Golden Energy Offshore Cautiously Optimistic After Better Second Quarter

OSV owner Golden Energy Offshore Services says it is cautiously optimistic about the market after rates improved in the second quarter of 2026. The company reported EBITDA of NKr145.1 million for the first half, up from NKr69.3 million a year earlier, boosted by vessel sales. Following two capital raises and the sale of three vessels, the company has materially strengthened its balance sheet, leaving it with a young, fully dry-docked fleet of four vessels well-matched to current market demand.

 

The Improving Market

 

The company reported a stronger second quarter. Rates improved materially during the period. This followed weak conditions earlier in the year. The first quarter saw weak North Sea markets. The improvement marked a notable turnaround.

The positive trend has continued. Improved activity extended into the third quarter. The company secured better contract coverage. This covered parts of its fleet. It achieved this at attractive commercial terms.

 

The Cautious Outlook

 

The chief executive struck a measured tone. He described himself as cautiously optimistic. He noted it was too early for firm conclusions. The durability of the rate increase remains uncertain. This tempered the positive developments.

Several factors support the outlook. A materially strengthened balance sheet helps. A young fleet is another advantage. Improving market fundamentals add to this. Together these position the company to navigate the future.

 

Strengthening the Balance Sheet

 

The company took decisive financial action. It completed a NKr320 million private placement. Proceeds were received in January as planned. It settled all overdue payables. It also repaid short-term bridge financing in full.

A second raise followed the first. In April, it completed a NKr45 million offering. Together these transformed the group's finances. They rebuilt liquidity and working capital. Company leadership said they fundamentally improved its position.

 

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The Vessel Sales

 

The company sold several vessels during the period. These were three of its offshore support vessels. Leadership described the sales as value-accretive. They left the company with a young fleet. This fleet is fully dry-docked and free of near-term capex.

The sales delivered significant proceeds. They generated substantial other income. The cash effect was around NKr794.9 million. This was net of transaction costs. Proceeds strengthened the balance sheet and reduced leverage.

 

The Strategic Review

 

The company faces ownership uncertainty. Its largest shareholders initiated a strategic review. This was confirmed in May 2026. They are evaluating a range of options. These could include a sale of their shareholding.

This review follows a difficult period. Recent months have been challenging for the company. A market downturn weighed on revenue in late 2025. This led to forced vessel sales. The review reflects the shareholders' response to these conditions.

 

Financial Performance

 

The company reported improved results. First-half EBITDA reached NKr145.1 million. This compared with NKr69.3 million a year earlier. The increase related largely to vessel sales. These generated significant other income.

Operational metrics remained solid. Fleet utilisation was approximately 93 percent. This compared with 97 percent a year earlier. It was well above the full-year 2025 figure. The backlog comprised firm contracts and options at publication.