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Golden Energy Offshore Services (GEOS) investor relations material

Golden Energy Offshore Services Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary20 Nov, 2025

Executive summary

  • Q3 2025 saw a 32.9% year-over-year drop in freight revenues to NOK 87.3 million due to a challenging spot market and lower demand.

  • EBITDA fell to NOK 23.1 million from NOK 54.9 million in Q3 2024, reflecting lower rates and utilization.

  • All nine vessels are now under in-house management, expected to yield cost savings and operational improvements.

  • The company completed a major refinancing, repaying its senior secured bond and drawing the final USD 10 million under a sale and leaseback agreement.

  • Liquidity remains a concern, with a temporary USD 1.9 million funding provided post-quarter to address working capital needs.

Financial highlights

  • Total revenues for Q3 2025 were NOK 104.0 million, down from NOK 130.0 million in Q3 2024.

  • Net loss for Q3 2025 was NOK 15.5 million, compared to a profit of NOK 20.8 million in Q3 2024.

  • Adjusted EBITDA margin dropped to 22% from 42% year-over-year.

  • Net interest-bearing debt decreased to NOK 915.9 million from NOK 937.7 million at year-end 2024.

  • Cash position at quarter-end was NOK 27.5 million, up from NOK 17.6 million at the start of the quarter.

Outlook and guidance

  • Management anticipates a challenging winter season but remains optimistic about medium-term market sentiment.

  • Backlog of NOK 120 million in firm contracts and NOK 310 million including options provides some revenue visibility.

  • Ongoing efforts to improve liquidity and reduce break-even levels through refinancing and operational efficiencies.

Operating expenses rose. When will in-house savings show?
Future liquidity plans beyond shareholder funding?
Refinancing benefit vs. market rate decline impact?
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Frequently asked questions

Golden Energy Offshore Services AS is a Norway-based offshore service company engaged in the ownership and operation of a fleet of offshore service vessels. The company's fleet consists of modern and high specification offshore service vessels, including platform supply vessels (PSVs) and multi-purpose support vessels (MPSVs), designed to meet the demands of the global oil and gas service industry. Golden Energy Offshore Services is headquartered in Ålesund, Norway, and its shares are listed on the Oslo Stock Exchange.

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