Market and Operational Update Q1 2026
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).