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.
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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
• 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.
• EBITDA of NOK 94,7 million and Adj. EBITDA of NOK 21,8 million for quarter
• Profit before tax increased from negative NOK 8 million in Q4 2022 to positive NOK 34 million in Q4
2023.
• Building solid backlog - Revenue pipeline of firm NOK 230 million and options in excess of NOK 277
million.
• Successfully completed private placement of shares in excess of NOK 300 million in September 2023.
• Acquired the vessels VOS Passion in October 2023 and VOS Pace and VOS Partner in December 2023.
• 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_NWUwZmFlNjYtYmY1My00MTJhLTk1MTItYjk2YTIwZWI0MjU4%40thread.v2/0?context={"Tid"%3A"f8f86bd5-66c6-403b-a154-dcd450b42b33"%2C"Oid"%3A"d478dd0f-fd0f-4de2-886d-c7c0472be963"%2C"IsBroadcastMeeting"%3Atrue%2C"role"%3A"a"}&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.
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