Golden Energy Offshore Services (GEOS) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues reached NOK 173.9 million, up 119% year-over-year, with full-year revenues at NOK 513.7 million, a 145% increase from 2023.

• EBITDA for Q4 2024 was NOK 103.8 million, up 9.6% from Q4 2023; full-year EBITDA rose 72.9% to NOK 219.8 million.

• Fleet expanded to nine vessels, including two new subsea construction vessels under management, supporting growth and operational capacity.

• High vessel utilization (97% in Q4) and strong time charter equivalent rates outperformed the general market.

• Contract backlog at NOK 298 million firm, with options totaling NOK 520 million.

Financial highlights

• Q4 2024 net loss of NOK 20.9 million, compared to a profit of NOK 44.8 million in Q4 2023, mainly due to negative net financial items from currency losses.

• Adjusted EBITDA margin improved to 60% in Q4 2024 from 27% in Q4 2023.

• Net interest-bearing debt at NOK 931.8 million; cash balance at NOK 37.6 million as of December 2024.

• Equity ratio declined to 27.6% from 34% at year-end 2023.

• Net cash flow from operating activities was NOK 113.4 million in Q4 2024, reversing a significant outflow in Q4 2023.

Outlook and guidance

• Strong contract coverage and high tender activity expected to ensure operational activity into 2025 and 2026.

• Market for PSVs expected to be moderate in 2025, with stronger conditions anticipated in 2026/2027.

• Recent fleet expansion and new technology investments position the group for further growth.