2023, becoming the largest shareholder of the company. GEOS has undergone transformational growth during this period, acquiring four sister platform supply vessels (“PSVs”) and doubling its fleet size.

Fredrik Ulstein, Senior Vice President at Oaktree and Chairman of GEOS, commented:

“Since partnering with GEOS in July 2022, we have worked closely with management to revitalize the company and solidify its position as a preferred owner and operator of high-specification PSVs. With its strong fleet, robust customer base, and solid financial foundation, GEOS is now well-positioned to capitalize on market opportunities and generate sustainable returns for its shareholders. We thank management and the Board for their strong partnership and look forward to continuing supporting the company as a lender.”

For further information, please contact:

Per Ivar Fagervoll

pif@geoff.no

Mobile: + 47 974 28 884