Golden Energy Offshore Services (GEOS) Q1 2026 earnings summary

Executive summary

• Stable operational performance with improved market conditions toward the end of Q1 2026 and into April 2026.

• Three vessel sales completed at attractive valuations, generating gross proceeds of USD 85.3 million.

• Financial position materially strengthened with reduced net interest-bearing debt, higher cash, and improved equity ratio.

• Owned fleet at quarter-end consists of four PSVs, with technical and commercial management for two additional vessels.

Financial highlights

• Cash and cash equivalents increased to approximately NOK 347 million by 31 March 2026, up from NOK 14.5 million at year-end 2025.

• Equity ratio improved to approximately 54% from 15.8% at year-end 2025.

• Outstanding principal under the sale and leaseback facility reduced to USD 46 million as of 11 May 2026, down from USD 95 million.

• Aggregate net proceeds from three vessel sales amounted to approximately USD 39.7 million after costs and repayments.

Outlook and guidance

• Market improvement observed through Q1 2026 and into April, with April fleet utilization at 98% and TCE at USD 19,000 per day.

• PSV spot and term rates expected to remain strong due to high utilization and limited fleet availability.

• Operating cash flow expected to normalize following one-off working capital adjustments.