Golden Energy Offshore Services (GEOS) Q4 2025 earnings summary

Executive summary

• Q4 2025 marked a severe downturn in the offshore supply market, with sharp reductions in activity, oversupply, and a collapse in day rates, leading to historically weak financial results.

• Decisive actions included a NOK 320 million equity raise and the sale of three vessels to strengthen liquidity and right-size the fleet.

• Despite the downturn, the fleet's fair value remains well above book value, and forward indicators suggest the downturn is cyclical.

Financial highlights

• Q4 2025 freight revenues fell 74.6% year-over-year to NOK 43.9 million, with EBITDA at negative NOK 60.9 million, down from NOK 98.8 million in Q4 2024.

• Net loss for Q4 2025 was NOK 138.6 million, compared to NOK 33.3 million loss in Q4 2024.

• Operating expenses rose 3.6% to NOK 50.7 million, while other operating expenses more than doubled to NOK 55.4 million, driven by higher fuel, port costs, and one-off items.

• Net interest-bearing debt increased to NOK 1,023.9 million from NOK 938 million at year-end 2024.

• Cash position at year-end was NOK 14.5 million, down from NOK 37.6 million a year earlier.

Outlook and guidance

• Market conditions expected to remain soft through Q1 2026, with gradual improvement anticipated in spring and summer.

• Management focus is on cost discipline, fleet utilization, and maintaining client relationships.

• Tendering activity and operator spending plans for 2026–2027 remain intact, supporting a cyclical recovery view.