GEOS FIRST QUARTER 2024 REPORT

27 Jun 2024 21:25 CEST

Ålesund 27.06.2024

See attached the first quarter financial report for Golden Energy Offshore
Services ASA.(GEOS)

Commercial highlights have been:

• In Q1 2024, GEOS had revenues of NOK 74 million compared with NOK 31 million
same quarter last year, which is an 139% increase.
• EBIDTA and adj. EBITDA of NOK 2.9 million for Q1 2024, compared with adj.
EBITDA -1.5 million in Q1 2023.
• All new vessels acquired at the end of 2023 have been successfully in
operation during the period, and independent shipbrokers reflect an estimated
improvement of the value of the Group’s vessels.
• Securing contract extensions and new contracts at attractive rates.
• Backlog of NOK 313 million firm and options of NOK 280 million.

Post reporting date commercial up-date:

For April 2024, GEOS achieved time charter equivalent (TCE) earnings of
approximately USD 16 257 per day for the 7 vessels in operation. Fleet
utilization was 89.%

For May 2024, GEOS achieved time charter equivalent (TCE) earnings of
approximately USD 25 192 per day for the 7 vessels in operation. Fleet
utilization was 94.%

April was still slow in the spot marked (with one vessel at Yard for planned
maintenance), but we are starting to see effect of the contract entered earlier
in Q1, with also the vessels Energy Swan and Energy Empress having maintained
100% utilization on their respective contracts. In May the group had one vessel
at yard for about 16 days completing the 5-year DD/SS whilst rest of fleet
maintain good utilization and rates.

Per Ivar Fagervoll, CEO, has stated:

“Looking ahead, our prospects have never been better. With a modern attractive
fleet, increasing secondhand values, and reducing LTV, we are well-capitalized.
We are well positioned to seize new opportunities and drive our strategic
objectives. We will continue to focus on operational excellence, innovation, and
customer satisfaction, which are the cornerstones of our success. As a natural
part of our journey, the Company is exploring the possibility of an uplisting to
Oslo Børs. We have so far converted to ASA and completed a reverse split of the
share, along with other regulatory preparations.”

For further information please contact.

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

More information:
Access the news on Oslo Bors NewsWeb site

622602_GEOS Q1 2024_27062024.pdf