Golden Energy Offshore Services is teasing a dividend after closing out 2023 on a high note.
The Oslo-listed, Alesund-based company reported a NOK 44.8m ($4.3m) profit for the fourth quarter of 2023, up from a NOK 8m loss for the same period last year, a performance that chief executive Per Ivar
Fagervoll said the company has considered payouts to shareholders at some point this year.
“Looking ahead, we are cautiously optimistic about the potential issuance of a dividend in the future,” Fagervoll said alongside the company’s earnings.
“However, we will remain diligent in assessing our earnings, overall financial situation, and any applicable restrictions before making any final decisions. Our commitment to responsible financial management remains unwavering.”
In a letter to shareholders, he said Golden Energy’s seven vessels — five platform supply vessels and two multi-purpose supply vessels — are modern, homogeneous and in demand and that the company’s prospects “have never better”.
“As the TCEs are increasing, the immediate future looks promising from both an operation and financial perspective,” Fagervoll said.
The dividend would come at some point this year, but only if the company’s financial position remains strong, it cautioned.
For the fourth quarter of 2023, Golden Energy reported NOK 79.5m in revenue, up from NOK 28.1m for the fourth quarter of 2022.
Its seven vessels earned time charter equivalent rates of NOK 204m with average utilisation of 94%.
While utilisation was flat year-over-year, the company had only four vessels in the fourth quarter of 2022 with average TCEs at NOK 132m per day.
It ended the quarter with a contract backlog of NOK 230m and NOK 41.2m in cash.
