# Golden Energy Offshore Services - H1 2026.pdf

- Press release: Golden Energy Offshore Services ASA – H1 2026 Report (2026-08-28)
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**TL;DR —** Golden Energy Offshore Services significantly improved its financial position in H1 2026 through strategic vessel sales and capital raises, despite a challenging North Sea market, resulting in a substantial reduction in net interest-bearing debt and a strong increase in equity ratio.

## Takeaways
- Freight revenues decreased by 49.2% to NOK 105.6 million in H1 2026 from NOK 208.0 million in H1 2025, primarily due to a smaller fleet and weaker market conditions.
- The company reported an EBITDA of NOK 145.1 million in H1 2026, a significant increase from NOK 69.3 million in H1 2025, largely driven by NOK 171.5 million in other income from vessel sales.
- Net interest-bearing debt dramatically decreased to NOK 102.2 million as of June 30, 2026, from NOK 1,024 million at the end of 2025.
- The equity ratio surged to 55.6% as of June 30, 2026, up from 15.8% at December 31, 2025, following vessel sales and a NOK 320 million private placement.
- Fleet utilization was 93% in H1 2026, down from 97% in H1 2025, with average daily time-charter equivalents (TCEs) falling to 136.8 from 196.5.
- The company secured a new term contract for the PSV Energy Pace for approximately 319 firm days, valued at GBP 4.85 million, with potential total value up to GBP 10 million (NOK 128.4 million) including options.

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