GEOS securing agreement to postpone payment to ROC

GEOS have reached an important agreement with ROC

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3 of the 4 vessels under GEOS’ ownership are now working with good utilization in the spot market in theNorth Sea.

However, the past year’s down-turn and developments in the offshore service market, has resulted in a significant strain of the Company’s cash flow.

The Board of Directors together with Golden Energy Offshore Management AS are therefore working to find a solution to the liquidity challenges.

The Company is pleased to announce that an agreement is now signed related to the financing of Energy Empress and Energy Duchess.

The Energy Empress and Energy Duchess are purchased under separate hire-purchase bare-boat agreements.In 2020, the Company reached an agreement with the seller/lessor – ROC – for the postponement of a part of the 1st anniversary lease payments (as announcedon 19 June 2020).

A total amount of USD 8 609 720 was therefore due and payable in May 2021 to ROC.The Company and ROC has now reached an agreement for a one year extension of the full amounts payable in May 2021, the agreement also includes postponement of payment of accrued unpaid hire related to the period from July 2020 to April 2021. The accrued unpaid hire and the amounts otherwise payable in May 2021 will become payable together with the balance purchase price in May 2022.

The amounts deferred by the agreement now signed is subject to interest at a rate of 10% p.a.The agreement signed today is effective immediately and the Board of Directors will continue the dialogue with the other creditors to maintain the going concern of the Company.

The agreement with ROCrepresent a major milestone towards an overall solution and confirms the largest creditor’s support towards the Company.

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Per Ivar Fagervoll
Chief Executive Officer