Golden Energy Offshore Services (GEOS) Q3 2024 earnings summary

Executive summary

• Revenues surged 146% year-over-year to NOK 130 million in Q3 2024, driven by fleet expansion and strong market conditions.

• EBITDA rose to NOK 54.9 million from NOK 15.2 million in Q3 2023, reflecting improved utilization and higher day rates.

• Net profit reached NOK 20.8 million, reversing a NOK 49.5 million loss in Q3 2023; EPS was NOK 0.83.

• Management agreements for two new vessels and a W2W gangway system acquisition support operational growth.

• Contract backlog stands at NOK 252 million firm, with options totaling NOK 343 million.

Financial highlights

• Operating expenses increased 100% to NOK 75.1 million due to fleet growth and one-off legal/financial fees.

• EBIT improved to NOK 34.8 million from NOK 8.8 million year-over-year.

• Net financial items improved to negative NOK 13.9 million from negative NOK 58.3 million, mainly due to 2023 loan settlement effects.

• Net cash flow from operations was NOK 85 million, up from NOK 36.4 million in Q3 2023.

• Cash balance at quarter-end was NOK 2.3 million; net interest-bearing debt stood at NOK 942.2 million.

Outlook and guidance

• High fleet utilization and attractive day rates expected to continue, supported by strong market drivers.

• New vessel management agreements and recent investments position the company for further growth in Q4 2024.

• Backlog and contract extensions ensure high operational activity through the winter season.