Golden Energy Offshore H1 Revenue Dips After Fleet Reduction

Golden Energy Offshore Services (GEOS) reported freight revenues of NOK105.6 million ($10.5 million) for the first half of 2026, representing a 49.2 per cent decrease from NOK208 million during the same period in 2025.

The Norwegian firm attributed the decline primarily to a reduced fleet size following disposals alongside soft North Sea spot market conditions during the first quarter.

During the six-month period, the company completed the sales of three platform supply vessels—Energy Empress, Energy Partner, and Energy Passion—for aggregate gross proceeds of approximately $85.3 million.

Proceeds from the transactions were utilised to settle associated debt tranches under a lease facility with Neptune Maritime Leasing, bringing net interest-bearing debt down to NOK102.2 million from NOK1.02 billion at the end of 2025.

Fleet utilisation averaged 93 per cent across the half-year compared with 97 per cent a year earlier, while average daily time-charter equivalent earnings dropped to NOK136,800 from NOK196,500.

Despite the revenue contraction, earnings before interest, tax, depreciation, and amortisation increased to NOK145.1 million from NOK69.3 million, supported by a gain of NOK171.5 million recognised on vessel sales.

Chief Executive Officer Per Ivar Fagervoll noted that charter rates and offshore activity improved through the second quarter, leaving the group with a young fleet of four owned vessels.

Following the close of the reporting period, the company secured a firm nine-well term fixture for Energy Pace on the UK Continental Shelf.