Golden Energy Offshore Services (GEOS) Q2 2026 earnings summary

Executive summary

• Completed sale of three vessels, reducing fleet size and strengthening liquidity; proceeds used to repay debt and fund an extraordinary cash distribution to shareholders.

• Private placement and subsequent offering raised NOK 365 million, fundamentally improving financial position.

• Market conditions were weak in Q1 but improved in Q2 and into Q3, with higher activity and rates.

• Fleet now consists of four modern, fully dry-docked vessels, well-matched to current demand.

Financial highlights

• Freight revenue fell 49.2% year-over-year to NOK 105.6 million due to a smaller fleet and weak market.

• Other income of NOK 171.5 million from vessel sales; EBITDA rose to NOK 145.1 million from NOK 69.3 million, driven by these gains.

• Net profit for H1 2026 was NOK 81.2 million, compared to a loss of NOK 40.7 million in H1 2025.

• Total assets decreased to NOK 1,177.7 million from NOK 1,464.0 million at year-end 2025.

• Equity ratio improved to 55.6% from 15.8% at year-end 2025.

• Net interest-bearing debt reduced to NOK 102.2 million from NOK 1,024 million at year-end 2025.

• Cash position increased to NOK 340.2 million from NOK 14.5 million at the start of the period.

Outlook and guidance

• Market outlook is positive, with strengthening PSV market and increased offshore activity.

• Improved contract coverage secured for parts of the fleet at attractive terms post-balance sheet date.

• Cautious optimism remains due to ongoing rate volatility and sensitivity to supply-demand changes.