Golden Energy Offshore Services Asa · OSL:GEOS
Golden Energy Offshore Services Asa — Investor Presentation (December 2025)
51 slides from Golden Energy Offshore Services Asa's investor presentation, Dec 12, 2025
Slide 1: Golden Energy Offshore Services ASA
Golden Energy Offshore Services ASA Company presentation – 12 December 2025
Slide 2: Disclaimer and important information
Disclaimer and important information IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STAT
Slide 3: Summary of risk factors (I/II)
Summary of risk factors (I/II) SUMMARY RISK FACTORS The Group is exposed to numerous risk factors, and an investment in the securities of the Company involves inherent and significant risks, which, if they were to materialise, individually or together with other circumstances, may materially and adv
Slide 4: Summary of risk factors (II/II)
Summary of risk factors (II/II) Financial risk and risk relating to the Group's financing agreements • The Company may require additional capital for operations, maintenance and acquisitions, with such funding potentially unavailable on attractive terms, forcing asset sales or debt restructuring. •
Slide 5: Summary and background
Summary and background OVERVIEW SIMPLIFIED COMPANY STRUCTURE ▪ Golden Energy Offshore Services ASA (“GEOS” or the “Company”) is a Norwegian offshore services company listed on Euronext Growth under the ticker GEOS Golden Energy Offshore Services ASA ▪ The Company owns seven platform supply vessels (
Slide 6: A number of factors have contributed to GEOS' liquidity position becoming constrained
A number of factors have contributed to GEOS’ liquidity position becoming constrained The expensive and steeply amortizing One-off costs related to refinancing and 1 SLB(1) facility has been refinanced 2 advisors 3 Weaker market fundamentals USDm USD (‘000) Margin Daily fixed hire / amort. ~7.5m Ave
Slide 7: Company and fleet overview, financial highlights, market prospects
COMPANY AND FLEET OVERVIEW FINANCIAL HIGHLIGHTS MARKET PROSPECTS RISK FACTORS APPENDIX 7
Slide 8: Golden Energy Offshore Services at a glance
Company overview Golden Energy Offshore Services at a glance SEASONED OWNER WITH IN-HOUSE OPERATIONS SAILING FLEET Energy Duchess Energy Empress Energy Partner Founded in 1929 Euronext Growth Oslo (2018) Originally named Ugelstad Shipping and entered the Later admitted to trading on OTCQB in the US
Slide 9: Overview of GEOS' seven owned vessels
Company overview Overview of GEOS’ seven owned vessels Name Energy Empress Energy Duchess Energy Passion Energy Partner Energy Pace Energy Paradise Energy Swan Multi-Purpose Support Multi-Purpose Support Platform Supply Vessel Platform Supply Vessel Platform Supply Vessel Platform Supply Vessel Plat
Slide 10: A modern fleet capable of both O&G and renewables work
Company overview A modern fleet capable of both O&G and renewables work AVERAGE AGE 5.9 YEARS YOUNGER THAN PEERS(1) KEY FLEET CAPABILITIES Avg. age (yrs) Can seize opportunities and highest rates in oil & gas and/or 15.8 renewable markets 15.0 15.0 Avg. age 14.6 yrs peers 13.3 Versatile design, easi
Slide 11: PX-121 design across six of GEOS' seven vessels
Company overview PX-121 design across six of GEOS’ seven vessels ONE OF THE MOST VERSATILE PSV DESIGNS AVAILABLE IN THE MARKET Versatile design: Suitable for various offshore support roles, including platform supply, anchor handling and subsea construction support Optimized hull design: Enhanced fue
Slide 12: Contract coverage in focus for 2026
Company overview Contract coverage in focus for 2026 Firm Charter options KEY FLEET CAPABILITIES Spot 2025 2026 Deck size Current Vessel Design Built Region Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (m2) Charterer Energy Empress Ulstein PX121 H 850 2019 Aberdeen - Energy Duchess Ulstei
Slide 13: Proven ability to execute on strategic objectives
Company overview Proven ability to execute on strategic objectives • Delivery of newbuildings • Successful placement of • Acquisition of 5x vessels • GEOS completed a USD 95M Energy Empress and Energy NOK 10.5 million followed by from Vroon improving sale-leaseback refinancing, Duchess extension agr
Slide 14: Company and fleet overview, financial highlights, market prospects
COMPANY AND FLEET OVERVIEW FINANCIAL HIGHLIGHTS MARKET PROSPECTS RISK FACTORS APPENDIX 14
Slide 15: Strong growth profile with solid EBITDA margins
Financial highlights Strong growth profile with solid EBITDA margins KEY DEVELOPMENTS IN REVENUE AND EBITDA(1) COMMENTS Revenues EBITDA EBITDA Margin ▪ 2020 - 2022 USDm 47.1 - Revenues grew steadily as vessels were 45.2 gradually reactivated, while EBITDA losses narrowed year-over-year - Margins rem
Slide 16: Dayrates and utilization improved through 2024, but have softened in 2025
Financial highlights Dayrates and utilization improved through 2024, but have softened in 2025 AVERAGE DAILY TCE(1,2) AND UTILIZATION Q1 2023 – Q3 2025 COMMENTS Average daily time-charter equivalents (TCEs) Ulilization ▪ 2023 USD (‘000) 99% - TCEs rose from USD 13.2k to USD 20.1k as the 97% 97% 96%
Slide 17: Net interest-bearing debt development since Q3 2025 (unaudited)
Financial highlights Net interest-bearing debt development since Q3 2025 (unaudited) CHANGES IN NIBD SINCE Q3 2025 REPORT(1) COMMENTS Debt drawn since Q3 2025 USDm Terms ▪ Gross interest-bearing debt was at USD 95.4m at Repayment of $7.5m triggered by the contemplated Transaction, otherwise the end
Slide 18: Asset backing with an implied net LTV of ~54%
Financial highlights Asset backing with an implied net LTV of ~54% OVERVIEW OF VALUE BACKING OF THE CURRENT DEBT STRUCTURE(1,2) COMMENTS Pro forma ▪ The fleet’s diversified seven-vessel portfolio USDm post-transaction NAV provides resilience against concentration risk ▪ Based on December 2025 broker
Slide 19: Backlog surged in 2024 then declined in 2025 as markets softened
Financial highlights Backlog surged in 2024 then declined in 2025 as markets softened FIRM CONTRACT BACKLOG DEVELOPMENT (FIRM REVENUE PIPELINE)(1,2) Q1’23 – Q3’25 COMMENTS Contracts backlog (firm revenue pipeline) ▪ 2023 USD (‘000) - Backlog increased steadily from USD ~4m (Q1) to 30,721 31,056 USD
Slide 20: Secondhand large PSVs in strong demand as newbuild costs are well above current asset prices
Financial highlights Secondhand large PSVs in strong demand as newbuild costs are well above current asset prices of GEOS’ vessels GEOS’ GAV(1) SUPPORTED BY INCREASED CURRENT ASSET VALUES VS. HISTORICAL VALUE OF GEOS FLEET(1) ASSET PRICES AND FLEET GROWTH NEWBUILDING PRICES USDm Current asset price(
Slide 21: In mid 2025 GEOS refinanced at improved terms (I/III)
Financial highlights In mid 2025 GEOS refinanced at improved terms (I/III) SIMPLIFIED STRUCTURE SALE LEASEBACK GEOS have operational and financial control of the vessels 100% Flexibility through purchase options throughout the tenor against step prepayment fee Put/call after 5 years Vessel SPV Guara
Slide 22: New sale & leaseback facility: USD 95 million debt facility (II/III)
Financial highlights New sale & leaseback facility: GEOS has entered a USD 95 million debt facility with Neptune Maritime Leasing covering its seven-vessel fleet (II/III) THE REFINANCING LOWERS FINANCING COSTS, INCREASES CASH RESERVES, AND SUPPORTS FUTURE GROWTH FOR GEOS Main Terms Size USD 95m sale
Slide 23: New debt facility eases cash flow burden (III/III)
Financial highlights New debt facility eases cash flow burden (III/III) HIGH LEVEL COMPARISON - OLD VS. NEW DEBT FACILITY ESTIMATED MONTHLY IMPACT ON LIQUIDITY (USDM) ▪ The new Neptune sale-leaseback materially extends GEOS’ debt maturity Accumulated increased liquidity available to the company (est
Slide 24: Operational leverage turns small dayrate shifts into significant cash flow gains
Financial highlights Operational leverage turns small dayrate shifts into significant cash flow gains ILLUSTRATIVE EBITDA AND CFADS POTENTIAL AT DIFFERENT DAYRATES (USDm)(1) COMMENTS Assumptions EBITDA CFADS(2) Opex per vessel 8,500/d ▪ EBITDA and CFADS accelerates sharply with small SG&A per vessel
Slide 25: Company and fleet overview, financial highlights, market prospects
COMPANY AND FLEET OVERVIEW FINANCIAL HIGHLIGHTS MARKET PROSPECTS RISK FACTORS APPENDIX 25
Slide 26: Minimal growth in oil production and PSV fleet signal sector stabilization
Market prospects Minimal growth in oil production and PSV fleet signal sector stabilization STABLE GLOBAL OIL PRODUCTION WITH THE SUPPLY SIDE UNCHAGED SINCE 2016 OPEC+ total United States Non-OPEC+ exluding United States PSV <2,500 GT Fleet Development PSV 2,500+ GT Fleet Development mbpd # of vesse
Slide 27: TC rates are up 277% since bottoming out in 2017, however down 7% since mid 2024 highs
Market prospects TC rates are up 277% since bottoming out in 2017, however down 7% since mid 2024 highs DEVELOPMENT IN GLOBAL DAYRATES FOR PSV(1) USD/d 50,000 North Sea PSV Spot Day Earnings - 500-899m2(2) North Sea PSV Spot Day Earnings - >900m2(3) Global PSV TC Rates (>4,000 dwt) North Sea, PSV Te
Slide 28: Majority of the PSV fleet exceeds 15yrs combined with a limited orderbook
Market prospects Majority of the PSV fleet exceeds 15yrs combined with a limited orderbook PSV FLEET AGE IN PERCENT OF TOTAL FLEET(1) % of fleet 35% 35% 30% 25% 20% 15% 13% 10% 6% 5% 4% - +25Y +20Y +15Y OB Note: (1) PSVs is sorted for>=3,000 dwt. Source: Pareto Securities Equity Research and IHS-Pet
Slide 29: Term demand by region for PSVs
Market prospects Term demand by region for PSVs PSV >3KDWT | TERM DEMAND UP UNTIL H1 2025 # of >3kdwt PSV 900 100% 800 90% 80% 700 70% 600 60% 500 50% 400 40% 300 30% 200 20% 100 10% - - 0% 2001 2005 2009 2013 2017 2021 2025 Brazil NW Europe Aus/NZ West Africa Middle East Other Latam Other Term util
Slide 30: Company and fleet overview, financial highlights, market prospects
COMPANY AND FLEET OVERVIEW FINANCIAL HIGHLIGHTS MARKET PROSPECTS RISK FACTORS APPENDIX 30
Slide 31: Risk factors (I/X)
Risk Factors Risk factors (I/X) 2. RISK FACTORS The Group is exposed to numerous risk factors, and an investment in the Shares involves inherent risks. An investor should consider carefully all information set forth in this Company Presentation and other information provided, the financial reports m
Slide 32: Risk factors (II/X)
Risk Factors Risk factors (II/X) 2.1.2 Risks related to the employment of the Group’s vessels, and oversupply of offshore support vessels and/or a decrease in the demand for offshore services All or a considerable portion of the Company’s income will be dependent on charters and other employment of
Slide 33: Risk factors (III/X)
Risk Factors Risk factors (III/X) 2.1.4 The Company’s business is dependent on the price of oil and gas, which for various reasons is likely to vary over time As a substantial portion of the Group’s revenue is derived from companies operating in the oil and gas industry, the Company’s operations, pr
Slide 34: Risk factors (IV/X)
Risk Factors Risk factors (IV/X) 2.1.6 The Group operates in a highly competitive and cyclical market subject to intense price competition and volatility The Group operates in the offshore supply services industry, which is a highly competitive and fragmented industry that includes several large and
Slide 35: Risk factors (V/X)
Risk Factors Risk factors (V/X) 2.1.9 The useful life of the Group's vessels is dependent on the Group's ability to meet EU's climate and energy targets and other legislation The Group's vessels are its main assets, and useful life of vessels is based on knowledge of the market and years of operatio
Slide 36: Risk factors (VI/X)
Risk Factors Risk factors (VI/X) 2.1.12 The Group’s operations are subject to environmental liability and other significant responsibilities The Company’s operations are subject to environmental laws and regulations. Current environmental laws and regulations are constantly reviewed by various envir
Slide 37: Risk factors (VII/X)
Risk Factors Risk factors (VII/X) 2.1.14 The Company is dependent on a sufficient number of skilled workers The Group’s performance and success depends on its retention of key personnel, in addition to its ability to recruit, retain and develop skilled personnel. Given the limited number of employee
Slide 38: Risk factors (VIII/X)
Risk Factors Risk factors (VIII/X) 2.2 Financial risk and risk relating to the Group’s financing agreements 2.2.1 The Group may need to raise additional funds in the future The Company operates in a business environment that is capital intensive and the Company is dependent upon having access to lon
Slide 39: Risk factors (IX/X)
Risk Factors Risk factors (IX/X) 2.2.4 Risk related to the Group’s level of debt, interest rate fluctuations and charter rates could affect the Group’s cash flow and financial condition The Group has incurred, and may in the future incur, significant amounts of debt. The Group has a floating interes
Slide 40: Risk factors (X/X)
Risk Factors Risk factors (X/X) 2.4 Risks Relating to the Shares 2.4.1 The price of the Shares may fluctuate significantly, which could cause investors to lose a significant part of their investment The trading price of the Shares could fluctuate significantly in response to a number of factors beyo
Slide 41: Company and fleet overview, financial highlights, market prospects
COMPANY AND FLEET OVERVIEW FINANCIAL HIGHLIGHTS MARKET PROSPECTS RISK FACTORS APPENDIX 41
Slide 42: Golden Energy Offshore Management
Appendix Golden Energy Offshore Management OVERVIEW SERVICE OFFERING ▪ Golden Energy Offshore Management is an offshore ▪ Full management for Offshore Service Vessels ship management company providing turn-key (OSV) including technical, crewing, QHSE, accounting management solutions for newbuilding,
Slide 43: Vessel specification deep dive
Appendix Vessel specification deep dive MODULAR DESIGN TO ACCOMMODATE SPEEDY RETROFITS POSITIVE OUTLOOK FOR PSV’S CONVERSION CHARACTERISTICS ▪ Conversion completed in less than a week ▪ Flexible and cost-effective foundations for installations ▪ The vessel can be converted into and SOV by such as ga
Slide 44: Shareholders and company structure
Appendix Shareholders and company structure TOP 20 LARGEST SHAREHOLDERS AS OF 01.12.2025 COMPANY STRUCTURE Name Number of shares Ownership CLEAR OCEAN GEOS MI LP 9,789,809 39.0% CLEARSTREAM BANKING S.A. 5,957,037 23.7% State Street Bank and Trust Comp 2,583,631 10.3% Growth Goldman Sachs & Co. LLC 1
Slide 45: GEOS' management team
Appendix GEOS’ management team Per Ivar Fagervoll Svein Terje B. Fagervoll Nils Kåre Bondhus Sarah Weber-Laumann Vidar Skjong CEO Chartering Manager & Operations Officer Maritime Operations Manager Financial Controller Chief Technical Manager Mr. Fagervoll joined the Group in January Svein Terje B.
Slide 46: GEOS's Board of Directors
Appendix GEOS’s Board of Directors Jake Scott G. Andy Tuchman Atef Abou Merhi Rita Katrine Løkken Granlund Susanne Munch Thore Chairman Board Member Board Member Audit Committee Chair and Board Memeber Independent Board Member Jake Scott is Managing Partner at Clear Andy Tuchman is a Partner at Clea
Slide 47: Unaudited Income Statement
Appendix Unaudited Income Statement P&L - NOK ('000) Q3 2025 Q2 2025 Q1 2025 2024 2023 2022 2021 2020 Freight income 87,257 96,824 111,130 512,818 209,086 141,054 71,189 70,047 Other revenues 16,742 12,611 0 140 1,000 0 0 0 Total income 103,999 109,436 111,130 512,958 210,086 141,054 71,189 70,047 O
Slide 48: Unaudited Balance Sheet
Appendix Unaudited Balance Sheet Assets - NOK ('000) Q3 2025 Q2 2025 Q1 2025 2024 2023 2022 2021 2020 Goodwill 18,553 18,553 18,553 18,553 18,553 0 0 0 Tangible fixed assets 1,364,665 1,364,850 1,361,018 1,370,907 1,392,288 527,622 399,948 418,156 Right-of-use assets 849 1,367 1,885 2,403 3,977 0 0
Slide 49: Unaudited Cash Flow Statement
Appendix Unaudited Cash Flow Statement Cash flow statement - NOK ('000) Q3 2025 Q2 2025 Q1 2025 2024 2023 2022 2021 2020 Result before tax (15,462) (79,217) 38,538 (92,092) (8,532) (57,889) (63,017) (156,175) Taxes payables 0 0 0 0 (24) (154) 50 0 Adjustments for non-cash items 19,197 24,811 23,262
Slide 50: Breakdown of payables to employees
Breakdown of payables to employees Gross Net of taxes # Item Description (NOK) (NOK) 1 Loans from Per Ivar Fagervoll 11,800,000 11,800,000 Documented personal advances, direct payments to suppliers and unpaid payroll to Fagervoll, to keep the Company operational 2 Bonus to Per Ivar Fagervoll (2023)
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