GEOS - FOURTH QUARTER 2022 REPORT

20 Feb 2023 22:11 CET

Ålesund 20.02.2023

See attached the third quarter financial report for Golden Energy Offshore
Services AS.

The Group’s revenues for the 4th quarter of 2022 were TNOK 25 533, mainly
originating from operations in the North Sea and Caribbean.

None of the Group’s four vessels have been laid up during the period, compared
with one in lay-up during the same period 2021, and the fleet achieved 70,5%
utilization throughout 4Q-2022 on market levels. The main reason for low
utilization is related to an unfortunate event of Energy Duchess being hit
whilst she was moored alongside in port of Aberdeen UK – causing 24 days at
shipyard for repair and off-hire. This led to loss of revenues, and a claim has
been issued.

The operating result before depreciation amounted for the 4th quarter were TNOK
-18 366, excluding any potential insurance settlement related to the Energy
Duchess, but including TNOK 2 318 in activation of direct service and repair
cost related to the allision.

Although the activity level for PSVs in the North Sea has been low throughout Q4
2022 with low utilization levels, extension and long-term tenders have been
concluded at attractive rate levels and we expect continued tightening of the
supply and demand balance going forward.

The spot market was volatile with acceptable day rates in the beginning of the
quarter, softening somewhat towards the end as vessel availability increased
significantly towards year end. However - the seasonal volatility in the spot
market has little impact on our forward-looking view on this segment. The
fundamental activity drivers for this segment are robust and we foresee a
healthy market going forward on the background of expected high demand from
increased activity levels and limited supply from a historically low fleet to
order book ratio.

The Group therefore expects that the vessels will continue attracting higher
charter revenue in its operations. The Group also see improved values and
expects that the market value of the Group’s vessels will continue to improve
correspondingly.

The Group is continuing its focus on environmentally friendly operations through
energy efficiency programs and other measures. These are important factors in
the competitive market.

Post reporting Group report subsequent events;

• Energy Scout delivered to new Owners in January 2023
• Tranche C – working Capital MUSD 5 facility repaid in full in January 2023


For further information please contact.

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

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583020_GEOS - Q4 2022 .pdf