Golden Energy Offshore Services Asa · OSL:GEOS
Golden Energy Offshore Services Asa — Investor Presentation (May 2026)
34 slides from Golden Energy Offshore Services Asa's investor presentation, May 15, 2026
Slide 1: Golden Energy Offshore Services ASA Investor presentation
Golden Energy Offshore Services ASA Investor presentation – 15 May 2026
Slide 2: Disclaimer and important information
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, I
Slide 3: Attractive OSV platform with strong operational capabilities and young high-quality PSV fleet
Attractive OSV platform with strong operational capabilities and young high-quality fleet of PSVs Favorable • Demand for offshore energy is anticipated to remain elevated, particularly considering geopolitical instability offshore • Ageing global PSV fleet with a thin orderbook strongly favors young
Slide 4: Company and fleet overview / Market update / Financial considerations
COMPANY AND FLEET OVERVIEW MARKET UPDATE FINANCIAL CONSIDERATIONS 4
Slide 5: Golden Energy Offshore Services at a glance
Golden Energy Offshore Services at a glance Golden Energy Offshore Services at a glance EXPERIENCED VESSEL OWNER WITH IN-HOUSE OPERATIONS SAILING GEOS FLEET POST SUCCESSFUL S&P SALES OF THREE VESSELS AT ATTRACTIVE VALUATIONS Energy Duchess Energy Pace Energy Paradise MPSV PSV PSV Founded in 1929 Eur
Slide 6: Proven ability to execute on strategic objectives
Proven ability to execute on strategic objectives • Delivery of newbuildings • Successful placement • Acquisition of 5x vessels • Completed a USD 95m Energy Empress and Energy of NOK 7.5m followed by from Vroon improving sale-leaseback refinancing, Duchess extension agreement with vessel fleet from
Slide 7: Owned fleet of some of the market's most modern, high-spec PSVs
Owned fleet of some of the market’s most modern, high-spec PSVs Energy Duchess Energy Pace Energy Paradise Energy Swan Vessel type Multi-Purpose Support Vessel (MPSV) Platform Supply Vessel (PSV) Platform Supply Vessel (PSV) Platform Supply Vessel (PSV) Yard ROC Cosco Guangzhou Shipyard Cosco Guangz
Slide 8: Highly-capable and versatile PX 121 designed PSVs with significant age advantage
Highly-capable and versatile PX 121 designed PSVs with significant age advantage compared to the broader market Highly-capable and versatile PX 121 designed PSVs with significant age advantage compared to the broader market OVER 70% OF THE GLOBAL LARGE & MIDSIZE PSV FLEET WILL HIGHLY VERSATILE PSV D
Slide 9: Fleet availability offers opportunity to re-contract in a market with improving rates
Fleet availability for the rest of the year offers opportunity to re-contract in a market with improving rates CONTRACT STATUS FOR OWNED FLEET(1) SELECTED CLIENTS 2026 Current . Vessel Region Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Charterer Energy Duchess North Sea Spot Peterson Energy Pace
Slide 10: Recent sale of three vessels at strong valuations
Recent sale of three vessels at strong valuations underlines attractiveness of the vessel class and long-term earnings potential of the assets Recent sale of three vessels at strong valuations underlines attractiveness of the vessel class and long-term earnings potential of the assets Vessels sold S
Slide 11: Fully integrated operating platform with in-house technical and commercial capabilities
Fully integrated operating platform with in-house technical and commercial capabilities across PSV, IMR, OCV, and subsea construction segments COMPANY STRUCTURE ORGANIZATIONAL OVERVIEW Golden Energy . Per Ivar Fagervoll Offshore Services ASA CEO 100% 100% 100% GEOC AS Chartering Technical Operations
Slide 12: GEOS' highly experienced management team
GEOS’ highly experienced 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 Joined the Group in January Served as Charterin
Slide 13: World-class operating capabilities provide flexibility to deploy vessels globally
World-class operating capabilities provide GEOS with the flexibility to deploy its vessels globally and within different offshore segments SERVICE OFFERING CERTIFICATIONS ▪ Fully integrated offshore operating platform with in-house technical management, crewing, chartering, QHSE and operational cont
Slide 14: Industry-leading QHSE performance
Industry-leading QHSE performance reflects the strength of GEOS’ operational culture, experienced offshore personnel and disciplined management systems QHSE FIGURES REFLECT EXCELLENT TRACK RECORD AND THE COMMITMENT TO SAFE OPERATIONS Historical Lost Time Injury (LTI) Historical Medical Treatment Inc
Slide 15: Company and fleet overview / Market update / Financial considerations
COMPANY AND FLEET OVERVIEW MARKET UPDATE FINANCIAL CONSIDERATIONS 15
Slide 16: Favorable offshore markets and an aging PSV fleet drive long-term strategic value
Favorable offshore markets and an aging PSV fleet drive long ‑term strategic value for GEOS’s modern assets Favorable offshore markets and an aging PSV fleet drive long-term strategic value for GEOS’s modern assets GROWING OFFSHORE INVESTMENTS AGING GLOBAL PSV FLEET GLOBAL RATE INCREASES REFLECTING
Slide 17: Geopolitical developments and supply disruptions make countries rethink energy independence
Recent geopolitical developments and supply disruptions make many countries rethink the importance of energy independence SEVERAL RECENT O&G SUPPLY DISRUPTIONS PUSHED OIL PRICES AT LEVELS THAT INCENTIVIZE SECURING NEW SUPPLY 140 120 Multiple geopolitical shocks drive price spikes 100 Oil price level
Slide 18: Offshore energy demand increasingly robust as extraction costs are attractive
Offshore energy demand increasingly robust, as global energy demand is rising and extraction costs are attractive GLOBAL OFFSHORE CAPEX IS EXPECTED TO REMAIN … AS ALL UNDEVELOPED OFFSHORE RESOURCES ARE ELEVATED(1) … PROFITABLE AT CURRENT OIL PRICES 250 18 % 100 % 100 % 92 % 16 % 90 % 90 % 87 % 200 8
Slide 19: Accelerating worldwide rig activity supporting stronger offshore vessel demand and higher rates
Accelerating worldwide rig activity is supporting stronger offshore vessel demand and higher rates Accelerating worldwide rig activity is supporting stronger offshore vessel demand and higher rates PSV DEMAND CLOSELY TRACKS POSITIVE DEVELOPMENTS IN RIG DEMAND ▪ Rig activity and offshore vessel deman
Slide 20: Underinvestment in the segment represents a long-term opportunity for modern PSV fleets
Underinvestment in the segment represents a significant long-term opportunity for modern PSV fleets Underinvestment in the segment represents a significant long-term opportunity for modern PSV fleets THE CURRENT ORDERBOOK OF 65 PSVS IS NOT ENOUGH TO WITH MOST PSVs BUILT LEADING UP TO 2015, VESSELS A
Slide 21: Supply of mid- to large-sized PSVs is aging and low ordering suggests tightening supply
Supply of mid- to large-sized PSVs is aging and low ordering suggests a tightening supply of capable assets A SIGNIFICANT NUMBER OF PSVs WILL REACH OVER 25 YEARS OF AGE … … AND THE PSV ORDERBOOK IS LIMITED 45 251 500 40% incremental vessels above 25 years 40 450 35% 400 35 30% 350 30 15 16 15 25% 26
Slide 22: Elevated newbuilding prices require materially higher day rates
Elevated newbuilding prices require materially higher day rates to achieve economic viability Elevated newbuilding prices require materially higher day rates to achieve economic viability CLARKSONS SHIPYARD NEWBUILD INDEX ACCELERATED IN THE RECENT YEARS ELEVATED BUILDING PRICES … 210 ▪ Newbuilding p
Slide 23: North Sea market experiencing a significant rate rebound
The North Sea market is experiencing a significant rate rebound after short time weakness NORTH SEA PSV TERM RATES DEVELOPMENT A TIGHT NORTH SEA OSV MARKET 25,000 Apr / May 2026 ▪ After a weak Q4 2025, the North Sea OSV market spot rates had solid start to the year 2026 ▪ Large AHTS capacity is clos
Slide 24: Strong PSV term charter rate development in key offshore markets
Strong PSV term charter rate development is also seen in key offshore markets supporting re-contracting opportunities for available fleet MEDITERRANEAN WEST AFRICA BRAZIL 50000 50,000 50,000 40000 40,000 40,000 30000 30,000 USD/day 30,000 USD/day USD/day 20000 20,000 20,000 10000 10,000 10,000 0 0 0
Slide 25: Financial considerations
COMPANY AND FLEET OVERVIEW MARKET UPDATE CONSIDERATIONS FINANCIAL CONSIDERATIONS 25
Slide 26: Consistent historical rates and utilization, with positive uptick and outlook
Consistent historical rates and utilization, with positive uptick and outlook after H2 2025 seasonal weakness Consistent historical rates and utilization, with positive uptick and outlook after H2 2025 seasonal weakness ▪ 2023 AVERAGE DAILY TCE(1,2) AND UTILIZATION Q1 2023 – April 2026 - TCEs rose f
Slide 27: Deployment into higher-rate markets unlocks significant EBITDA uplift
Deployment into higher‑rate markets unlocks significant EBITDA uplift through operational leverage Deployment into higher-rate markets unlocks significant EBITDA uplift through operational leverage ILLUSTRATIVE OWNED FLEET EBITDA CONTRIBUTION FOR DIFFERENT DAY RATES(1) ▪ Achievable day rates are the
Slide 28: Fleet with minimal capex requirements ready to operate in an improving market
Fleet with minimal capex requirements ready to operate in an improving market Fleet with minimal capex requirements ready to operate in an improving market 2024 2025 2026 2027 2028 2029 2030 GEOS is well positioned to fully benefit from an improving market Energy Energy Duchess Duchess and rising da
Slide 29: Independent broker fair market value suggests total fleet value of USD 106m
Independent broker fair market value suggest a total fleet value of USD 106m FAIR MARKET VALUE – BROKER ASSESSMENT DATED MARCH 2026 Vessel Avg. broker FMV 120.0 Energy Duchess USD 30.8m Sister vessels: Energy Passion & Energy 105.5 Partner sold for $28.0m & $27.3m Energy Pace USD 27.3m 100.0 20.3 En
Slide 30: GEOS entered into a sale and leaseback with very attractive terms
GEOS entered into a sale and leaseback with very attractive terms in mid 2025 MAIN TERMS SIMPLIFIED STRUCTURE Original size USD 95m sale and leaseback facility 100% Guarantee Current outstanding amount USD ~46.3m after sale of 3 assets(1) Vessel SPV Vessel SPV Vessel SPV Vessel SPV Charter period 5
Slide 31: Unaudited Income Statement
Unaudited Income Statement P&L - NOK ('000) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 2023 2022 2021 2020 Freight income 43,908 87,257 96,824 111,130 339,120 512,818 209,086 141,054 71,189 70,047 Other revenues 1,287 16,742 12,611 - 30,640 140 1,000 - - - Total income 45,195 103,999 109,436 111,130
Slide 32: Unaudited Balance Sheet
Unaudited Balance Sheet Assets - NOK ('000) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 2023 2022 2021 2020 Goodwill 18,553 18,553 18,553 18,553 18,553 18,553 18,553 - - - Tangible fixed assets 1,197,339 1,364,665 1,364,850 1,361,018 1,197,339 1,370,907 1,392,288 527,622 399,948 418,156 Right-of-use a
Slide 33: Unaudited Cash Flow Statement
Unaudited Cash Flow Statement Cash flow statement - NOK ('000) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 2023 2022 2021 2020 Result before tax (138,607) (15,462) (79,217) 38,538 (194,784) (97,182) (8,532) (57,889) (63,017) (156,175) Taxes payables - - - - - - (24) (154) 50 - Adjustments for non-cash
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