Market and Operational Update Q1 2026

29 May 2026 08:20 CEST

Ålesund 29.05.2026

Golden Energy Offshore Services ASA (“GEOS” or the “Company”) has announced its
Market and Operation Update for the first quarter of 2026.

Key Highlights for the First Quarter 2026

1. The Company completed three vessel sales during the quarter at strong prices,
reflecting the value of GEOS's modern PSV fleet.
2. The Company's financial position was strengthened through the quarter, with
reduced net interest-bearing debt, a stronger cash position and a higher equity
ratio compared to year-end 2025, supported by the NOK 320 million Private
Placement settled in January and the net proceeds from the vessel sales.
3. The North Sea market improved through the quarter and into April 2026, with
fleet utilisation increasing to approximately 98% and average TCE rising to
approximately USD 19,000 per day in April, giving the Company a strong start to
the second quarter.

Subsequent Events to Reporting Date

1. On 27 April 2026, the repair offering was registered, comprising 5,625,000
new shares at NOK 8.00 per share (gross proceeds NOK 45 million). Following the
offering, the Company's share capital comprises 70,709,494 ordinary shares.
2. On 19 May 2026, the Board of Directors proposed a capital reduction by
reducing the par value of each share from NOK 8.00 to NOK 1.00, comprising a
cash distribution of NOK 4.00 per share and the transfer of the remaining amount
to other paid-in equity. The proposal is subject to approval at the annual
general meeting expected on or about 3 June 2026 and to the statutory creditor
notice period, with payment expected during July 2026.
3. Energy Paradise has been extended on its current contract for one additional
firm well, expected to last until the beginning of September 2026. The charterer
also holds options for two additional wells.

Change in reporting practice
Effective from and including the first quarter 2026, the Company is implementing
a change to its reporting practice. Full IAS 34 interim reporting for the first
and third quarters is replaced with simplified market and operational updates.
The Company will continue to prepare and publish full half-year and annual
reports under IFRS. The change is consistent with the requirements applicable to
issuers listed on Euronext Growth Oslo.

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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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 29 May 2026, at 08:20
(CEST).

More information:
Access the news on Oslo Bors NewsWeb site

674867_GEOS - Market and Operational Update for the First Quarter of 2026.pdf