Golden Energy Offshore Services

Share Issue/Capital Change • Aug 8, 2022

ISSUANCE OF SHARES TO BOARD MEMBERS AND MANDATORY NOTIFICATION OF TRADE

ISSUANCE OF SHARES TO BOARD MEMBERS AND MANDATORY NOTIFICATION OF TRADE

Ålesund, 8 August 2022

Golden Energy Offshore Services (ticker: GEOS) (the “Company”) refers to (i) the notice made 27 July 2022 announcing the completion of the refinancing of the Company and the group, and (ii) to the annual general meeting on 10 June 2022 resolving to grant an additional remuneration to the board of directors of the Company which was conditional upon completion of a successful refinancing.

As the refinancing now is completed, the additional remuneration has become payable to the board of directors. As set out in the resolution from the annual general meeting, the board of directors must use the additional remuneration to subscribe for shares in the Company.

In order to facilitate this, the board of directors have resolved to issue 2,600,000 new shares in the company to be subscribed for by the individual directors. The subscription price has been set to NOK 1 as presupposed by the general meeting resolution. The issuance is done through utilizing the power of attorney held by the board of directors (cf. the resolution at the extraordinary general meeting of 19 April 2022).

Attached is the board resolution for the issuance of the new shares, which have all been subscribed for.

Primary insider, director and CEO Per Ivar Fagervoll has applied for and will be allocated 2,000,000 shares at the subscription price of NOK 1 per share. Following completion Per Ivar Fagervoll will own 3,773,332 shares representing 7.02% of the total new share capital. In addition Fagervoll also indirectly owns 0.37% of the Company through his ownership in Golden Energy Offshore Management AS.

Primary insider, director and Chair of the board Sten Gustafson has applied for and will be allocated 350,000 shares at the subscription price of NOK 1 per share. Following completion Sten Gustafson will own 350,000 shares representing approx. 0.65% of the total new share capital.

Primary insider and director Morten Muggerud has applied for and will be allocated 250,000 shares at the subscription price of NOK 1 per share. Following completion Morten Muggerud will own 250,000 shares representing approx.0.46% of the total new share capital.

Following registration of the share capital increase in the Norwegian Register of Business Enterprises the Company’s share capital will be NOK 53,773,762 divided by 53,773,762 shares each at the nominal amount of NOK 1.

Please see attached notification forms in accordance with the Market Abuse Regulation article 19.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

For further information contact:

Per Ivar Fagervoll

pif@geoff.no

mobile + 47 974 28 884