Golden Energy Offshore Services ASA (“GEOS” or the “Company”) reports EBITDA of NOK 145.1 million for H1 2026, compared with NOK 69.3 million in H1 2025, representing an increase of NOK 75.8 million. The increase relates to the sale of the vessels Energy Passion, Energy Partner and Energy Empress, from which the Group recognized other income of NOK 171.5 million, with a cash effect of NOK 794.9 million, net of transaction costs.
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In H1 2026, the Group achieved an average daily time charter equivalent (TCE) of NOK 136.8 thousand, compared with NOK 196.5 thousand in H1 2025. The change in TCE reflects a significantly weaker North Sea spot market, increased competition and a higher share of short-term contracts.
Fleet utilization was approximately 93% in H1 2026, compared with 97% in H1 2025 and 80% for the full year 2025. The combined effect of lower utilization and weaker rate levels at the beginning of the period resulted in lower average earnings per vessel and compressed margins across the fleet.
Market conditions improved materially through the second quarter and have continued to strengthen into the third quarter, both in the North Sea and in several international offshore markets. Activity levels have increased, available PSV capacity has gradually been absorbed, and the Group’s vessels are currently experiencing improved employment and commercial visibility.
As of the publication date, the Group’s backlog amounts to NOK 88.4 million in firm contracts and NOK 93.4 million in options.
CEO Per Ivar Fagervoll commented:
“In our last report, we described 2025 as a year of two very different halves and outlined the steps we were taking to secure the Company’s future: the NOK 320 million private placement, sale of vessels, and an expectation that market prospects for larger PSVs would improve from 2026. I am pleased to report that during the first half we delivered on the key actions outlined in our previous report.
On the commercial side, the first quarter was characterized by weak North Sea market conditions. Activity and rates improved materially through the second quarter and this positive development continued into the third quarter. Subsequent to the balance sheet date, we have secured improved contract coverage for parts of the fleet at attractive commercial terms.
While it is too early to draw firm conclusions about the durability of the recent strength in rates, we remain cautiously optimistic. The combination of a materially strengthened balance sheet, a young fleet and improving fundamentals leaves GEOS positioned to navigate whatever the future brings.”
The H1 2026 Report is attached to this announcement and is also available on the Company’s website.
For further information, please contact:
Per Ivar Fagervoll
CEO
Golden Energy Offshore Services ASA
Email: pif@geoff.no
Phone: +47 974 28 884
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