Ålesund 20.November 2023

Golden Energy Offshore Services AS (GEOS) is pleased to report total revenues of
TNOK 52,810 for the third quarter. Average utilization of the fleet was 98.6%
and average time-charter equivalent earnings (TCE) were approx. TNOK 197 per day
for the three vessels in the fleet. 
The operating result before depreciation amounted for the 2nd quarter were TNOK
15 185. 

During the third quarter, GEOS converted its senior loan into a sale and
leaseback facility, partly funding the acquisition of 4 x PSV's and 1 x SSV from
Vroon Holding B.V. The Company completed a private placement of $30m and
converted a bridge loan of $3.3m into equity. In addition, GEOS has agreed with
an unnamed third party to on-sell the SSV Vos Sugar for EUR15m versus acquisition
price of $9.4m. The transaction is expected to close by Q4, 2023.   

"With the proceeds from the private placement and new financing facility, GEOS
is sufficiently capitalized for the fleet acquisition from Vroon. We own and
operate one of the youngest fleets in the industry and are positioned for future
growth. The market continues improving in several regions and our fleet is in an
attractive position for several business opportunities." CEO Per Ivar Fagervoll
commented. 

Activity levels on the Norwegian side of the North Sea has seen a significant
shortage in available vessels, leading to a strong spot market. The fundamental
activity drivers for this segment are robust and we foresee a healthy market
going forward on the background of expected high demand from increased activity
levels and limited supply from a historically low fleet to order book ratio. The
Group is continuing its focus on environmentally friendly operations through
energy efficiency programs and other measures. 

For further information please contact. 

Per Ivar Fagervoll 
CEO 
email pif@geoff.no 
Phone +47 97428884