Update on financing

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Ålesund 11.09.2023

Reference is made to the previous announcements date 4 August 2023 and 30 August2023 regarding Golden Energy Offshore Services’ (the “Company”) transformative fleet acquisition (the “Fleet Acquisition”) and refinancing by way of a sale and leaseback facility from Fleetscape (the “SLB Facility”).

Together with the USD 98.6 million SLB Facility, which in addition to providing funds for the Fleet Acquisition will refinance the USD 35.9 million of debt related to Energy Duchess and Energy Empress, the Company will be seeking to raise up to USD 30 million of new capital to be fully funded to complete the Fleet Acquisition and expected required working capital. To that end, the Company has retained Arctic Securities and Fearnley Securities as joint lead managers to arrange a series of investor meetings commencing 12 September 2023. An equity private placement of up to USD 30 million may follow. Oaktree Capital Management, the Company’s largest shareholder, will subscribe for USD 12.8million, including conversion of the USD 3.3 million bridge loan facility provided to pay the deposit in August 2023 related to the Fleet Acquisition.

An updated company presentation is attached hereto and will be made available on the Company’s web page.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Per Ivar Fagervoll, CEO, on 11 September 2023, at 21:07 (Oslo time).

For further information, please contact:

Per Ivar Fagervoll pif@geoff.no Mobile: + 47 974 28 884

Link to Company Presentation

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Per Ivar Fagervoll
Chief Executive Officer