GEOS Q4 -2025 Financial Statement

26 Mar 2026 08:15 CET

Ålesund, 26 March 2026

Golden Energy Offshore Services ASA (“GEOS” or the “Company”) has announced its
results for the fourth quarter, which ended on 31 December 2025. The fourth
quarter of 2025 marked one of the most challenging periods the offshore supply
(PSV) market has experienced in more than a decade, with sharp reductions in
activity, an oversupplied fleet, and a rapid collapse in day rates. Fleet
utilization fell to 58% in Q4 - 2025 and average day rates declined to
historically low levels. In response, the Company took decisive action to secure
its long-term resilience, including a Private Placement of NOK 320 million and
the commitment to a near-term sale of minimum two vessels, subject to market
conditions and to right-size the fleet to current market conditions.

Key Highlights for the Fourth Quarter 2025;
• In Q4 2025, GEOS had freight revenues of NOK 43.9 million compared with NOK
172.9 million in the
same quarter last year, a 74.6% decrease.
• For the year 2025, GEOS had total revenues of NOK 369.8 million compared with
NOK 513.0 million in
2024, a 27.9% decrease.
• EBITDA of NOK (60.9) million for Q4 2025, compared with NOK 98.8 million in Q4
2024, a decrease of
NOK 159.8 million.
• For the year 2025, EBITDA of NOK 31.5 million, compared with NOK 214.9 million
in 2024, a decrease
of NOK 183.4 million.
• Average fleet utilization of 58% in Q4 2025, compared with 97% in Q4 2024,
with average TCE of
NOK 72.6 thousand per day, down from NOK 265.4 thousand in Q4 2024.
• On 12 December 2025, the Company placed a Private Placement for NOK 320
million and announced a
contemplated subsequent offering for raising of up to NOK 45 million to
strengthen the Company's
liquidity and financial position.
• Backlog on publishing date of NOK 55.2 million in firm contracts and NOK 62.7
million including
options.


"The fourth quarter of 2025 marked one of the most challenging periods the
offshore supply market has experienced in more than a decade. Under ordinary
circumstances, with our modern fleet, high utilization track record, and
competitive operating platform, the quarter would have delivered a materially
stronger financial result. Instead, the market downturn weighed heavily on
revenue generation and working capital, requiring decisive and immediate action.

Against this backdrop, GEOS took a series of difficult but necessary steps to
secure the long-term resilience of the Company. During the quarter we began the
process of strengthening the balance sheet through equity issuance, and after
the balance sheet date, the Group has concluded the sale of three vessels,
right-sizing the fleet to the current market conditions. GEOS enters 2026 as a
more financially resilient company. The refinancing is complete and the cost
base is reset.

The Company, following the resolutions taken during Q4 2025 and implemented in
early 2026, maintains a robust balance sheet, ensuring sufficient liquidity to
withstand a prolonged market downturn should it occur. In addition, the net
proceeds from the three vessel sales provide the Company with flexibility to
return capital to shareholders, subject to resolution by the Board of Directors.

Looking ahead, while we anticipate continued volatility through the winter, we
remain encouraged by the forward indicators we observe. Tendering activity is
gradually improving, operator spending plans for 2026-2027 remain intact, and
the structural supply side of the PSV market continues to tighten as older
vessels exit service. Our vision remains unchanged: to operate the youngest and
most energy efficient PSV fleet in the North Sea, delivering high quality
services to top tier clients while creating long-term value for our
shareholders."

Subsequent events to reporting date;
- The Company, as reported on 12 December 2025, successfully received
commitments for an equity
capital injection of NOK 320 million by way of issuance of 40,000,000
new shares at a fixed price
per share of NOK 8.00 in a private placement. The issuance of the shares
was resolved in an
extraordinary general meeting on 29 December 2025. The injection of
equity was made after the
balance sheet date. On 12 December 2025 the ompany also announced its
intention to carry out a
subsequent repair offering, which the Company expects to launch during
Q2 2026, subject to market
conditions.
- Completed the sale of MPSV Energy Empress for a gross sales price of USD 30
million
(approximately NOK 300 million), resulting in a booked gain of
approximately USD 11.6 million
- Completed the sale of PSV Energy Partner for a gross sales price of USD 27.25
million
(approximately NOK 265 million), resulting in a booked gain of
approximately USD 1.8 million
- Signed binding sales agreement for PSV Energy Passion for a gross sales price
of USD 28 million
(approximately NOK 269 million), resulting in an expected booked gain of
approximately
USD 5.4 million, with expected completion 31 March 2026
- On 7 January 2026 the share capital reduction and the share capital increase
pertaining to
the Private Placement of NOK 320 million were registered with the
Norwegian Register of
Business Enterprises, and the contribution in cash was received in full
by the Company.

"I would like to thank our employees, shareholders, lenders, and partners for
their continued trust and commitment throughout this demanding period. Despite
the headwinds of the past months, our strategic vision is intact and the work
undertaken in 2025 and the asset sales in Q1 - 2026 ensures that GEOS is
well-positioned to benefit from the next upturn" CEO Per Ivar Fagervoll
comments.

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.

***
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. This stock exchange
announcement was published by Per Ivar Fagervoll, CEO, on 26 March 2026, at
08:15 (CET).

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669374_Golden Energy Offshore Services interim report - Q4 2025.pdf