Commercial update October 2023

06 Nov 2023 15:09 CET

Ålesund, Norway, November 6 2023

For October 2023, Golden Energy Offshore Services AS (GEOS) achieved time
charter equivalent earnings of approximately USD 19 783 per day for the 4
vessels in operation in the month. Fleet utilization was 96% and downtime was
primarily related to the days from takeover of the new vessel until it was ready
for the market.

GEOS had in October 2023 four PSVs in the market. Energy Passion (the second of
the acquired PX121 was delivered at end of October). Energy Swan is contracted
on term business with Repsol Norway, Energy Empress is contracted on term
business in the Caribbean and Energy Duchess, Energy Paradise and Energy Passion
are trading spot/short term with high utilization.

The market continues to improve in multiple regions and the Energy Duchess,
Energy Paradise and Energy Passion are well positioned to capitalize on several
attractive business opportunities going forward. Energy Paradise is firm into
December 2023 at attractive levels for the time of the year and is well welcomed
into the market sailing under GEOS ownership.

For further information, please contact:

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

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