Golden Energy Offshore Services (GEOS) Company presentation summary

Company overview and fleet

• Operates seven owned platform supply vessels (PSVs) and manages two additional offshore construction vessels, with an average fleet age of 8.7 years, making it one of the youngest fleets among peers.

• Six out of seven owned vessels are of the versatile PX-121 design, offering adaptability for both oil & gas and renewables markets.

• The company has a history of high utilization rates and has recently completed refinancing of all PSVs, reducing cash break-even to $15,100/day per vessel.

• Fleet value is estimated at $187 million, with a net asset value of approximately $74 million as of December 2025.

• Contract coverage for 2026 is a focus, with efforts to secure more firm vessel contracts to enhance earnings visibility.

Financial highlights and liquidity

• Revenue and EBITDA have grown significantly since 2022, with full fleet reactivation and improved market dynamics turning EBITDA positive in 2023.

• Dayrates and utilization improved through 2024 but softened in 2025 due to weaker spot markets and increased off-hire, with Q3 2025 utilization at 80%.

• The company faced liquidity difficulties in late 2025, leading to short-term loans and a strategic review to strengthen its financial position.

• Gross interest-bearing debt stood at $95.4 million at the end of Q3 2025, with net interest-bearing debt at $92.6 million.

• A $95 million sale and leaseback facility with Neptune Maritime Leasing was secured, extending debt maturity to 2030 and reducing interest margins by nearly 300 bps.

Market prospects

• Global oil production and PSV fleet growth have stabilized, with minimal new vessel orders and a majority of the global PSV fleet now over 15 years old.

• PSV dayrates have increased 277% since 2017 lows but declined 7% from mid-2024 highs, reflecting recent market softness.

• Management expects an offshore upcycle to begin within 12 months, peaking between 2027 and 2030, favoring modern, fuel-efficient vessels.