Ålesund, 19 May 2026:  

Golden Energy Offshore Services ASA ("GEOS" or the "Company"), has today
published the Annual Report for 2025. The reports will be made available at the
Company's website www.geoff.no.

Further, the board of directors is proposing a capital reduction by way of
reducing the par value of each share from NOK 8.00 to NOK 1.00, with (i) a cash
distribution per share of NOK 4 and (ii) the remaining reduction amount to be
transferred to "other paid-in equity" in the Company's books. The rationale for
taking down the share capital more than the cash distribution is that there is
no commercial reason for the current level of share capital in the Company, and
a further reduction will give the Company more flexibility going forward for
possible future distributions or other opportunities.
 
As basis for the proposed capital reduction, the Company has prepared an audited
interim balance sheet per 30 April 2026 attached to this notice. The proposed
capital reduction and cash distribution is subject to approval by the Company's
shareholders, including approval of the audited interim balance sheet, and
expiry of a statutory creditor notice period for the capital reduction. The
proposal will be included on the agenda for the Company's annual general meeting
expected to be held on or about 3 June 2026.

Subject to relevant shareholder approvals, the cash distribution is expected to
be paid following expiry of the statutory creditor notice period for the capital
reduction and registration of the capital reduction with the Norwegian Register
of Business Enterprises. The Company will publish key information relating to
the proposed distribution, including ex-date and expected time of payment, in
advance of the registration of the capital reduction, expected during July 2026.
For Norwegian tax purposes, the distribution will be regarded as repayment of
paid-in capital.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

                                                                ***

For further information, please contact:

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