Golden Energy Offshore Services (GEOS) Investor presentation summary

Strategic positioning and market environment

• Operates a young, high-spec fleet of PSVs and MPSVs, with a strong operational platform and in-house management.

• Benefits from favorable offshore market dynamics, including high demand, aging global PSV fleets, and limited newbuilds.

• Maintains a robust presence in the North Sea, leveraging over 50 years of operational experience and strong client relationships.

• Recent geopolitical events and supply disruptions have reinforced the importance of energy independence, supporting offshore activity and vessel demand.

• PSV rates and utilization have rebounded sharply in 2026, especially in the North Sea, with spot rates reaching record highs.

Fleet, operations, and management

• Fleet consists of modern vessels, with recent dry-dockings and minimal near-term capex requirements, positioning for full utilization.

• Recent sales of three vessels at strong valuations highlight asset attractiveness and long-term earnings potential.

• Integrated platform supports both owned and third-party vessel management, with a lean, scalable organization and strong QHSE record.

• Management team has decades of offshore experience and a proven track record through multiple market cycles.

• Operational flexibility allows deployment across global offshore segments, including oil & gas and renewables.

Financial performance and outlook

• Achieved high fleet utilization (92–99%) and rising TCEs from 2023 to early 2026, with a temporary dip in H2 2025 followed by a strong recovery.

• Sale and leaseback facility provides attractive financing terms, with significant cash buffer and low leverage.

• Fleet fair market value assessed at USD 106m as of March 2026 by independent brokers.

• Illustrative EBITDA shows strong operational leverage, with each $2,500/day rate increase adding ~$3.3m in EBITDA at 90% utilization.

• Recent transition to in-house ship management expected to reduce OPEX and improve cost control.