Golden Energy Offshore Services

Regulatory Filings • May 18, 2022

Golden Energy Offshore partner with Gen2 Energy to explore the use and availability of hydrogen-based fuel.

The Norway-based vessel owner and operator Golden Energy Offshore Services AS (Golden Energy Offshore) and the Norway-based hydrogen company Gen2 Energy AS (Gen2 Energy) have entered a Letter of Intent for mutual exchange of experience and information regarding use of possible hydrogen-based fuel types for various types of vessels in Golden Energy Offshore's fleet and identification of suitable locations for availability of the alternative hydrogen-based fuel types.

- "We hope that Golden Energy Offshore and Gen2 Energy together can find zero-emissions solutions that are attractive to our customers and capable of being implemented both on existing vessels in the fleet and newbuilds. The markets we are serving are increasingly demanding the most environmentally friendly solutions as using hydrogen including methanol and ammonia. Teaming up with Gen2 Energy may enable us to provide solutions even beyond our high green standard.", says Per Ivar Fagervoll CEO in Golden Energy Offshore.

Golden Energy Offshore is actively pursuing environmentally friendly solutions and has a green profile. For over many years the company has been certified in ISO 50001 Energy Management, ISO 9001 Quality Management, ISO 14001 Environmental Management and OHSAS 18001 (ISO 45001) Health and Safety Management.

• "The signing of this letter of intent marks another step in Golden Energy Offshore's communicated strategy towards the green-shift. We have defined Sustainability Development Goals and the work we will now commence together with Gen2 Energy is a next step in the same direction", says Per Ivar Fagervoll.

Gen2 Energy has a clear scope of producing green hydrogen suitable for maritime use, and to be part of a process of establishing the needed bunkering infrastructure for fuelling all type of vessels with green hydrogen. The maritime sector is a growing and promising market for green hydrogen products and Gen2 Energy is well positioned to supply this market with green hydrogen as fuel.

• "The positive dialogue and collaboration with Golden Energy Offshore confirms the strong interest in finding solutions for using green hydrogen as fuel in maritime transport. We believe hydrogen for maritime application is a fuel for the future, as it can both reduce CO2 emissions significantly and it could be provided at cost competitive levels against fossil-based fuel", says Jonas Meyer, CEO in Gen2 Energy.

For more information, please contact:

Gen2 Energy AS

Jonas Meyer, CEO, +47 928 58 525, jonas.meyer@gen2energy.com Svein-Erik Figved, Head of Public Affairs, +47 982 21 007, svein-erik.figved@gen2energy.no

Golden Energy Offshore Services AS

Per Ivar Fagervoll, CEO, +47 974 28 884, pif@geoff.no

About Golden Energy Offshore

Golden Energy Offshore Services AS was established in 1929 and operates a fleet of four vessels and are actively pursuing opportunities for growing the fleet. Golden Energy Offshore operates in accordance with highest standards which also include SEEMP and CEEMP energy efficiency plans. For more information, please visit https://www.geoff.no/

About Gen2 Energy

Gen2 Energy is a Norwegian company dedicated to develop, build, own and operate an integrated value chain for green hydrogen. The company target to have several large-scale production facilities for green hydrogen located in Norway and Northern-Europe as well as a distribution network ensuring customers safe and reliable delivery. We also aim to use low/zero emission fuel in our distribution system, taking a wholistic view on the environmental footprint of the hydrogen value chain. For more information, please visit www.gen2energy.com