GEOS FORTH QUARTER 2024 REPORT

27 Feb 2025 08:00 CET

Ålesund, 27 February 2025

Golden Energy Offshore Services ASA (“GEOS” or the “Company”) has announced its
results for the fourth quarter, which ended on 31 December 2024. The fourth
quarter of 2024 was marked by increased revenues for the Company due to both the
expansion of its fleet and solid chartering strategy with high vs marked day
rates and utilization. GEOS has a strong backlog of charter commitments,
maintaining values for offshore charter rates, and moderate leverage on the
Company’s balance sheet, in combination with healthy refinancing environment the
Company has the financial capacity to issue a dividend or begin a share buyback
plan in the near future.

Key Highlights for the Fourth Quarter 2024;

• In Q4 2024, GEOS had revenues of NOK 173.9 million compared with NOK 79.5
million in the same quarter last year, 119 % increase.
• For the year 2024, GEOS had revenues of NOK 513.7 million compared with NOK
210.1 million in 2023, 145% increase.
• EBITDA of NOK 103.8 million for Q4 2024, compared with NOK 94.7 million in Q4
2023, which is a NOK 9.1 million increase, 9.6% increase.
• For the year 2024, EBITDA of NOK 219.8 million, compared with NOK 127.1
million in 2023, which is NOK 92.7 million increase equal to 72.9% increase.
• Successfully completed takeover and full technical and commercial management
of 2 x subsea construction vessel, which benefit GEOS as group
• Utilization and TCE for Q4-2024 solid vs general marked, 96,9% utilization and
avg day rate of NOK 265 400.
• Backlog on publishing date of NOK 298 million firm and options of NOK 520
million.


“I am extremely proud of our Company's performance in the fourth quarter of
2024. The significant increase in revenues is a testament to our strategic
decisions, including the expansion of our fleet and our ability to capitalize on
improved market conditions. This success is a result of the hard work and
dedication of our entire team.

Our strong backlog of charter commitments, coupled with good values for offshore
charter rates, positions us well for continued growth and financial stability.
We have carefully managed our leverage, ensuring a balanced approach that allows
us to seize opportunities while maintaining a solid financial foundation. GEOS
has launched a process in Q1 2025 to evaluate options to refinance the SLB
facility with a variety of capital providers.
Looking ahead, we are optimistic about the potential issuance of a dividend or
share buyback plan in the near future. However, we will remain diligent in
assessing our earnings, overall financial situation, and any applicable
restrictions before making any final decisions. Our commitment to responsible
financial management remains unwavering.

Subsequent events to reporting date justify our commitment to financial and
operational stability with;

- Concluded new contract on the Energy Duchess– vessel firm until 1. September
2025 with 1 x 6 months option
- Concluded extension on the Energy Passion– vessel firm until 1. March 2026
with 1 x 12 months option
- Concluded new term on the Energy Paradise or Pace – vessel firm until 16.
April 2026 with 1 x 12 months option
- Completed DD/SS on Energy Pace in February 2025 on time and budget
- Fixed the managed vessel Energy Savanah for 2-year firm contract with 1 year
option – contract has commenced
- Signed RCF Term Sheet with first class international bank.


I want to express my gratitude to our employees, customers, and stakeholders for
their continued support. Together, we will navigate the evolving market dynamics
and strive for sustained success in the offshore supply market” CEO Per Ivar
Fagervoll comments.

About GEOS
GEOS is an offshore service company based in Ålesund, Norway. The Company
operates supply vessels to the offshore industry. The Company fleet is used
within the Oil & Gas and Renewable Offshore industry. The Company is listed on
Euronext Growth in Oslo Stock Exchange under the ticker “GEOS”. To learn more,
please visit www.geoff.no/investors-geos.

Contact
For further information, please contact:
Per Ivar Fagervoll, Chief Executive Officer
+47 97 42 88 84
pif@geoff.no


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Disclosure Requirement
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

639870_GEOS FS - Q4 2024 - 27022025.pdf