GEOS-ME, Buy – 400% upside on trading price to get realtive peers like SDSD

Golden Energy Offshore with Buy recodemation and NOK 3,00/share target price. As the market recovery is slowly underway and GEOS appears to have managed through the crisis, current pricing of 0.1x P/B looks very conservative. Our target price 400% above the current share price is based on 0.4x P/B. We expect a repricing of the stock, the company may sell vessels. The company owns operates four platform supply vessels (PSV’s) one of the world’s most modern, energy efficient and flexible fleet for the Oil & Gas and Renewable offshore industry. These new environmental friendly vessels where focus on safety and comfort for the crew, energy - and cost efficient solutions will fit the demand in the PSV market.