Golden Energy Offshore Services

Regulatory Filings • Aug 11, 2022

New long-term contract and commercial update

New long-term contract and commercial update

Ålesund, 11 August 2022:

Golden Energy Offshore Services AS (“GEOS” / the “Company”) is very pleased to inform that it has entered into a new long-term time charter contract for the vessel Energy Empress or Energy Duchess with a first-class reputable Oil & Gas operator for an offshore drilling campaign in the Caribbean.

The contract is based on Bimco Supplytime 2017 and has a firm period of 12 months with two options for six months each.

The day rate in the firm period is on acceptable market level. Gross value of the contract is approx. MUSD 7.9 with an EBITDA margin of 64% for the Company the first firm year and approx. MUSD 8.2 for second year if the options are utilized.

Commencement will be as soon as one of the two vessels come off from its present contractual commitments, which will be at the end of September 2022 –more or less in direct continuation of current employment.

GEOS has enjoyed a good second quarter, with high utilization and increasing rates. So far, it has achieved 100 per cent utilization on the fleet in third quarter, at attractive rates.

The Company is very pleased with having one vessel (Energy Empress/Energy Duchess) chartered out on a long-term basis to a first-class charterer. The time-charter generates stable source of income at attractive rates for the Company, and allows more flexibility in terms of chartering strategy for the remaining vessels in the fleet.

For further Information please contact:

Per Ivar Fagervoll

pif@geoff.no

mobile + 47 974 28 884