GEOS Q3 -2025 Financial Statement

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.