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Golden Energy Offshore Services (GEOS) investor relations material
Golden Energy Offshore Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Freight revenues fell 28.7% year-over-year to NOK 96.8 million in Q2 2025 due to market oversupply and lower spot rates.
EBITDA decreased to NOK 39.0 million from NOK 58.2 million in Q2 2024, reflecting lower revenues and higher operating costs from fleet expansion.
Fleet utilization remained high at 96.3%, outperforming the market despite challenging conditions.
Major refinancing completed, improving future cash flows and reducing financing costs.
All nine vessels now under in-house management, aiming for cost savings and quality improvements.
Financial highlights
Total revenues for Q2 2025 were NOK 109.4 million, down from NOK 135.7 million in Q2 2024.
Net loss for Q2 2025 was NOK -79.2 million, compared to a profit of NOK 18.9 million in Q2 2024, mainly due to one-off refinancing costs.
Adjusted EBITDA margin was 36% (Q2 2024: 43%).
Net interest-bearing debt stood at NOK 933.7 million as of June 2025.
Cash position improved to NOK 17.6 million at quarter-end.
Outlook and guidance
Backlog of NOK 199 million in firm contracts and NOK 532 million including options, securing revenue into 2026.
High tender activity and favorable supply-demand balance post-quarter support optimism for future performance.
Lower financing costs expected to positively impact results and cash position going forward.
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