Ålesund, 27 February 2024
 
Golden Energy Offshore Services AS ("GEOS" or the "Company") has announced its
results for the fourth quarter for the financial year 2023 and its preliminary
annual results for the financial year 2023, ending on 31 December 2023. In the
fourth quarter of 2023, the Company experienced a notable increase in revenues.
This growth can be attributed to the expansion of our fleet and improved market
conditions, which led to a surge in demand and subsequently higher day rates and
utilization. As a result of a growing backlog of charter commitments, rising
values for offshore charter rates, and a balanced leverage on the Company's
balance sheet, the company is well-positioned to start returning capital to
shareholders as dividend during 2024.

However, it is important to note that any decision regarding the issuance of a
dividend will be contingent upon several factors, including the Company's
earnings for the financial year just concluded, the overall financial situation
of the Company at the relevant point in time, and any applicable restrictions
outlined in the Company's financing agreements. We remain committed to
maintaining a prudent and responsible approach to financial management, ensuring
that any potential dividend issuance aligns with our financial stability and
long-term growth objectives.

Key Highlights for the Fourth Quarter 2023

o	Revenues of NOK 79 million for Q4 2023 compared with NOK 28 million for Q4
2022, which is an 182% 
        increase compared to same quarter last year.
o	EBITDA of NOK 94,7 million and Adj. EBITDA of NOK 21,8 million for quarter 
o	Profit before tax increased from negative NOK 8 million in Q4 2022 to positive
NOK 34 million in Q4 
        2023. 
o	Building solid backlog - Revenue pipeline of firm NOK 230 million and options
in excess of NOK 277 
        million. 
o	Successfully completed private placement of shares in excess of NOK 300
million in September 2023. 
o	Acquired the vessels VOS Passion in October 2023 and VOS Pace and VOS Partner
in December 2023. 
o	Acquired and sold the vessel VOS Sugar in December 2023. 

"I am extremely proud of our Company's performance in the fourth quarter of
2023. The significant increase in revenues is a testament to our strategic
decisions, including the expansion of our fleet and our ability to capitalize on
improved market conditions. This success is a result of the hard work and
dedication of our entire team.

Our strong backlog of charter commitments, coupled with the rising values for
offshore charter rates, positions us well for continued growth and financial
stability. We have carefully managed our leverage, ensuring a balanced approach
that allows us to seize opportunities while maintaining a solid financial
foundation.

Looking ahead, we are cautiously optimistic about the potential issuance of a
dividend in the future. However, we will remain diligent in assessing our
earnings, overall financial situation, and any applicable restrictions before
making any final decisions. Our commitment to responsible financial management
remains unwavering.

I want to express my gratitude to our employees, customers, and stakeholders for
their continued support. Together, we will navigate the evolving market dynamics
and strive for sustained success in the offshore supply market" CEO Per Ivar
Fagervoll comments. 

The webcast presentation can be watched from this URL from 15:00 to 15:45 CET:
27th February 2024

https://teams.microsoft.com/l/meetup-join/19%3ameeting_NWUwZmFlNjYtYmY1My00MTJhL
Tk1MTItYjk2YTIwZWI0MjU4%40thread.v2/0?context=%7B%22Tid%22%3A%22f8f86bd5-66c6-40
3b-a154-dcd450b42b33%22%2C%22Oid%22%3A%22d478dd0f-fd0f-4de2-886d-c7c0472be963%22
%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

About GEOS

GEOS is an offshore service company based in Ålesund, Norway. The Company
operates supply vessels to the offshore industry. The Company fleet is used
within the Oil & Gas and Renewable Offshore industry. The Company is listed on
Euronext Growth in Oslo Stock Exchange under the ticker "GEOS". 
To learn more, please visit www.geoff.no/investors-geos. 

Contact

For further information, please contact:

Per Ivar Fagervoll, 
Chief Executive Officer
+47 97 42 88 84
pif@geoff.no

                                  Disclosure Requirement

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.