Golden Energy Offshore Services (GEOS) Q2 2024 earnings summary

Executive summary

• Revenues in Q2 2024 surged 189% year-over-year to NOK 136 million, driven by fleet expansion and strong contract activity.

• EBITDA for Q2 2024 reached NOK 58.2 million, up from NOK 15.7 million in Q2 2023, reflecting improved operational performance.

• The company successfully integrated Vroon vessels, expanding its fleet to seven PSVs, and secured several high-value contracts at attractive rates.

• Strategic initiatives included regulatory preparations for a potential uplisting to Oslo Børs and a reverse share split.

Financial highlights

• Q2 2024 revenues: NOK 135.7 million (Q2 2023: NOK 46.9 million); H1 2024 revenues: NOK 209.9 million, matching full-year 2023.

• Q2 2024 EBITDA: NOK 58.2 million (Q2 2023: NOK 15.7 million); H1 2024 EBITDA: NOK 61.2 million (H1 2023: NOK 17.2 million).

• Q2 2024 EBIT: NOK 39.2 million (Q2 2023: NOK 52.8 million, which included a NOK 46.1 million impairment reversal).

• Net profit for Q2 2024: NOK 18.9 million; H1 2024 net loss: NOK -84.7 million, mainly due to negative net financial items.

• Cash balance at end of Q2 2024: NOK 8.7 million; net interest-bearing debt: NOK 992.2 million.

Outlook and guidance

• Backlog of NOK 327 million firm and NOK 272 million in options, with average day rates exceeding USD 28,000.

• Management expects a healthy PSV market for the remainder of 2024, supported by robust activity drivers and attractive fleet valuation.

• The company is optimistic about continued operational momentum and is exploring an uplisting to Oslo Børs.