Golden Energy Offshore Services (GEOS) Q2 2025 earnings summary

Executive summary

• Freight revenues fell 28.7% year-over-year to NOK 96.8 million in Q2 2025 due to market oversupply and lower spot rates.

• EBITDA decreased to NOK 39.0 million from NOK 58.2 million in Q2 2024, reflecting lower revenues and higher operating costs from fleet expansion.

• Fleet utilization remained high at 96.3%, outperforming the market despite challenging conditions.

• Major refinancing completed, improving future cash flows and reducing financing costs.

• All nine vessels now under in-house management, aiming for cost savings and quality improvements.

Financial highlights

• Total revenues for Q2 2025 were NOK 109.4 million, down from NOK 135.7 million in Q2 2024.

• Net loss for Q2 2025 was NOK -79.2 million, compared to a profit of NOK 18.9 million in Q2 2024, mainly due to one-off refinancing costs.

• Adjusted EBITDA margin was 36% (Q2 2024: 43%).

• Net interest-bearing debt stood at NOK 933.7 million as of June 2025.

• Cash position improved to NOK 17.6 million at quarter-end.

Outlook and guidance

• Backlog of NOK 199 million in firm contracts and NOK 532 million including options, securing revenue into 2026.

• High tender activity and favorable supply-demand balance post-quarter support optimism for future performance.

• Lower financing costs expected to positively impact results and cash position going forward.