GEOS 1H-2024 Financial Statement

27 Aug 2024 08:43 CEST

Ålesund 27 August 2024

Golder Energy Offshore Services AS (GEOS) is pleased to report an EBITDA of NOK
58,2 million for the Q2 2024, compared with NOK 15.7 million in Q2 2023, which
is an NOK 42.5 million increase.

For Q2 2024, the company achieved time charter equivalent earnings of
approximately NOK 226 thousand per day for the vessels in operation. Fleet
utilization was 92 %, which is an improvement from 82 % in the first quarter.

For the half-year EBITDA of NOK 61.2 million compared with NOK 17.2 million in
the first half of 2023.
Revenues in the first half of 2024 (NOK 209.9 million) are at the same level as
for total year end 2023 revenues (NOK 210.1 million).

“With the continuous high utilization of the existing GEOS fleet and the
forecast of a continuously strong marked, the vessels fit perfect into our
profile and focus area. With yet an limited order book on this type of assets
and with GEOS at present holding 6x PSV of PX 121 design with an average age of
approx. 7.5 years – the series remain amongst the youngest fleet in the industry
for several years ahead. Despite a slow start to the year, characterized by high
availability and low utilization, we managed to secure good contract coverage
for most part of Q2-2024 and well into Q3 and Q4 - 2024. Most of these contracts
commenced in the second quarter, significantly boosting our operational activity
and financial performance. ” CEO Per Ivar Fagervoll commented.

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 is continuing its focus on environmentally friendly operations through
energy efficiency programs and other measures.


For further information please contact.

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

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626305_GEOS 1H-2024 Financial Statement.pdf