GEOS Q3 -2025 Financial Statement

20 Nov 2025 22:30 CET

Ålesund 20 November 2025

In the third quarter of 2025, Golder Energy Offshore Services ASA (GEOS) has
drawn the remaining USD 10 million under the loan agreement with Neptune
Maritime Leasing Ltd. (SLB Neptune) for the vessel Energy Swan.

The Company also settled the senior secured bond loan where vessel Energy Swan
was pledged as security. This marks the completion of a successful refinancing
of the Company's debt structure, providing significant long-term benefits to our
financial performance.

All vessels in the fleet are now under full in-house management.

Despite an oversupplied market and large drop in demand resulting sharp decline
in spot rates and across the medium and long term, the Company delivered robust
and stable performance, as reflected in our EBITDA for the quarter.

Finance costs have remained high in recent periods. However, with the recent
refinancing completed, our break-even level has been reduced by $3,500/day as a
result of the refinancing. The refinancing and the transition to full in-house
vessel management is also expected to deliver further improvements through
reduced operating expenses and enhanced operational quality.

GEOS anticipates a challenging winter season, but we remain optimistic about the
underlying market sentiment. We expect this to positively influence performance
going forward and contribute to stronger future results.

The fair value of the fleet continues to exceed book value by a considerable
margin. The share price therefore represents a large discount to the fleet’s net
asset value. In the short term, the current environment of low day rates has
reduced the Company’s working capital. To address this issue, a funding
arrangement in the amount of USD 1.9 million was provided in November 2019 by an
affiliate of the Company’s largest shareholder. The Board of Directors and
management is working on various alternatives to further improve the liquidity
position of the group in light of the softer charter market.

Our vision for growth and success remains clear. By operating the youngest and
most efficient fleet in the North Sea, we believe GEOS remains well-positioned
to prosper going forward.
Best Regards,

For further information please contact.

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

ABOUT
Golden Energy Offshore Services ASA (the “Company”, together with its
consolidated subsidiaries “the Group”) is an offshore service company based in
Ålesund, Norway. The company operates supply vessels to the offshore industry.
The Group’s fleet is used within the Oil & Gas and Renewable Offshore industry.
The Company is listed on Euronext Growth Oslo in Oslo Stock Exchange under the
ticker 'GEOS'. For more information, please visit
https://www.geoff.no/investors-geos.

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660251_Golden Energy Offshore Services interim report - Q3 - 2025.pdf