Interim report
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GOLDEN ENERGY OFFSHORE SERVICES ASA H1 2026 REPORT
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TABLE OF CONTENTS TABLE OF CONTENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 2 HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 3 LETTER FROM THE CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 4 KEY FIGURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 5 OPERATIONAL REVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 6 FINANCIAL REVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 8 FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 9 ABOUT GOLDEN ENERGY OFFSHORE SERVICES ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 9 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 11 CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME . . . . . . . . . . . . . . . . . . . . . . PAGE | 11 CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 12 CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 13 CONSOLIDATED INTERIM STATEMENT OF CASH FLOW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 14 SELECTED NOTES AND DISCLOSURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 15 Note 1 GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 15 Note 2 BUSINESS SEGMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 15 Note 3 FIXED ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 16 Note 4 BORROWINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 18 Note 5 NET FINANCIAL ITEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 20 Note 6 CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 20 Note 7 SHARE CAPITAL AND SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 20 Note 8 SALE OF VESSELS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 21 Note 9 SUBSEQUENT EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 23 ALTERNATIVE PERFORMANCE MEASURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAGE | 24 H1 REPORT 2026 PAGE | 2
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HIGHLIGHTS Operational • Successful sale and handover of the vessels Energy Empress, Energy Partner and Energy Passion. • The utilization of the Group’s fleet was 93% in H1 2026, compared with 97% in H1 2025. Average day rates during H1 2026 were at historically low levels, primarily reflecting the exceptionally weak North Sea market during the first quarter. • Backlog on publishing date of NOK 88.4 million in firm contracts and NOK 93.4 million in options. Financial • In H1 2026, GEOS reported freight revenues of NOK 105.6 million, a 49.2% decrease from NOK 208.0 million in the same period last year, reflecting, among other factors, the smaller fleet. • The Group has recognized other income related to sale of vessels amounting to NOK 171.5 million. The cash effect from sale of vessels was NOK 794.9 million, net of transaction costs. • EBITDA was NOK 145.1 million in H1 2026 , compared to NOK 69.3 million in H1 2025 , representing an increase of NOK 75.8 million, related to the effect of the sale of vessels. Vessels The vessels Energy Sphynx and Energy Savanah are under management but not owned by the Group. H1 REPORT 2026 PAGE | 3
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LETTER FROM THE CEO In our last report, we described 2025 as a year of two very different halves and outlined the steps we were taking to secure the Company's future: the NOK 320 million private placement, sale of vessels, and an expectation that market prospects for larger PSVs would improve from 2026. I am pleased to report that during the first half we delivered on the key actions outlined in our previous report. The private placement proceeds were received in January as planned. The Company settled all overdue payables, repaid short-term bridge financing in full, and rebuilt our liquidity buffer and working capital position. In April, we followed this with a NOK 45 million subsequent offering, giving shareholders who had not participated in the initial placement the opportunity to do so on equal terms. Together, these two capital raises have fundamentally improved the Group's financial position. We also acted on opportunities to monetize part of our fleet at attractive valuations, completing the sales of Energy Empress, Energy Partner and Energy Passion for aggregate gross proceeds of approximately USD 85.3 million. These transactions were value-accretive and have left us with a young and fully dry-docked fleet of four vessels, free of near-term known capex requirements and expected to be well matched to current market demand. The proceeds have been used to strengthen our balance sheet and reduce leverage. The improvement has also allowed for a decision to return part of this value to shareholders through an extraordinary cash distribution subsequent to the balance sheet date. On the commercial side, the first quarter was characterized by weak North Sea market conditions. Activity and rates improved materially through the second quarter and this positive development continued into the third quarter. Subsequent to the balance sheet date, we have secured improved contract coverage for parts of the fleet at attractive commercial terms. While it is too early to draw firm conclusions about the durability of the recent strength in rates, we remain cautiously optimistic. The combination of a materially strengthened balance sheet, a young fleet and improving fundamentals leaves GEOS positioned to navigate whatever the future brings. At the same time, we remain focused on reducing the Group's controllable cost base and aligning corporate overhead with the reduced fleet. I would like to thank our employees, shareholders, lenders, and partners for their continued trust and commitment throughout this demanding period. Best regards, Per Ivar Fagervoll, CEO – Golden Energy Offshore Services ASA H1 REPORT 2026 PAGE | 4
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KEY FIGURES Operational key figures Amounts in NOK thousand, unless otherwise specified H1 2026 (Unaudited) H1 2025 (Unaudited) Number of operational vessels in the fleet at end of period1 6 9 Average utilization of vessels 93 % 97 % Average daily time-charter equivalents (TCEs)2 136.8 196.5 Contracts backlog (firm revenue pipeline)2 88 415 199 000 1 Whereof 2 vessels under Technical & Commercial management during H1 2025 and H1 2026. 2 Owned fleet only. Financial key figures Amounts in NOK thousand H1 2026 (Unaudited) H1 2025 (Unaudited) Total revenue 277 162 220 565 EBITDA 145 121 69 317 Adjusted EBITDA (26 392) 69 317 EBIT 110 596 22 283 Adjusted EBIT (60 918) 22 283 Net profit(/loss) for the period 81 221 (40 679) Adjusted EBITDA margin (%) (10) % 31 % Adjusted EBIT margin (%) (22) % 10 % Net profit/(loss) for the period (%) 29 % (18) % Broker value assessments - vessels1, 2 1 006 950 1 886 175 Number of vessels valued 4 7 Capex (42 854) (39 824) Amounts in NOK thousand 30 June 2026 31 December 2025 Net interest-bearing debt (NIBD) 102 182 1 023 882 Cash 340 235 14 516 1 Average of two brokers. 2 Vessels under technical and commercial management are not included in the broker value assessments. H1 REPORT 2026 PAGE | 5
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OPERATIONAL REVIEW Main events Golden Energy Offshore Services faced a seasonally slow start of H1 2026, with market conditions improving over the period. Average spot rates have improved from below breakeven levels to more sustainable levels at the end of the period. Our performance reflected these conditions, with revenue impacted by depressed day rates and idle days in the beginning of the period. Strategically, we chose to keep all vessels fully operational to compete for the limited number of short-term contracts available, accepting higher standby costs to ensure maximum fleet availability and responsiveness. Earnings and utilization Average achieved day rates declined materially in H1 2026 compared to H1 2025, reflecting a significantly weaker North Sea spot market, increased competition and a higher share of short-term contracts. Fleet utilization was approximately 93% in H1 2026, compared with 97% in H1 2025, and 80% for the full year 2025. Commercial utilization increased over the period. The combined effect of lower utilization and weaker rate levels in the beginning of the period resulted in lower earnings per vessel on average and compressed margins across the fleet. H1 2026 was characterized by significant cost increases for several key inputs. Market prices for marine gasoil increased by approximately 35% in the period, with a significant part of the increase occurring following the outbreak of the US–Iran conflict in late February. The Group also experienced material inflationary pressure across other goods and services relevant to vessel operations, together with increased transportation and logistics costs and longer lead times for certain spare parts and components. These developments represented a material external change in the Group's operating cost environment. Management nevertheless maintains a strong focus on controllable costs and continues to adjust the underlying cost base to the Group's reduced fleet size. Market and contract dynamics Charterers favored short-term, flexible hires, leveraging intense competition among available tonnage to secure favorable pricing, while long-term fixtures remained scarce. Consequently, the Group's contract profile shifted toward shorter-duration engagements with higher counterparty flexibility, lower revenue visibility and increased earnings volatility. Firm backlog at the end of the first half-year stands at NOK 88.4 million. In addition to the challenging market, Q1 is historically the low season in the North Sea. Several operators have deferred or scaled back campaigns, further limiting seasonal maintenance and project windows and reducing PSV demand in the basin. Fleet and crew readiness All planned surveys and maintenance have been completed, preserving fleet marketability. No material technical incidents affected availability during the period, and the fleet comprises high-end modern tonnage. Crewing levels were maintained to preserve competency and safety standards, with training and retention measures prioritized to mitigate operational risk. QHSE Safety performance remained stable, with no incidents reported during the period. Outlook Market conditions improved materially through the second quarter and have continued to strengthen into the third quarter, both in the North Sea and in several international offshore markets. Activity levels have increased, available PSV capacity has gradually been absorbed and the Group's vessels are currently experiencing improved employment and commercial visibility. H1 REPORT 2026 PAGE | 6
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While short-term rate volatility remains and the North Sea supply-demand balance can still be sensitive to changes in available tonnage, the overall market outlook is demonstrating a positive trajectory, and measured optimism regarding its continued development is well-founded. Industry and broker research also points towards further strengthening of the PSV market, supported by increased offshore activity, higher rig demand and a growing number of vessels being committed to term and project work. GEOS enters this improving market with a modern fleet of four high-specification PSVs, materially reduced leverage and a strengthened liquidity position. The combination provides the Group with increased flexibility to pursue attractive terms and spot opportunities while maintaining commercial discipline. Risk and uncertainties Market Risks: The offshore services industry is both highly competitive and highly dependent on the oil and gas industry. Fluctuations in oil and gas prices can significantly impact the demand for offshore services and are to a large extent outside the Group's control. In a soft market with oversupply there is downward pressure on rates in both the spot market and longer term contracts. While the market remains competitive and subject to short- term volatility, conditions have improved materially through Q2 and into Q3 2026. Operational Risks: These include risks related to safety, technology, and equipment. Offshore operations are inherently risky, and accidents or failures can lead to significant costs. Failing to maintain class or an event where a vessel does not pass annual survey may render it unemployable and uninsurable. Concentration Risks: Following the sale of three vessels in 2026, the Group’s operations and revenue base have become more concentrated both operationally and commercially. A limited number of charterers account for a substantial portion of revenue, increasing exposure to customer concentration risk, contract renewals and counterparty performance. Regulatory Risks: The industry is subject to numerous regulations related to environmental protection, safety, and other areas. Moreover, it experiences substantial downstream effects stemming from regulatory risks associated with the oil and gas industry. Changes in these regulatory frameworks may considerably influence both operational procedures and expenses. Financial Risks: These includes risks related to currency exchange rates, interest rates, liquidity risk and access to capital. The Group receives revenue in USD, EUR and occasionally GBP, whereas costs are mainly in USD and NOK. There is to an extent a natural hedge in this, however, there are no guarantees that the Group is able to match revenues and costs in the same currency. The Group's SLB Neptune facility includes a floating interest rate, exposing the Group to interest rate fluctuations. The Group is in a capital-intensive business where it may need to rely on external financing. Geopolitical Risks: Offshore operations often take place in different parts of the world, and companies can be affected by political instability, changes in government policies, or international sanctions. Furthermore, oil and gas price fluctuates based on geopolitical events, which affects the short-term market for the offshore service industry. Climate Change and Energy Transition Risks: There is an increasing global focus on climate change and a shift towards renewable energy. This could reduce the demand for offshore oil and gas services and impact the long- term viability of the industry. In addition, the useful life of the Group's assets in Europe is dependent on the Group's ability to reach the climate and energy targets for 2030. ESG The Group is committed to the protection of the environment and places high priority on environmental considerations in managing its business. We support initiatives that promote environmental responsibility. In H1 REPORT 2026 PAGE | 7
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addition to complying with environmental legislation, we will strive to do more where it makes sense, recognizing that individual contributions make a difference. We are committed to effective energy management and have established targets to reduce fuel consumption. We maintain a strong focus on green operations and sustainability and seek to remain at the forefront of developing and testing new technology. We continuously monitor our performance against these targets and seek opportunities to reduce our environmental footprint and contribute to the United Nations Sustainable Development Goals. FINANCIAL REVIEW Profit and loss first half-year 2026 Freight revenue decreased by NOK 102.3 million ( 49.2%) to NOK 105.6 million in H1 2026 from NOK 208.0 million in H1 2025. The reduction is primarily due to fewer vessels in the fleet and weaker market in the first months of the year resulting in lower rates caused by a combination of oversupply and low demand in the market. Other income of NOK 171.5 million reflects the gain from sale of the vessels Energy Empress, Energy Partner and Energy Passion. Operating expenses of vessels decreased by NOK 28.4 million (23.0%) to NOK 94.8 million in H1 2026 compared to NOK 123.1 million in H1 2025. Operating expenses of vessels in H1 2026 included NOK 29.6 million related to vessels sold. The effect of the vessel sales reduced the line item by NOK 24.8 million. For the remaining fleet, vessel operating expenses decreased by NOK 3.3 million. This was achieved despite significant cost increases in key inputs relevant to fleet operations. Other operating expenses increased by NOK 9.1 million to NOK 37.3 million in H1 2026 compared to NOK 28.1 million in H1 2025. The increase in other operating expenses was primarily driven by higher professional fees and personnel costs during a period of significant corporate and financing activity. Professional fees charged to the Group amounted to approximately NOK 17.8 million in H1 2026, of which approximately NOK 7.2 million, or 41%, related to non-recurring activities. In addition, transaction costs of approximately NOK 22.9 million were recognized directly in equity and are therefore not included in other operating expenses. In H1 2026, the Group reported an EBITDA of NOK 145.1 million, an increase from NOK 69.3 million in H1 2025, reflecting the impact of sale of vessels presented as other income. The Group had depreciation of NOK 34.5 million in H1 2026 compared to NOK 47.0 million in H1 2025 , the reduction primarily related to a smaller fleet. Net financial items for H1 2026 amounted to negative NOK 29.3 million, compared to negative NOK 63.0 million in H1 2025, representing a net financial result improvement of NOK 33.6 million. The financial result in H1 2025 was highly impacted by the refinancing of the SLB facility at the end of the period and higher interest charges up to refinancing compared with H1 2026, offset by currency gains due to a stronger NOK. The net financial items for H1 2026 comprise break fees related to sale of vessels of approximately NOK 13.6 million and interest expenses of NOK 26.6 million compared with NOK 54.8 million in the same period last year. Basic earnings per share in H1 2026 were NOK 1.15 compared to negative NOK 1.62 in H1 2025. Financial position The Group’s total assets decreased by NOK 286.3 million to NOK 1 177.7 million as of 30 June 2026, compared to NOK 1 464.0 million as of 31 December 2025. On 30 June 2026, the Group’s equity ratio was 55.6%, an increase from 15.8% as of 31 December 2025. The increase is due to sale of vessels and the private placement completed in January 2026. H1 REPORT 2026 PAGE | 8
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The Company received a fleet valuation from two independent brokers as of 30 June 2026 . The average valuation between the two shows a market value of NOK 1.0 billion compared with book value of NOK 0.7 billion. The Group’s net interest-bearing debt was NOK 102.2 million as of 30 June 2026 , compared to NOK 1 024 million as of 31 December 2025 . The net interest-bearing debt has decreased as a result of reduction in borrowings and increase in cash, both as a result of sale of vessels. Cash flow first half-year 2026 In H1 2026, the net cash flow from operating activities amounted to an outflow of NOK 141.0 million, compared with an inflow of NOK 31.4 million during the corresponding period of 2025. The primary factors contributing to this change are the reduction in trade payables amounting to negative NOK 75.6 million. The reduction is a part of the utilization of proceeds from equity raise in the period. Trade receivables have a negative effect of NOK 17.1 million, as a result of higher revenues at the end of the period. Changes in foreign exchange rates on long- term USD-denominated debt had a negative effect of NOK 9.8 million, while net changes in other working capital had a negative effect of NOK 22.9 million, mainly as a result of public duties payable. In addition, NOK 171.5 million related to the sale of vessels has been reclassified to investing activities. Net cash inflow from investment activities was NOK 752.1 million in H1 2026, compared to an outflow of NOK 39.8 million in the same period of the previous year. Net cash outflow from financing activities was NOK 285.4 million in H1 2026, compared to a net cash outflow of NOK 11.5 million during H1 2025. The cash outflow in H1 2026 was comprised of the effects from repayment of loans of NOK 586.4 million offset by equity raise of NOK 342.1 million. As of 30 June 2026, the Group’s cash position amounted to NOK 340.2 million - an increase from NOK 14.5 million at the beginning of the period. FORWARD-LOOKING STATEMENTS This report includes forward-looking statements. Forward-looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate“, “believe“, “continue“, “estimate“, “expect“, “intends“, “may“, “should“, “will“ and similar expressions. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict, and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. The information, opinions and forward-looking statements presented in this report reflect the situation as of the publication date and are subject to change without notice. ABOUT GOLDEN ENERGY OFFSHORE SERVICES ASA Golden Energy Offshore Services ASA (the “Company”, together with its consolidated subsidiaries “the Group”) is an offshore service company based in Ålesund, Norway. The company operates supply vessels to the offshore industry. The Group’s fleet is used within the Oil & Gas and Renewable Offshore industry. The Company is listed on Euronext Growth Oslo in Oslo Stock Exchange under the ticker 'GEOS'. H1 REPORT 2026 PAGE | 9
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Ålesund, 27 August 2026 Thomas John Scott Gideon Andrew Tuchman Chairman of the board Member of the board Mona Irene Larsen Atef Abou Merhi Member of the board Member of the board Susanne Elise Munch Thore Per Ivar Fagervoll Member of the board CEO H1 REPORT 2026 PAGE | 10
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME Amounts in NOK thousand Note H1 2026 (Unaudited) H1 2025 (Unaudited)* Operating revenue 2 105 649 207 954 Other income 8 171 514 12 611 Total revenue 277 162 220 565 Operating expenses (94 754) (123 105) Other operating expenses (37 287) (28 143) EBITDA 2 145 121 69 317 Depreciation 3 (34 526) (47 034) EBIT 110 596 22 283 Financial income 78 122 Currency gain/(loss) 11 173 95 771 Other interest charges (26 552) (54 782) Other financial charges (14 035) (104 072) Net financial result 5 (29 335) (62 962) Profit/(loss) before income tax 81 261 (40 679) Income tax expenses (40) – Profit/(loss) for the period 81 221 (40 679) Other comprehensive income – – Total comprehensive income 81 221 (40 679) Attributable to: Shareholders of Golden Energy Offshore Services ASA 81 255 (40 656) Non-controlling interests (34) (22) Earnings per share in NOK: Basic 1.15 (1.62) Diluted 1.15 (1.62) *NOK 5.1 million related to voyage expenses has been reclassified from the line item Operating expenses to Other operating expenses compared with the H1 2025 report. H1 REPORT 2026 PAGE | 11
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CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Amounts in NOK thousand Note 30 June 2026 (Unaudited) 31 December 2025 (Audited) ASSETS NON-CURRENT ASSETS Goodwill 18 553 18 553 Vessels and equipment 3 745 764 1 197 339 Right-of-use assets 6 210 7 002 Other non-current assets 145 145 Total non-current assets 770 672 1 223 039 CURRENT ASSETS Inventories 5 832 5 845 Trade receivables 43 336 25 588 Other receivables 17 610 35 459 Cash and cash equivalents 6 340 235 14 516 Current assets excluding assets classified as held for sale 407 013 81 407 Assets held for sale – 159 521 Total current assets 407 013 240 928 TOTAL ASSETS 1 177 685 1 463 967 EQUITY AND LIABILITIES EQUITY Share capital 7 565 676 501 690 Share premium 252 736 275 592 Other paid-in capital 301 014 – Other equity 8 (463 411) (544 665) Non-controlling interests (925) (892) Total equity 655 090 231 724 LIABILITIES Borrowings. non-current 4, 8 385 086 646 565 Lease liabilities, non-current 4 959 5 451 Total non-current liabilities 390 045 652 016 Borrowings, current 4 57 331 391 832 Trade payables 35 717 107 913 Other current liabilities 8 38 732 79 746 Total current liabilities 132 550 580 227 Total liabilities 522 595 1 232 244 TOTAL EQUITY AND LIABILITIES 1 177 685 1 463 967 H1 REPORT 2026 PAGE | 12
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CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY Amounts in NOK thousand Share capital Share premium Other paid-in capital Other equity Non-controlling interests Total Equity Equity as of 1 January, 2025 501 690 275 592 – (349 218) (851) 427 213 Profit/(loss) for the period (195 447) (41) (195 489) Equity as of 31 December, 2025 501 690 275 592 – (544 666) (892) 231 725 Equity as of 1 January, 2026 501 690 275 592 – (544 665) (892) 231 725 Profit/(loss) for the period 81 255 (34) 81 221 Reduction of share capital (301 014) 301 014 Transactions with owners in their capacity as owners: Proceeds from Private placement, net of transaction costs 320 000 (20 381) 299 619 Proceeds from Subsequent offering, net of transaction costs 45 000 (2 475) 42 525 Equity as of 30 June, 2026 565 676 252 736 301 014 (463 411) (925) 655 090 H1 REPORT 2026 PAGE | 13
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CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Amounts in NOK thousand Note H1 2026 (Unaudited) H1 2025 (Unaudited) CASH FLOW FROM OPERATING ACTIVITIES: Profit/(loss) before income tax 81 261 (40 679) Depreciation and write-downs 3 34 526 47 034 Interest expenses 26 552 54 782 Gain on sale of vessels (171 514) – Effects of changes in foreign exchange rates on long-term debt 4 (9 808) (67 254) Change in stocks 12 3 131 Change in trade receivables (17 123) 9 379 Change in trade payables (75 612) (31) Net changes in other working capital (22 857) 24 989 Net cash flow from operating activities (140 965) 31 351 CASH FLOW FROM INVESTMENT ACTIVITIES: Payments for fixed assets 3 (42 854) (39 824) Proceeds from sale of fixed assets, net of transaction costs 8 794 913 – Net cash flow from investing activities 752 059 (39 824) CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issuance of share capital, net of transaction costs 7 342 144 Proceeds from borrowings, net of transaction fees 4 – 875 596 Paid interests 4 (26 373) (51 031) Repayment of borrowings 4 (586 437) (834 850) Break fee early settlement borrowings 8 (13 599) – Repayment of lease liabilities (764) (1 146) Payment of interest on lease liabilities (347) (97) Net cash flow from financing activities (285 376) (11 528) Net increase/(decrease) in cash and cash equivalents 325 718 (20 001) Cash and cash equivalents at period start 14 516 37 614 Cash and cash equivalents at the end of the period 6 340 235 17 613 H1 REPORT 2026 PAGE | 14
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SELECTED NOTES AND DISCLOSURES Note 1 GENERAL Corporate information These consolidated financial statements are prepared for the group comprised of Golden Energy Offshore Services ASA and its subsidiaries (together the “Company”, the “Group” or “GEOS”). The parent company of the Group is Golden Energy Offshore Services ASA, which is a Norwegian public limited company incorporated and domiciled in Norway. Golden Energy Offshore Services ASA was established in 2013, and the registered office is located at St Olavs plass 1, Ålesund. The Company´s shares are listed on Euronext Growth Oslo at the Oslo Stock Exchange under the ticker “GEOS”. For more information, please visit https://www.geoff.no/investors-geos. GEOS is a fully integrated shipowner and operator of modern and high specification offshore service vessels for the global oil and gas service industry. Basis for preparation These unaudited consolidated interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting , and do not include all the disclosures required by the IFRS® Accounting Standards for a complete set of financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended 31 December 2025 included in the Company’s Annual Report for the same period. The Company’s consolidated interim financial statements have been prepared based on a going concern assumption. Rounding errors may occur in the report. Note 2 BUSINESS SEGMENTS The Group operates six vessels as at the balance sheet date, of which four are owned by the Group and two are under full technical and commercial management. The Group operates within the offshore service vessel business, serving offshore energy clients in both the oil and gas and renewable energy markets. The Group operates similar vessels and has one operating and reportable segment. H1 REPORT 2026 PAGE | 15
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Note 3 FIXED ASSETS Events during the period At the beginning of the reporting period, the Group operated seven PSVs and two OCVs, among them Energy Sphynx and Energy Savanah, which are managed but not owned by the Group. Over the first half of the year, the Company divested three vessels — MPSV Energy Empress, PSV Energy Partner, and PSV Energy Passion — representing the bulk of disposals during this period. Refer to note 8 for further details. The additions to fixed assets during the first half of 2026 are related to the docking and routine maintenance of machinery at predefined intervals and in accordance with class requirements f or Energy Pace, Energy Swan and Energy Empress. The successfu l completion of periodic maintenance ensures that the equipment remains in optimal working condition and extends its operational life. The four PSV vessels owned by the Company as at 30 June 2026 are part of a sale and leaseback agreement with Neptune Maritime Leasing Ltd. Due to the purchase obligation stipulated in the contract, the transaction is accounted for as a financing arrangement with the vessels remaining as part of the Company's fixed assets. See note 4 for more information. Amounts in NOK thousand Vessels Docking Inventory and other Total Cost price 1 January, 2025 1 494 572 97 930 7 573 1 600 075 Additions – 68 632 10 136 78 769 Reclassification to assets held for sale (179 005) (23 669) (2 962) (205 636) Cost price 31 December, 2025 1 315 566 142 893 14 748 1 473 207 Cost price 1 January, 2026 1 315 566 142 893 14 748 1 473 207 Additions 153 40 264 1 929 42 346 Disposals (461 052) (48 759) (1 647) (511 458) Reclassification between categories 4 857 (7 239) 2 382 – Cost price 30 June, 2026 859 524 127 159 17 412 1 004 095 Accumulated depreciation and impairment 1 January, 2025 194 468 33 558 1 141 229 167 Depreciation 62 016 29 276 1 525 92 816 Reclassification to assets held for sale (39 039) (6 523) (554) (46 116) Accumulated depreciation and impairment 31 December, 2025 217 445 56 311 2 112 275 867 Accumulated depreciation and impairment 1 January, 2026 217 445 56 311 2 112 275 867 Depreciation 21 061 10 752 1 794 33 607 Disposals (41 957) (9 062) (126) (51 145) Accumulated depreciation and impairment 30 June, 2026 196 549 58 001 3 780 258 329 Book value 31 December, 2025 1 098 122 86 582 12 636 1 197 340 Book value 30 June, 2026 662 976 69 158 13 632 745 764 Depreciation method Linear Linear Linear Useful life 30 years 5 years 5 years H1 REPORT 2026 PAGE | 16
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For the first half of 2026, the Consolidated Interim Income statement and Consolidated Interim Cash Flow statement reflect depreciation of Right-of-use assets amounting to NOK 919 thousand. H1 REPORT 2026 PAGE | 17
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Note 4 BORROWINGS The Group’s interest-bearing liabilities consist of: Amounts in thousand Held in currency Amount in currency 30 June 2026 (NOK) 31 December 2025 (NOK) Financing from SLB Neptune USD 38 793 385 086 646 565 Non-current borrowings 38 793 385 086 646 565 Financing from SLB Neptune USD 5 775 57 331 239 698 Short-term bridge financing USD - - 152 135 Current borrowings 5 775 57 331 391 832 Total borrowings 44 568 442 417 1 038 397 Short-term bridge financing As of 31 December 2025, GEOS held NOK 152 135 thousand in outstanding short-term bridge financing, broken down as follows: NOK 94 743 thousand from KJA Partners LLC, NOK 32 045 thousand from Pelagic Investment Fund RAIF V.C.I.C PLC, NOK 15 108 thousand from Azure Holding Limited, and NOK 10 237 thousand from Clear Ocean GEOS MI LP. KJA Partners LLC and Clear Ocean GEOS MI LP fall under the common control of Clear Ocean, the largest shareholder of GEOS, while Pelagic Investment Fund RAIF V.C.I.C PLC and Azure Holding Limited are affiliated with Pelagic Partners. Accordingly, all of these facilities constitute related party transactions. During a period of particularly adverse market conditions, the financing served to maintain adequate liquidity. Following the closing of an equity raise, all facilities were repaid in full in January 2026. The repayment of the USD 5 million KJA Partners LLC facility totaled USD 7.5 million, with the resulting interest expense of USD 2.5 million recognized in full in 2025. No short-term bridge financing was outstanding as of 30 June 2026. Financing from Neptune Maritime Leasing Ltd. On 27 June 2025, the Company entered into a sale and leaseback agreement with Neptune Maritime Leasing Ltd. ('SLB Neptune') for a maximum aggregate purchase price of USD 95 million for 7 vessels. On 31 December 2025 the total amount of USD 95 million was drawn. During the first half of 2026, GEOS completed the sale of three vessels: the MPSV Energy Empress and the PSV Energy Partner, both sales completed on 19 February 2026, and the PSV Energy Passion, completed on 31 March 2026. Upon delivery of each vessel, the respective SLB Neptune tranche - USD 15 300 thousand, USD 13 700 thousand, and USD 13 700 thousand - was settled in full and the associated security over the vessel was released. Prepayment fees arising from the early settlement of the related financing totaled NOK 13 599 thousand and were recognized in the Consolidated interim statement of comprehensive income as 'other financial charges'. The prepayment fee is determined at 3.50% of the outstanding charter hire principal at the repayment date, reflecting the applicable rate within the first twelve months from the delivery date. The following vessels remain financed under the agreement as of 30 June 2026: Vessel name Approved Amount (USD thousand) Energy Duchess 15 300 Energy Pace 13 500 Energy Paradise 13 500 Energy Swan 10 000 Total amount drawn 52 300 H1 REPORT 2026 PAGE | 18
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The sale and leaseback agreement has a term of 5 years with monthly payments of a fixed amount plus an interest based on SOFR (Secured Overnight Financing Rate) + 3.65% margin. At the end of the lease period, the Company has the obligation to repurchase the vessels for 100% of the outstanding lease amount of each vessel which is estimated to be: Vessel name Estimated Purchase Amount (USD thousand) Energy Duchess 9 720 Energy Pace 6 570 Energy Paradise 6 570 Energy Swan – The estimated purchase amount for Energy Swan is USD 1 and consequently rounds to nil in the table above. The obligation to repurchase the vessel applies irrespective of the nominal amount of the consideration. Due to the purchase obligation, SLB Neptune agreement is accounted for as a financing arrangement according to IFRS 9 Financial instruments by using amortized cost method. The following financial covenants are stipulated in the agreement: • The Group has to maintain minimum USD 2 million in cash and cash equivalents. Testing to be performed semi-annually on 30 June and 31 December. • Each vessel-owning company to maintain USD 250 thousand in cash in a dedicated account at all times, in aggregate USD 1.0 million (equivalent to NOK 10 042 thousand per 30 June 2026). These funds are not available for general use by the Group and are therefore not included in the cash and cash equivalents in the Consolidated interim statement of financial position. However, these funds are included as cash and cash equivalents when measuring compliance with the covenant requirement in the bullet point above. In addition to the above, charter-free fair market value of the leased vessels to be at all times a minimum of 140% of the leased amount. Testing of the Security Coverage Ratio to be performed semi-annually on or around 30 June and 31 December within the contract period. The covenants were tested at 30 June 2026 and all requirements were met. The charter-free fair market value of the leased vessels was based on two independent broker valuations obtained in June 2026. The Group has not been in breach with the covenants in the reporting period. The borrowings carry a floating interest rate of SOFR plus a fixed margin. The fair value of financial instruments not measured at fair value is not materially different from their carrying amounts and is classified as level 2 in the fair value hierarchy. Nominal contractual maturities of financial liabilities 30 June 2026 Amounts in USD thousand Less than 1 year 1-2 years 2-3 years Over 3 years Total Financing from SLB Neptune 90 500 86 262 81 876 301 276 559 914 The interest on floating rate debt is based on the SOFR spot rate as of 30 June 2026. It is not expected that the cash flows included in the table above will occur earlier, or at significantly different amounts than those stated above, except for the interest on floating rate debt as a result of changes in the SOFR spot rate or change in exchange rate between NOK and USD. H1 REPORT 2026 PAGE | 19
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Note 5 NET FINANCIAL ITEMS Net financial items comprise the following: Amounts in NOK thousand H1 2026 (Unaudited) H1 2025 (Unaudited) Interest income 78 122 Other financial income – – Currency gain/loss 11 173 95 771 Interest charges (26 552) (54 782) Other financial charges (14 035) (104 072) Net financial items (29 335) (62 962) The net currency gain of NOK 11.2 million arises on the translation of USD-denominated borrowings and receivables and comprises gross gains of NOK 34.4 million and gross losses of NOK 23.2 million. Interest charges relate primarily to the vessel financing (NML/'SLB Neptune') and interest on supplier balances. Other financial charges are primarily comprised of fees related to financing activities. See note 4 for more information. Note 6 CASH AND CASH EQUIVALENTS Amounts in NOK thousand 30 Jun 2026 31 Dec 2025 Cash and cash equivalents 340 235 14 516 Of which restricted 7 656 6 791 Restricted cash relates to deposits for withholding tax obligations on behalf of the Company's employees and Dry Dock Reserve accounts maintained according to the SLB Neptune financing agreement. Note 7 SHARE CAPITAL AND SHAREHOLDERS The Company’s share capital as of 30 June 2026 was NOK 565 675 952 consisting of 70 709 494 ordinary shares with a par value of NOK 8.00. Each share gives the right to one vote at the annual general meeting. There is only one class of shares and all with equal economic rights. At the time of this report, the Company holds 122 381 treasury shares. The Chief Executive Officer has a total ownership of 3.9 %, consisting of 3.3% direct and 0.6% indirect ownership as of 30 June 2026. Share capital transactions and Private Placement In an extraordinary general meeting held on 29 December 2025 a resolution was made to reduce the nominal value of the shares from NOK 20.00 to NOK 8.00, resulting in a reduction of the share capital of NOK 301 013 928 from NOK 501 689 880 to NOK 200 675 952. In the EGM held on 29 December 2025, a resolution was also made to increase the share capital by NOK 320 million from NOK 200 675 952 to NOK 520 675 952 by issuing 40 million shares, each with nominal value of NOK 8.00. On 7 January 2026, the share capital reduction and the share capital increase pertaining to the Private Placement were registered with the Norwegian Register of Business Enterprises. The contribution in cash for the total amount of NOK 320 million was received in full by the Company on 7 January 2026. H1 REPORT 2026 PAGE | 20
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Subsequent offering The Company has successfully allocated 5,625,000 new shares in the Company each with a nominal value of NOK 8.00 by executing a Subsequent offering during April 2026. The share capital increase pertaining to the Subsequent offering was registered with the Norwegian Register of Business Enterprises on 27 April 2026. Capital reduction On 3 June 2026, Company’s annual general meeting approved a share capital reduction by way of reducing par value of each of the Company’s shares from NOK 8.00 to NOK 1.00. The reduction entails (i) a cash distribution per share of NOK 4 (the “Cash Distribution”) and (ii) the remaining reduction amount transferred to “other paid-in equity” in the Company’s books. As a result, upon registration the Company’s share capital shall amount to NOK 70 709 494 divided into 70 709 494 shares, each with a nominal value of NOK 1.00. The 20 largest shareholders as of 30 June 2026 were as follows: Name Number of shares Ownership CLEAR OCEAN GEOS MI LP 29 525 500 41.8 % CLEARSTREAM BANKING S.A. 16 747 425 23.7 % HSBC Bank Plc 6 443 364 9.1 % PROFOND AS 3 346 897 4.7 % JPMorgan Chase Bank, N.A., London 3 179 338 4.5 % PER IVAR FAGERVOLL 2 335 675 3.3 % Goldman Sachs & Co. LLC 1 775 873 2.5 % AXT AS 625 000 0.9 % GEMSCO AS 600 991 0.8 % JAN HEGGELUND 552 914 0.8 % NORDNET LIVSFORSIKRING AS 401 264 0.6 % Citibank, N.A. 326 924 0.5 % RISTORA AS 322 264 0.5 % UTMOST PANEUROPE DAC 275 000 0.4 % KREFTING AS 259 461 0.4 % EDVARD AARSLAND 204 653 0.3 % ARNE BÅRD KOLBEINSTVEIT WIST 195 016 0.3 % BAHAM AS 183 770 0.3 % Moland Havn A/S 146 472 0.2 % AXT CORPORATE CONSULTING AS 145 686 0.2 % Total top 20 67 593 487 95.6 % Other 3 116 007 4.4 % Total number of shares 70 709 494 100.0 % Note 8 SALE OF VESSELS Description of the transactions During the first half of 2026, the Company completed the sale of three platform supply vessels: MV Energy Empress, MV Energy Partner and MV Energy Passion. The vessels were owned by the wholly owned subsidiaries Energy Empress AS, Energy Partner AS and Energy Passion AS respectively, and each vessel was sold to an unrelated third party under a memorandum of agreement on normal commercial terms. The share capital of the subsidiaries was not part of the transactions; only the vessels themselves were transferred. The consideration was used primarily to settle the sale and leaseback financing attached to each vessel, and the surplus has strengthened the Company's liquidity. Gain on disposal The tables below summarize the gain on disposal calculation for each vessel: H1 REPORT 2026 PAGE | 21
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Amounts in NOK thousand, unless otherwise specified Energy Empress Energy Partner Energy Passion Total Consideration (in USD thousand) 30 000 27 250 28 000 85 250 Exchange rate applied 9.5481 9.5481 9.7510 Consideration 286 443 260 186 273 028 819 657 Carrying amount at the date of disposal (162 767) (235 035) (225 598) (623 400) Transaction costs (8 676) (7 865) (8 202) (24 743) Gain on disposal 115 000 17 286 39 228 171 514 The gain is presented within other income in the Consolidated interim statement of comprehensive income and corresponds to that line. Transaction costs comprise brokerage commission and legal fees directly attributable to the sales and are presented net against the gain under the line item 'Other income' in the Consolidated interim statement of comprehensive income. Key dates Energy Empress Energy Partner Energy Passion Main terms agreed (recap) and held for sale criteria met December 2025 January 2026 February 2026 Sales agreement announced January 2026 January 2026 March 2026 Delivery completed February 2026 February 2026 March 2026 Assets held for sale The main terms of the sale of MV Energy Empress were agreed in December 2025. The vessel accordingly met the criteria in IFRS 5 for classification as held for sale at 31 December 2025 and was presented separately from property, plant and equipment in the consolidated statement of financial position at that date, at a carrying amount of NOK 159 521 thousand, measured in accordance with IFRS 5 at the lower of carrying amount and fair value less costs to sell. Yard costs of NOK 3 247 thousand relating to a major overhaul of the auxiliary engines were incurred and capitalized during the first half of 2026, bringing the carrying amount at the date of disposal to NOK 162 767 thousand. The main terms for MV Energy Partner and MV Energy Passion were agreed in January 2026 and February 2026, respectively. Since the disposal of these two vessels had not been assessed as highly probable within the definition of IFRS 5 at 31 December 2025, they remained classified under property, plant and equipment at that date. Both vessels met the held for sale criteria and were delivered to the buyers within the first half of 2026, and are accordingly presented as disposals of property, plant and equipment rather than as a separate reclassification in note 3 Fixed assets. Under IFRS 5, depreciation was discontinued for each vessel as of the date the held for sale criteria were satisfied. Depreciation charged in the period up to that date amounted to NOK nil for MV Energy Empress, which was already classified as held for sale at 31 December 2025, NOK 484 thousand for MV Energy Partner and NOK 1 954 thousand for MV Energy Passion. In line with IFRS 5.15, each vessel was measured at the lower of its carrying amount and fair value less costs to sell; since fair value less costs to sell exceeded the carrying amount in all three instances, no impairment loss was recorded upon classification. As of 30 June 2026, none of the Company's assets were classified as held for sale. Classification of discontinued operations The three vessels were assessed against the definition of a discontinued operation in IFRS 5.32. The vessels operated within GEOS's single platform supply vessel segment, in the same geographical market and under the same management structure as the remaining fleet, and their disposal does not represent the exit from a separate major line of business or geographical area of operations. The disposals are therefore not presented as discontinued operations, and the results of the three vessels up to the date of delivery are included in profit from continuing operations. H1 REPORT 2026 PAGE | 22
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Settlement of related financing The three vessels were financed under the sale and leaseback agreement with Neptune Maritime Leasing Ltd. (‘SLB Neptune’) described in note 4. As the contract contained a purchase obligation, the transaction was recognized as a financing arrangement, and the vessels remained within the Company's fixed assets. At the point of delivery of each vessel, the associated tranche was settled in full, and the vessel was released from the financing: Energy Empress Energy Partner Energy Passion Total Tranche repaid (in USD thousand) 15 300 13 700 13 700 42 700 Break fees and other costs (in NOK thousand) 4 909 4 341 4 349 13 599 Break fees and other costs arising on the early termination of the related financing amounted to NOK 13 599 thousand and are recognized in the consolidated interim income statement as other financial charges. Reference is made to note 4 Borrowings and note 5 Net financial items. Cash flow effects The net consideration is presented as proceeds from the sale of property, plant and equipment within cash flows from investing activities. The settlement of the SLB Neptune tranches and the related break fees are presented within cash flows from financing activities. Transaction costs directly attributable to the disposals are presented within investing activities together with the proceeds. Taxation The vessel-owning subsidiaries are taxed under the Norwegian tonnage tax regime. Gains on the sale of qualifying vessels within that regime are not subject to ordinary income taxation, and accordingly no current tax expense has been recognized in respect of the gain on the three disposals. Subsequent measurement and estimation uncertainty The consideration for all three vessels was fixed in US dollars and settled in full on delivery. There are no earn- out arrangements, deferred consideration, indemnities or other contingent consideration attached to the transactions, and no assets or liabilities relating to the vessels remain recognized at 30 June 2026 other than ordinary trade balances arising in the period up to delivery. Accordingly, the gain recognized is not subject to significant estimation uncertainty. Note 9 SUBSEQUENT EVENTS New share capital and cash distribution The share capital reduction was registered with the Norwegian Register of Business Enterprises on 7 August 2026 (refer to note 7 for further details). The associated cash distribution was carried out on 14 August 2026. New term contract On 29 July 2026, the Company secured a new term contract for the PSV Energy Pace with a first class international charterer. The contract covers operations on the UK Continental Shelf (UKCS) with the firm period of nine (9) wells, corresponding to approximately 319 days and eight (8) one-well options, corresponding to approximately 260 additional days. The firm contract has a value of approximately GBP 4.85 million, reflecting the agreed day rate adjustment. Including the optional periods, the total potential contract value is in the region of GBP 10 million (approx. NOK 128.4 million). H1 REPORT 2026 PAGE | 23
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ALTERNATIVE PERFORMANCE MEASURES Golden Energy Offshore Services’ financial information is prepared in accordance with IFRS Accounting Standards as adopted by the EU. In addition, it is management’s intention to provide alternative performance measures (APMs) that are regularly reviewed by management to enhance the understanding of Group’s performance, but not instead of the financial statements prepared in accordance with IFRS. The alternative performance measures presented may be determined or calculated differently by other companies. The principles for measuring the alternative performance measures are in accordance with internal reporting to Group Executive Management (chief operating decision makers) and are consistent with financial information used for assessing performance and allocating resources. EBITDA Earnings before interest, tax, depreciation, amortization and impairment (EBITDA) are key financial parameters for the Group. This measure is useful to users of financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation. The EBITDA margin presented is defined as EBITDA divided by total revenues. Adjusted EBITDA Adjusted Earnings before interest, tax, depreciation, amortization and impairment (EBITDA) is based on EBITDA but adjusted for transactions of a non-recurring nature. Such non-recurring transactions include, but are not limited to restructuring costs, gains or losses related to sale of vessels, acquisition-related costs and other non- recurring income and expenses. EBIT Earnings before interest and tax (EBIT) is useful to users with regard to the Group’s financial information in evaluating operating profitability on the cost basis as well as the historic cost related to past business combinations and capex. The EBIT margin presented is defined as EBIT divided by total revenue. Adjusted EBIT Adjusted Earnings before interest, tax (EBIT) is based on EBIT but adjusted for transactions of a non-recurring nature. Such non-recurring transactions include, but are not limited to restructuring costs, gains or losses related to sale of vessels, acquisition-related costs and other non-recurring income and expenses. Net interest-bearing debt Net interest-bearing debt is non-current interest-bearing debt plus current interest-bearing liabilities less cash and cash equivalents. This measure helps the users of financial information assess the Group’s liquidity situation. Time Charter Equivalent (TCE) Time charter equivalent (TCE) is a measure of the average daily revenue performance of a vessel. The TCE presented is defined as gross revenues during the relevant period divided by the number of available vessel days during the period. Gross revenue is defined as contractual charter rate multiplied with number of earning days in the period, exclusive other accounting effects. Equity ratio Equity ratio is defined as Total equity divided by total equity and liabilities. Capital expenditure (Capex) Capital expenditure is the same as payment for fixed assets. H1 REPORT 2026 PAGE | 24
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Reconciliation of Alternative Performance Measures in the report Amounts in NOK thousand H1 2026 (Unaudited) H1 2025 (Unaudited) Freight revenue 105 649 207 954 Other income 171 514 12 611 Operating expenses (94 754) (123 105) Other operating expenses (37 287) (28 143) EBITDA 145 121 69 317 Depreciation (34 526) (47 034) EBIT 110 596 22 283 Amounts in NOK thousand YTD 2026 YTD 2025 EBITDA 145 121 69 317 Less Other income (171 514) – Adjusted EBITDA (26 392) 69 317 Amounts in NOK thousand YTD 2026 YTD 2025 EBIT 110 596 22 283 Less Other income (171 514) – Adjusted EBIT (60 918) 22 283 Amounts in NOK thousand 30 Jun 2026 31 Dec 2025 Cash 340 235 14 516 Non-current borrowings 385 086 646 565 Current borrowings 57 331 391 832 Net interest-bearing debt (NIBD) 102 182 1 023 882 Amounts in NOK thousand YTD 2026 YTD 2025 Gross Revenue 101 789 221 017 Number of available days 744 1 125 Time charter equivalent (TCE) 136.8 196.5 Amounts in NOK thousand 30 Jun 2026 31 Dec 2025 Total equity 655 090 231 724 Total equity and liabilities 1 177 685 1 463 967 Equity ratio 55.63 % 15.83 % H1 REPORT 2026 PAGE | 25
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Golden Energy Offshore Services ASA St Olavs Plass 1 6002 Ålesund Norway www.geoff.no Email: finans@geoff.no Phone: +47 70 10 26 60