GEOS.OL Golden Energy Offshore Services

Offshore · PSV · 100 documents

Golden Energy Offshore Services' 4-vessel offshore fleet should earn about $14,279 a day in 2026Q4.

Rates in, dividend out 2026Q4

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q4	Market now	8 weeks
Psv · 4	$14,2792026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q4. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Psv 368 open days

$/d

2026Q4 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for psv: no off-hire or drydock days are deducted there.

368

By class

Class	Days	Model $/day	Yours $/day
Psv	368	14,279	14,279

Fleet TCE, $/day assumed

14,279

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

5.3

Vessel opex, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: derived $22,522/day exceeds the best realized TCE $14,279/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. Source (2026Q2)

(3.5)

G&A, $m assumed

(2.0)

EBITDA, $m

Needs vessel opex and G&A on a per-day basis; derived $22,522/day exceeds the best realized TCE $14,279/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs.

—

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

(1.4)

Scheduled debt amortisation, $m stated

(1.4)

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day

No cash break-even: derived $22,522/day exceeds the best realized TCE $14,279/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs.

—

Cushion vs fleet TCE, $/day

—

Free cash flow to equity, $m

—

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Forward yield, run-rate %	—

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $0.67 close on 2026-10-19.

No dividend is modelled for 2026Q4: its cash costs and debt service are on file, but the break-even they give is refused: derived $22,522/day exceeds the best realized TCE $14,279/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Why no forward dividend next step: cost stack / debt service

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its cash costs and debt service are on file, but the break-even they give is refused: derived $22,522/day exceeds the best realized TCE $14,279/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. A filing that separates opex, g&a and debt service unblocks it.

What is on file:

4-vessel fleet —
realized fleet TCE of $14,279/day in 2026Q2

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context — rates, the dividend, and the price

Fleet rate

Realized fleet TCEModel

forecast →

$0k

$10k

$20k

2026Q2

2026Q3

2026Q4

2027Q1

Reported fleet TCE. This company declares no dividend, so there is nothing to pay out against it.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where GEOS.OL departs from that

No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.

What drives it — fleet TCE, 2026Q4

Expected fleet TCE

$14,279/d

ASSUMED

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$14,279/d 2026Q2

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

—

Opex

$3.5M

Net income

—

4× psv current

Fleet model — 2026Q4

20/92 days elapsed (22%) · Est. revenue to date $1.2M of $5.3M projected · Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Psv	4	—	—	—	—	—	14,279	1.2	5.3
Total	4						14,279	1.2	5.3

Guided rates are issuer-booked cover for 2026Q4 blended with the company's own realized rates for the open days.

Revenue if rates hold

$5.3M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Expected DPS suppressed: no per-class cash break-even on file — modeled cash earnings unavailable, so the cash walk has no distributable base.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

psv: no index and no guidance — priced at the issuer's own last realized fleet rate $14,279/day (2026Q2, issuer's printed figure), held flat (owner ruling 2026-09-26) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files); earnings factor (no disclosed cost stack and no own NI/revenue history); share count

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Benchmark index — monthly average

Guidance & sources

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	—	—	—	GEOS: Energy Swan secures two new charter cont…, Energy Swan secures two new charter contracts …
2026Q3	Golden Energy Offshore Services ASA - H1 2026 …, Golden Energy Offshore Services ASA – H1 2026 …	—	GEOS: Ex Dividend NOK 4.00 Per Share Today, Ex Dividend NOK 4.00 Per Share Today, GEOS: Key Information Relating to Cash Distrib…, GEOS: Completion of Capital Reduction with Cas…, Key Information Relating to Cash Distribution, Completion of Capital Reduction with Cash Dist…, GEOS: Postponement of Capital Reduction and Ca…, Postponement of Capital Reduction and Cash Dis…, GEOS: Key Information Relating to Cash Distrib…, GEOS: Completion of Capital Reduction with Cas…, Key Information Relating to Cash Distribution, Completion of Capital Reduction with Cash Dist…	GEOS: Announces Exercise of Well Option for En…, Announces Exercise of Well Option for Energy P…, GEOS: New Share Capital Registered, New Share Capital Registered, GEOS: Golden Energy Offshore Services ASA (GEO…, Golden Energy Offshore Services ASA (GEOS) Ann…
2026Q2	—	GEOS: Company Presentation, Company Presentation	Correction: Publication of Annual Report 2025,…, Correction: Publication of Annual Report 2025,…, GEOS: Publication of Annual Report 2025, audit…, Publication of Annual Report 2025, audited int…	GEOS - Minutes of Annual General Meeting, GEOS – Minutes of Annual General Meeting, GEOS: Market and Operational Update Q1 2026, Market and Operational Update Q1 2026, GEOS: Notice of Annual General Meeting, Notice of Annual General Meeting, GEOS: Largest shareholders initiate Strategic …, Largest shareholders initiate Strategic Review…, GEOS: New share capital registered, New share capital registered, GEOS: Final result of subsequent offering and …, Final result of subsequent offering and alloca…, GEOS: Last day of subscription period in the s…, Last day of subscription period in the subsequ…, GEOS: Finansiell kalender, GEOS: Financial calendar, Financial calendar, Finansiell kalender, GEOS: Commencement of the subscription period …, Commencement of the subscription period in sub…, GEOS: Registration of national prospectus and …, Registration of national prospectus and launch…
2026Q1	—	—	—	GEOS: Sale of PSV Energy Passion completed tod…, Sale of PSV Energy Passion completed today, GEOS: GEOS Q4 -2025 Financial Statement, GEOS Q4 -2025 Financial Statement, GEOS: Sale of PSV Energy Passion, Sale of PSV Energy Passion, GEOS: Finansiell kalender, GEOS: Financial calendar, Financial calendar, Finansiell kalender, GEOS: Finansiell kalender, GEOS: Financial calendar, Financial calendar, Finansiell kalender, GEOS: Sale of MPSV Energy Empress completed to…, Sale of MPSV Energy Empress completed today, GEOS: Sale of PSV Energy Partner completed tod…, Sale of PSV Energy Partner completed today, GEOS: Sale of PSV Energy Partner, Sale of PSV Energy Partner, GEOS: Sale of PSV Energy Empress, Sale of PSV Energy Empress, GEOS: Financial calendar, GEOS: Finansiell kalender, Financial calendar, Finansiell kalender, GEOS: New share capital registered, New share capital registered
2025Q4	—	—	—	GEOS: Mandatory notification of trade in conne…, GEOS: Minutes of Extraordinary General Meeting, Mandatory notification of trade in connection …, Minutes of Extraordinary General Meeting, GEOS: Minutes of Extraordinary General Meeting, Minutes of Extraordinary General Meeting, GEOS: Mandatory notification of trade, Mandatory notification of trade, GEOS: Notice of Extraordinary General Meeting, Notice of Extraordinary General Meeting, GEOS: EX. RIGHT TO PARTICIPATE IN SUBSEQUENT O…, EX. RIGHT TO PARTICIPATE IN SUBSEQUENT OFFERIN…, GEOS: Key information relating to the subseque…, GEOS: Private Placement successfully placed, Key information relating to the subsequent off…, Private Placement successfully placed, GEOS: Contemplated Private Placement, Contemplated Private Placement, GEOS: Notice of Extraordinary General Meeting, Notice of Extraordinary General Meeting, GEOS Q3 -2025 Financial Statement, Golden Energy Offshore Services ASA (GEOS) Ann…