# Golden Energy Offshore Services - H1 2026

- Press release: Golden Energy Offshore Services ASA - H1 2026 Report (2026-08-28)
- Original: https://storage.mfn.se/c/aHR0cHM6Ly9hcGkzLm9zbG8ub3Nsb2JvcnMubm8vdjEvbmV3c3JlYWRlci9hdHRhY2htZW50P21lc3NhZ2VJZD02ODExMTQmYXR0YWNobWVudElkPTMzMjI3OQ/golden-energy-offshore-services-h1-2026.pdf?news-id=8592b252-5f46-5d50-a03f-9434a07ec8ba
- Local copy: discarded after extraction (re-fetchable from Original)

**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 debt and a stronger equity ratio.

## Takeaways
- **Revenue Decline:** 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.
- **EBITDA Boost:** EBITDA increased to NOK 145.1 million in H1 2026 from NOK 69.3 million in H1 2025, driven by NOK 171.5 million in other income from vessel sales.
- **Fleet Reduction & Utilization:** The operational fleet reduced from 9 vessels in H1 2025 to 6 in H1 2026, with fleet utilization at 93% (down from 97% in H1 2025).
- **Debt Reduction:** Net interest-bearing debt plummeted to NOK 102.2 million as of June 30, 2026, from NOK 1,023.9 million at year-end 2025.
- **Equity Strengthening:** The equity ratio dramatically improved to 55.6% from 15.8% at year-end 2025, bolstered by vessel sales and a NOK 365 million capital raise.
- **Cash Position:** Cash and cash equivalents surged to NOK 340.2 million from NOK 14.5 million at the start of the period.

*Generated 2026-09-25 via google/gemini-2.5-flash*