Golden Energy Offshore Services (GEOS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached NOK 111.1 million, up 50% year-over-year, driven by strong chartering and fleet expansion.

• EBITDA rose to NOK 30.3 million from NOK 2.9 million in Q1 2024, reflecting improved operational performance.

• Net profit for Q1 2025 was NOK 38.5 million, reversing a NOK 103.6 million loss in Q1 2024, aided by favorable currency effects.

• Fleet utilization was 97% despite North Sea seasonality, with nine vessels in operation and a strong contract backlog.

• Advanced refinancing discussions are ongoing, aiming for improved terms and amortization profile.

Financial highlights

• Revenue: NOK 111.1 million in Q1 2025 vs NOK 74.1 million in Q1 2024.

• EBITDA: NOK 30.3 million in Q1 2025 vs NOK 2.9 million in Q1 2024; EBIT: NOK 7.0 million vs negative NOK 15.7 million.

• Net profit: NOK 38.5 million in Q1 2025 vs loss of NOK 103.6 million in Q1 2024.

• Adjusted EBITDA margin: 27% (Q1 2025) vs 4% (Q1 2024); Adjusted EBIT margin: 6% vs -21%.

• Net interest-bearing debt reduced to NOK 868.6 million from NOK 982.4 million year-over-year.

Outlook and guidance

• High operational activity expected through 2025 and into 2026, supported by contract extensions and new charters.

• Backlog of NOK 276.6 million in firm contracts and NOK 520.8 million including options as of the report date.

• Optimism for improved vessel values and sector balance, with ongoing high tender activity.