GEOS Q4 -2025 Financial Statement

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).