NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS
WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN OR SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Ålesund, 30 June 2021: 
As already reported, 3 of the 4 vessels under GEOS' ownership are now working
with good utilization in the spot market in the North Sea. However, the past
year's down-turn and developments in the offshore service market, has resulted
in a significant strain of the Company's cash flow. The Board of Directors
together with Golden Energy Offshore Management AS are therefore working to find
a solution to the liquidity challenges. The Company is pleased to announce that
an agreement is now signed related to the financing of Energy Empress and Energy
Duchess.

The Energy Empress and Energy Duchess are purchased under separate hire-purchase
bare-boat agreements. In 2020, the Company reached an agreement with the
seller/lessor - ROC - for the postponement of a part of the 1st anniversary
lease payments (as announced on 19 June 2020). A total amount of USD 8 609 720
was therefore due and payable in May 2021 to ROC.

The Company and ROC has now reached an agreement for a one year extension of the
full amounts payable in May 2021, the agreement also includes postponement of
payment of accrued unpaid hire related to the period from July 2020 to April
2021. The accrued unpaid hire and the amounts otherwise payable in May 2021 will
become payable together with the balance purchase price in May 2022. The amounts
deferred by the agreement now signed is subject to interest at a rate of 10%
p.a.

The agreement signed today is effective immediately and the Board of Directors
will continue the dialogue with the other creditors to maintain the going
concern of the Company. The agreement with ROC represent a major milestone
towards an overall solution and confirms the largest creditor's support towards
the Company.


For further information contact:
Per Ivar Fagervoll
pif@geoff.no
mobile + 47 974 28 884



Important Notice 

The contents of this announcement have been prepared by, and are the sole
responsibility of, the Company. The Company's financial advisors are acting
exclusively for the Company and no one else, and will not be responsible to
anyone other than the Company for providing the protections afforded to its
respective clients, or for advice in relation to the contents of this
announcement or any of the matters referred to herein. 

The distribution of this announcement and other information in connection
herewith may be restricted by law in certain jurisdictions. The Company assumes
no responsibility in the event there is a violation by any person of such
restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about, and to observe,
any such restrictions. This announcement may not be used for, or in connection
with, and does not constitute, any offer of securities for sale in the United
States or in any other jurisdiction. 

This announcement does not constitute any offer and the Company will not be
making any offer in any jurisdiction or in any circumstances in which such offer
or solicitation would be unlawful. This announcement is not for distribution,
directly or indirectly in or into any jurisdiction in which it is unlawful to
make any offer or solicitation to such person or where prior registration or
approval is required for that purpose. No steps have been taken or will be taken
relating to the information in this announcement in any jurisdiction in which
such steps would be required. Neither the publication and/or delivery of this
announcement shall under any circumstances imply that there has been no change
in the affairs of the Company or that the information contained herein is
correct as of any date subsequent to the earlier of the date hereof and any
earlier specified date with respect to such information. 

This announcement is not for publication or distribution, directly or
indirectly, in the United States (including its territories and possessions, any
state of the United States and the District of Columbia). This announcement does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from registration.
The shares to be issued in the Possible Placement have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "US
Securities Act") or with any securities regulatory authority of any state or
other jurisdiction of the United States, and may not be offered or sold in the
United States or to, or for the account of, U.S. persons (as such term is
defined in Regulation S under the US Securities Act), except pursuant to an
effective registration statement under, or an exemption from the registration
requirements of, the US Securities Act. All offers and sales outside the United
States will be made in reliance on Regulation S under the US Securities Act.
There will be no public offer of securities in the United States. 

This announcement does not constitute an offering circular or prospectus in
connection with an offering of securities of the Company. Investors must neither
accept any offer for, nor acquire, any securities to which this document refers,
unless they do so on the basis of the information contained in investor material
made available by the Company only to qualified persons in certain jurisdictions
where an offer may be made (if an offer is made). This announcement does not
constitute an offer to sell or the solicitation of an offer to buy or subscribe
for, any securities and cannot be relied on for any investment contract or
decision.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements.