Golden Energy Offshore

TekBot mai 21, 2024, 6:01am #167

GEOS – Ex. reverse share split and change of ISIN today

Ålesund 21.05.2024

Issuer name: Golden Energy Offshore Services AS
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Ex. date and change of ISIN: 21 May 2024
Record date: 22 May 2024
Type of corporate action: Reverse share split
Former ISIN: NO0010813843
New ISIN: NO0013228585

Other information:
Reverse split ratio: twenty (20) old shares give one (1) new share
New par value per share: NOK 20
New total number of shares outstanding: 25,084,494

The shareholding of each shareholder following the reverse share split will be rounded up to the nearest whole number of shares.
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This information is published in accordance with the requirements of the Continuing Obligations.

Kilde

TekBot mai 21, 2024, 8:50am #168

Golden Energy Offshore Services ASA: Conversion to ASA completed – new company name registered

TekBot mai 23, 2024, 8:54am #169

Golden Energy Offshore Services ASA: Mandatory notification of trade

TekBot mai 29, 2024, 7:13pm #170

Financial calendar

TekBot mai 29, 2024, 7:13pm #171

Finansiell kalender

TekBot juni 27, 2024, 7:25pm #172

GEOS FIRST QUARTER 2024 REPORT

Ålesund 27.06.2024

See attached the first quarter financial report for Golden Energy Offshore Services ASA.(GEOS)
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Commercial highlights have been:

• In Q1 2024, GEOS had revenues of NOK 74 million compared with NOK 31 million same quarter last year, which is an 139% increase.
• EBIDTA and adj. EBITDA of NOK 2.9 million for Q1 2024, compared with adj. EBITDA -1.5 million in Q1 2023.
• All new vessels acquired at the end of 2023 have been successfully in operation during the period, and independent shipbrokers reflect an estimated improvement of the value of the Group’s vessels.
• Securing contract extensions and new contracts at attractive rates.
• Backlog of NOK 313 million firm and options of NOK 280 million.

Post reporting date commercial up-date:

For April 2024, GEOS achieved time charter equivalent (TCE) earnings of approximately USD 16 257 per day for the 7 vessels in operation. Fleet utilization was 89.%

For May 2024, GEOS achieved time charter equivalent (TCE) earnings of approximately USD 25 192 per day for the 7 vessels in operation. Fleet utilization was 94.%

April was still slow in the spot marked (with one vessel at Yard for planned maintenance), but we are starting to see effect of the contract entered earlier in Q1, with also the vessels Energy Swan and Energy Empress having maintained 100% utilization on their respective contracts. In May the group had one vessel at yard for about 16 days completing the 5-year DD/SS whilst rest of fleet maintain good utilization and rates.

Per Ivar Fagervoll, CEO, has stated:

“Looking ahead, our prospects have never been better. With a modern attractive fleet, increasing secondhand values, and reducing LTV, we are well-capitalized. We are well positioned to seize new opportunities and drive our strategic objectives. We will continue to focus on operational excellence, innovation, and customer satisfaction, which are the cornerstones of our success. As a natural part of our journey, the Company is exploring the possibility of an uplisting to Oslo Børs. We have so far converted to ASA and completed a reverse split of the share, along with other regulatory preparations.”

For further information please contact.

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

Kilde

Metallian juni 27, 2024, 7:45pm #173

Maitallene er skik vi vil se

TekBot juli 25, 2024, 6:00am #174

GEOS Commercial update and New Contract on Large Size PSV Energy Swan

Ålesund 25th July 2024.

Golden Energy Offshore Services ASA (“GEOS”) has entered into a new contract on the Large Size PSV Energy Swan for 100 days firm plus 60 days options, commencement will be September 2024 and vessel head out of North Sea. The vessel has maintained 100% utilization YTD and with this contract rest of year are covered. The contract is with first class international operator and rate reflect market for large size PSV.
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June 2024 Commercial update

So far, the summer season has been colored with low activity, large availability, and day rates below expectations. GEOS has however had good coverage and for June 2024 achieved time charter equivalent (TCE) earnings of approximately USD 26 850 per day for the 7 vessels in operation. Fleet utilization was 94,8.%

For further information please contact.

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

Kilde

TekBot august 26, 2024, 7:07am #175

Financial calendar

TekBot august 26, 2024, 7:07am #176

Finansiell kalender

TekBot august 27, 2024, 6:43am #177

GEOS 1H-2024 Financial Statement

Ålesund 27 August 2024

Golder Energy Offshore Services AS (GEOS) is pleased to report an EBITDA of NOK 58,2 million for the Q2 2024, compared with NOK 15.7 million in Q2 2023, which is an NOK 42.5 million increase.
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For Q2 2024, the company achieved time charter equivalent earnings of approximately NOK 226 thousand per day for the vessels in operation. Fleet utilization was 92 %, which is an improvement from 82 % in the first quarter.

For the half-year EBITDA of NOK 61.2 million compared with NOK 17.2 million in the first half of 2023.
Revenues in the first half of 2024 (NOK 209.9 million) are at the same level as for total year end 2023 revenues (NOK 210.1 million).

“With the continuous high utilization of the existing GEOS fleet and the forecast of a continuously strong marked, the vessels fit perfect into our profile and focus area. With yet an limited order book on this type of assets and with GEOS at present holding 6x PSV of PX 121 design with an average age of approx. 7.5 years – the series remain amongst the youngest fleet in the industry for several years ahead. Despite a slow start to the year, characterized by high availability and low utilization, we managed to secure good contract coverage for most part of Q2-2024 and well into Q3 and Q4 - 2024. Most of these contracts commenced in the second quarter, significantly boosting our operational activity and financial performance. ” CEO Per Ivar Fagervoll commented.

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

Kilde

TekBot oktober 1, 2024, 6:04am #178

New Charter contracts and New vessels under management

Ålesund 1st October 2024.

New Time Charters
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Golden Energy Offshore Services ASA (“GEOS”) has entered a new contract on the MPSV Energy Duchess for firm until 1stMarch 2025 plus options, commencement week 40, 2024 and vessel head out of North Sea. The contract is with first class international operator and brings the vessel well through the winter season at 100% utilization.

Energy Paradise is extended on present contract and now firm until mid-April 2025 with options to extend until mid-October 2025.

New Vessels Under Management

Golden Energy Offshore Services ASA’s wholly owned management company – Golden Energy Offshore Management AS – today also entered into two agreements for the management of the vessels Energy Sphynx and Energy Savanah. The vessels have newly signed MoAs by Energy Sphynx AS and Energy Savanah AS, joint affiliates of GEOS’s two largest shareholders, Clear Ocean Partners and Pelagic Partners.

The vessels are modern Multi-Purpose Offshore Vessels (built in Qingdao in 2021) and will trade under the GEOS brand as “Energy” vessels. GEOS is thrilled with the opportunity to expand the management segment of its operation to these two new vessels which create the potential to expand GEOS’s brand through additional exposure to high-end vessels, further enhancing GEOS’s strong reputation in the market.

In accordance with the agreements made for the purchase of the vessels, GEOS will man the vessels with experienced crew, enabling the continued operation of Energy Sphynx on its current charter and being able to quickly capture new opportunities with Energy Savannah.

In addition, Group has purchased a W2W Gangway system of Uptime make – UPT26 which is available for use across the GEOS brand fleet, which again give quick mobilization turnaround for all vessels in the fleet.

The agreement includes:

Vessels will fly GEOS brand and prefix;

Technical and commercial management;

Multiple year agreement; and

Profit-sharing above a certain performance threshold.

Access to UPT26 Gangway system across the fleet.

GEOS CEO Per Ivar Fagervoll says: “We are very happy and excited with this new management opportunity, which we believe will be very positive for the GEOS brand and for GEOS’s management business in general. Our view of the market is that these vessels are sought after and in demand, which will be mutually beneficial for both the shipowners and GEOS. We are also pleased to announce two more “over the winter season” contracts for the GEOS fleet which secures steady income at good levels.”

GEOS Chairman Jake Scott says: “We are excited about this opportunity to expand GEOS’s fleet and brand recognition in the market without any dilution to GEOS’s shareholders. These arrangements will provide GEOS with significant long-term risk-free revenue which will be immediately accretive to GEOS’s shareholders. We anticipate continuing to execute similar agreements with a wide range of shipowners seeking first class commercial and technical management of their ships.”

Board Director Atef Abou Merhi says: “We are very pleased to help expand GEOS’s fleet, market presence, and track record. We intend to continue to build the organization and increase the workforce both on and offshore. This structure will: (i) create the possibility for GEOS to increase activity in various market segments; (ii) ensure long term continuity; (iii) protect shareholders from dilution; and (iv) produce an attractive stream of low-risk income while gaining market share. Everybody at GEOS is committed to innovative thinking and adapting as market opportunities arise.”

Kilde

TekBot november 20, 2024, 7:52am #179

Financial Report 3rd quarter for Golden Energy Offshore Services ASA

Ålesund 20.November 2024

Golden Energy Offshore Services ASA (GEOS) is pleased to report total revenues of NOK 130 million compared with NOK 52.8 million in the same quarter last year, 146 % increase.
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EBITDA of NOK 54.9 million for Q3 2024, compared with NOK 15.2 million in Q3 2023, which is an NOK 39.7 million increase. Backlog of NOK 252 million firm and options of NOK 343 million. Average utilization of the fleet was 95.% and average time-charter equivalent earnings (TCE) were approx. NOK 234 000 per day for the fleet.

The Group operated seven PSVs in the market, with all vessels acquired at the end of 2023 performing successfully throughout 2024. Activity levels remained high this quarter, continuing the momentum from Q2. Operations have been strong over the summer, and we’re pleased to report that this increased activity has translated into substantial improvements in our financial results.

Basic earnings per share in Q3 2024 was NOK 0.83 compared to NOK -0,45 in Q3 2023.

For further information please contact.

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

Kilde

TekBot november 25, 2024, 10:19am #180

Mandatory notification of trade

Ålesund, 25 November 2024

Rita Granlund, member of the Board of Directors of Golden Energy Offshore Services ASA (the “Company”) has on 25 November 2024 acquired 10,000 shares in the Company at a price of NOK 18 per share, through her close associate Defined Experience AS. Following the transaction, Rita Granlund and her close associates hold a total of 10,000 shares in the Company.
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Please see attached notification form in accordance with the Market Abuse Regulation (MAR) article 19.

For further information, please contact:

Per Ivar Fagervoll
pif@geoff.no
Mobile: + 47 974 28 884
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This information is subject to the disclosure requirements pursuant to MAR article 19 and section 5-12 of the Norwegian Securities Trading Act

Kilde

TekBot januar 22, 2025, 2:28pm #181

Financial calendar

TekBot januar 22, 2025, 2:28pm #182

Finansiell kalender

TekBot januar 22, 2025, 3:08pm #183

Financial calendar

TekBot januar 22, 2025, 3:08pm #184

Finansiell kalender

TekBot februar 27, 2025, 6:36am #185

New Contracts and Contracts extension

Ålesund 27.02.2025

Golden Energy Offshore Services ASA (GEOS) is pleased to inform that it has
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entered and extended contracts with Tier 1 international majors.

Concluded Contract on the Energy Duchess – vessel firm until 1. September 2025 with 1 x 6 months option

Concluded extension on the Energy Passion – vessel firm until 1. March 2026 with 1 x 12 months option

Concluded term on the Energy Paradise /- or Pace – vessel firm until 16. April 2026 with 1 x 12 months
option

Contracts has commenced.

Gross contract value for the firm periods is MUSD21.0m with an additional MUSD27.7m for the option period.

GEOS per today backlog of approximately USD 27.0m firm and additional MUSD46.9m for the option period.

“We are very pleased to secure these contracts provides a solid backlog for GEOS. The awarded contracts
underscore the company’s strong standing as a supplier of quality tonnage to Tier 1 clients.“

For further information:

Per Ivar Fagervoll
CEO +47 97 42 88 84
pif@geoff.no

Kilde

TekBot februar 27, 2025, 7:00am #186

GEOS FORTH QUARTER 2024 REPORT

Ålesund, 27 February 2025

Golden Energy Offshore Services ASA (“GEOS” or the “Company”) has announced its results for the fourth quarter, which ended on 31 December 2024. The fourth quarter of 2024 was marked by increased revenues for the Company due to both the expansion of its fleet and solid chartering strategy with high vs marked day rates and utilization. GEOS has a strong backlog of charter commitments, maintaining values for offshore charter rates, and moderate leverage on the Company’s balance sheet, in combination with healthy refinancing environment the Company has the financial capacity to issue a dividend or begin a share buyback plan in the near future.
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Key Highlights for the Fourth Quarter 2024;

• In Q4 2024, GEOS had revenues of NOK 173.9 million compared with NOK 79.5 million in the same quarter last year, 119 % increase.
• For the year 2024, GEOS had revenues of NOK 513.7 million compared with NOK 210.1 million in 2023, 145% increase.
• EBITDA of NOK 103.8 million for Q4 2024, compared with NOK 94.7 million in Q4 2023, which is a NOK 9.1 million increase, 9.6% increase.
• For the year 2024, EBITDA of NOK 219.8 million, compared with NOK 127.1 million in 2023, which is NOK 92.7 million increase equal to 72.9% increase.
• Successfully completed takeover and full technical and commercial management of 2 x subsea construction vessel, which benefit GEOS as group
• Utilization and TCE for Q4-2024 solid vs general marked, 96,9% utilization and avg day rate of NOK 265 400.
• Backlog on publishing date of NOK 298 million firm and options of NOK 520 million.

“I am extremely proud of our Company’s performance in the fourth quarter of 2024. 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 good 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. GEOS has launched a process in Q1 2025 to evaluate options to refinance the SLB facility with a variety of capital providers.
Looking ahead, we are optimistic about the potential issuance of a dividend or share buyback plan in the near 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.

Subsequent events to reporting date justify our commitment to financial and operational stability with;

Concluded new contract on the Energy Duchess– vessel firm until 1. September 2025 with 1 x 6 months option

Concluded extension on the Energy Passion– vessel firm until 1. March 2026 with 1 x 12 months option

Concluded new term on the Energy Paradise or Pace – vessel firm until 16. April 2026 with 1 x 12 months option

Completed DD/SS on Energy Pace in February 2025 on time and budget

Fixed the managed vessel Energy Savanah for 2-year firm contract with 1 year option – contract has commenced

Signed RCF Term Sheet with first class international bank.

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.

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
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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.

Kilde