Reporting errors in first half 2022 financial report

24 Nov 2022 16:31 CET

Ålesund 24.11.2022

Golden Energy Offshore Services AS (the Company) reported its first half 2022
financial report on 30 September 2022, ref. separate announcement on the same
day.

The Company has discovered that the reported numbers contained certain errors
which mainly relate to the utilization of an incorrect NOK/USD exchange rate.
The Company refers to the attached letter from its accountant (Azets Insight AS)
explaining the situation. As explained therein, the booked equity of the Company
was NOK 59,459,895 lower than reported (ref. more specifically also note 2 to
the report). However, as documented in the Q3 2022 report published in a
separate announcement today, a reversal of previous impairments on the Company’s
vessels has amongst other things given a positive effect on the booked equity
which now is NOK 116,343,000.

Following these errors, management and the board of directors has initiated
additional control procedures to strengthen internal control over financial
reporting.

For further information please contact

Per Ivar Fagervoll
CEO
email pif@geoff.no
Phone +47 97428884

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576677_221124-comments corrections in FS 300622.pdf