Ålesund, 27 May 2025
Golden Energy Offshore Services ASA (“GEOS” or the “Company”) has announced its results for
the first quarter, which ended on 31 March 2025. The first quarter of 2025 was marked by
increased revenues for the Company due to both the expansion of its fleet and solid chartering
strategy with high vs marked day rates and utilization. GEOS has a strong backlog of charter
commitments, maintaining values for offshore charter rates, and moderate leverage on the Company’s
balance sheet.
Key Highlights for the First Quarter 2025;
• In Q1 2025, GEOS reported revenues of NOK 111.1 million, a 50.0% increase compared to NOK 74.1 million
in the same quarter last year.
• EBITDA was NOK 30.3 million in Q1 2025, compared to NOK 2.9 million in Q1 2024, representing an
increase of NOK 27.3 million.
• Weakening USD compared to NOK has had a positive effect on profits.
• Despite a challenging market in the North Sea based on seasonality during the quarter, utilization of
the Group’s fleet was 97%.
• Discussions to refinance the Group, including the SLB Facility, are ongoing and at an advanced stage.
• Backlog on publishing date of NOK 276.6 million in firm contracts, totaling NOK 520.8 million including
options.
"GEOS remains committed to its strategy, which continued to deliver strong results during the quarter, further reinforcing the Group’s strong position as a supplier of quality tonnage to Tier 1 clients. The fleet’s utilization in the quarter was again solid with the Group’s fleet contracted at very attractive day rates compared to the overall spot market. The spot marked throughout the quarter remained slow, but despite this we extended and secured new contracts at competitive rates, which will ensure high operational activity during 2025 well into 2026.
We have continued to work on obtaining a refinancing for our borrowings, with discussions being at an advanced stage. The potential refinancing will mark an important step for the Group offering improved terms, a favorable amortization profile, and interest rates aligned with current market conditions and the Group’s risk profile.
Our vision for growth and success remains firm. Going forward, GEOS is well-positioned to leverage new opportunities in 2025." CEO Per Ivar Fagervoll comments.
About GEOS
GEOS is an offshore service company based in Ålesund, Norway. The Company
operates supply vessels to the offshore industry. The Company fleet is used
within the Oil & Gas and Renewable Offshore industry. The Company is listed on
Euronext Growth in Oslo Stock Exchange under the ticker “GEOS”. To learn more,
please visit www.geoff.no/investors-geos.
Contact
For further information, please contact:
Per Ivar Fagervoll,
Chief Executive Officer
+47 97 42 88 84
pif@geoff.no
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Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.