Ålesund 28 August 2025
Golder Energy Offshore Services AS (GEOS) report an EBITDA of NOK 39,0 million for the Q2 2025, compared to NOK 58.2 million in Q2 2024, representing a decrease of NOK 19.2 million.
In Q2 2025, the Group achieved time charter equivalent earnings of approximately NOK 196.6 thousand compared with NOK 226.4 thousand in same quarter last year per day for vessels in operation. The change in TCE is partly explained by a more challenging spot market in the North Sea at the end of Q2 2025 compared with a stronger market in the same period last year, and partly by a stronger NOK towards USD.
The Group had a utilization of approximately 96% during Q2 2025 compared to 92% in Q2 2024, significantly above the overall market. The utilization was 93% for the whole year 2024
For the half-year 2025 EBITDA of NOK 69.3 million compared with NOK 61.1 million in the first half of 2024. Revenues in the first half of 2025 (NOK 207.9 million).
“In the second quarter of 2025 the company has entered into an agreement refinancing the interest-bearing debt. This marks a new chapter in the Company's financing outlook, with materially improved future cash flows. I'm also very pleased to report that subsequent the balance-sheet date yet more structural changes have been made which will improve the financial health of the group going forward.
GEOS Group secured financing with significantly improved terms, interest rates and an amortization profile that reflects current market conditions and the Group's risk profile.
Lower financing costs are expected to have positive effect on both the result and cash position of the Group going forward. ” CEO Per Ivar Fagervoll commented.
Despite oversupply in the market that resulted in reduced spot rates, the Company maintained stable operational performance. Fundamental activity drivers for this segment are robust and we foresee a healthy market going forward on the background of expected demand.
The Group is continuing its focus on environmentally friendly operations through energy efficiency programs and other measures.
The fair value of the fleet is consistently well above the book value, which indicates a considerable net asset value discount compared to the current share price. This is expected to continue attracting investors to the Company.
Our vision for growth and success remains firm. GEOS is well-positioned to leverage new opportunities in 2025 and beyond
For further information please contact.
Per Ivar Fagervoll
CEO
email pif@geoff.no
Phone +47 97428884