Golden Energy Offshore Services

Share Issue/Capital Change • Mar 18, 2022

Completion of Private Placement and Issuance of new Shares

Completion of Private Placement and Issuance of new Shares

Reference is made to the announcement made by Golden Energy Offshore Services AS (the “Company”) on 9 March 2022 regarding a contemplated private placement in the Company (the “Announcement”).

The sales period for the Offer Shares (as defined in the Announcement) has now ended, and the Company has successfully sold 5,500,000 shares and received net proceeds of NOK 7,484,186.

In order to settle the share lending agreement entered into for the purpose of the private placement, the board of directors of the Company has resolved to increase the Company's share capital with NOK 5,500,000, by the issuance of 5,500,000 new shares, each with a par value of NOK 1, pursuant to the authorization granted by the Company's general meeting held on 17 March 2021. The new shares are issued at a price of approx. NOK 1.36, giving a total share consideration of NOK 7,484,186, which equals the average price received through the sale of the borrowed shares, and the new shares are issued to the share lenders under the share lending agreement.

Following the registration of this share capital increase in the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 51,173,762 consisting of 51,173,762 ordinary shares each with a par value of NOK 1.

For more information, please contact:

Per Ivar Fagervoll

CEO

Golden Energy Offshore

pif@geoff.no

+47 97 42 88 84