Slides
Page 1
Q2 2026 results August 26, 2026 Photo credit: Gordon King, Party Chief
Page 2
Disclaimer – forward looking statements All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements and are prediction of, or indicate, future events and future trends which do not relate to historical matters. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the company’s control and may cause its actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements. These forward-looking statements are made as of the date of this presentation and are not intended to give any assurance as to future results. None of the company, its employees and representatives assumes any obligation to update these statements. This presentation includes historical financial data. Your attention is directed to the notes to such data for a description of the accounting principles used to prepare historical data. This presentation must be viewed only in connection with the company’s separately distributed earnings release.
Page 3
Agenda Highlights and operational review02. Introduction01. Financial review03. Summary and outlook04.
Page 4
Global provider of high-end seismic services Exposure to attractive niche energy segments T ender rig operator in Southeast Asia A strong industrial partner Diversified portfolio of resilient, cash-generative assets supported by a conservative capital structure Exposure to attractive long-term market fundamentals, with focus on brownfield development Strong leadership with industrial expertise driving growth opportunities Energy Holdings aims to be a disciplined industrial and strategic owner with a clear focus on shareholder distributions Firm revenue backlog 1 USD million 318 24 4 tender barges 2 semi submersibles3 2 seismic source vessels Firm revenue backlog1 USD million Strong backlog with high distribution capacity USD 18m Net interest- bearing debt USD 342 Firm revenue backlog1 0.1x Leverage ratio2 1 Backlog as of June 30, 2026, including contract announcements after balance sheet date 2 Leverage ratio calculated as NIBD/LTM adj. EBITDA 3 One semi submersible chartered in on a back-to-back bareboat basis
Page 5
Financial and Operational Solid financial results driven by continued strong operational performance and full fleet active on contracts Net interest-bearing debt of USD 18 million, corresponding to an industry-leading leverage ratio of 0.1x Strong cash flow conversion supported by limited capex requirements and low debt amortization Proposed Q2 2026 cash distribution of USD 25.0 million, reflecting continued commitment to shareholder returns Outlook Firm revenue backlog of USD 342 million provides strong cash flow visibility and supports continued shareholder distributions. Full-year guidance of USD 90-110 million in shareholder distributions Constructive market conditions across both segments, although the anticipated recovery in the global offshore drilling market has been delayed by the situation in the Middle East Highlights Q2 2026 USD 72m Revenue USD 39m Free cash flow to firm USD 342m Firm revenue backlog USD 43m EBITDA USD 25.0m Cash distribution2 0.1x Leverage ratio1 1 Leverage ratio calculated as NIBD/LTM adj. EBITDA 2 Proposed cash distribution for Q2 2026, subject to general meeting approval
Page 6
Continued commitment to distributing excess free cash flow Committed to distributing excess liquidity to shareholders through quarterly distributions. The board has proposed a Q2 2026 cash distribution of USD 25.0 million with full-year guidance of USD 90-110 million reiterated. Distributions totaling NOK 1.72 per share paid and proposed since inception in May 2025, representing approximately 32% of the implied market capitalization at the time of the merger. 1 USD 40m cash distribution for H1 2025 (~NOK 0.55 per share) paid on October 3, 2025, shown in Q1 and Q2 for illustrative purposes 2 Q2 2026 NOK distribution per share based on USDNOK 9.31 and total shares ~731m, remains subject to general meeting approval Shareholder distributions Distributed Proposed Consistent quarterly shareholder distributions Shareholder distributions, NOK per share by period proposed 2 0.25 0.25 0.40 0.271 0.271 0.26 0.29 0.32 0.322 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Page 7
Energy Drilling
Page 8
Energy Drilling: highlights Full fleet on contract and earnings at record levels All rigs performing well under their respective contracts with continued high technical utilization of 98%. Solid economic utilization of 99% in Q2 2026. Higher revenues driven by GHTH on contract for the full quarter and T-15 operating at higher day rates. EBITDA up ~78% compared to Q2 2025 with expanding EBITDA margin. Demand in SE Asia remains intact, with an increasing number of rigs active in the region. Middle East tensions continue to delay the anticipated recovery, with tender awards progressing slower than expected. Actively tendering for contract renewals, with confidence in securing continued employment across the fleet. Revenue and Adjusted EBITDA1 USD million T echnical utilization2 1 Definition and reconciliation of “Management Reporting” is attached in the Appendix 2 Based on actual paid operating days divided by number of contracted days for rigs and vessels excluding yard-stays, transit or idle time between contracts Revenue Adj. EBITDA Adj. EBITDA-margin 99% 98% 97% 97% 98% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 44.5 41.9 53.6 62.0 64.4 23.3 20.8 29.3 37.9 41.6 52% 50% 55% 61% 65% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Page 9
Firm Contract Options $94k/day $123k/day $124k/day $147k/day Energy Drilling: contracts and backlog USD 318 million firm revenue backlog1 1. Backlog as of June 30, 2026 2. GHTH is chartered in on bareboat basis 3. Average day rate over the firm period of the contract assuming full upward index adjustments. Rig Location Client Start End Current all in dayrate 2026 2027 2028 EDrill-1 Thailand October 2023 November 2026 USD 94k/day EDrill-2 Thailand October 2025 October 2030 USD 83k/day3 T-15 Thailand March 2026 January 2027 USD 121k/day T-16 Malaysia November 2024 November 2026 USD 131k/day ED Vencedor Thailand November 2024 December 2027 USD 127k/day GHTH2 Myanmar November 2025 July 2027 USD 160k/day
Page 10
Drilling activity in Asia-Pacific remains robust T ender rig vs jackup day rates Activity remains healthy despite uncertainty The situation in the Middle East continues to weigh on confidence in the shallow-water recovery, given the Middle East’s role as the largest jackup market Heightened regional uncertainty has slowed tendering activity and deferred award timelines Several long-term tenders remain in the market but have been delayed as operators reassess timing and risk Rig count in the region increased to 80 rigs from 79 rigs in Q1 2026 Fleet is split between 64% jackups, 21% tender rigs and 15% floaters Tender Assist fleet utilization increased to 88% with 1x STAD starting operations, 1x in the yard and 1x cold stacked unit 23 tenders ongoing with another 9 prospects and 28 projects in pre- tender phase for Southeast Asia as of Q2 2026 14 known new drilling campaigns are set to start in the next 6 months Source: Arctic Securities Research, S&P Petrodata and Inhouse analysis (updated Aug.26) USDk/day 0 50,000 100,000 150,000 200,000 250,000 Tender Jackup dayrates (3m avg.) Energy Drilling: market
Page 11
SeaBird Exploration
Page 12
SeaBird Exploration: highlights Q2 impacted by off-hire, with improving activity outlook Technical utilisation improved sequentially to 94% in Q2, from 91% in Q1 2026, while economic utilisation decreased to 76%, mainly due to Eagle Explorer completing her firm contract in late May. Fulmar Explorer continued her OBN source contract in the Gulf of Americas during the quarter. After quarter-end, the contract was completed and the vessel commenced her scheduled yard stay for five-year classing. Eagle Explorer is currently mobilizing for a 2D contract in India, with operations expected to commence towards the end of Q3. SeaBird remains well positioned in the strongest segment of the seismic market, supported by increasing E&P spending and improved contract dynamics. Revenue and Adjusted EBITDA1 USD million T echnical utilization2 1 Definition and reconciliation of “Management Reporting” is attached in the Appendix 2 Based on actual paid operating days divided by number of contracted days for rigs and vessels excluding yard-stays, transit or idle time between contracts Revenue Adj. EBITDA Adj. EBITDA-margin 7.5 8.7 7.9 8.0 7.3 2.7 3.4 1.3 1.6 1.6 36% 39% 17% 20% 21% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 96% 93% 92% 91% 94% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Page 13
Firm revenue backlog USD 24 million1 Firm contract Options SeaBird Exploration: contracts and backlog Vessel Start End Q3 2026 Q4 2026 Q1 2027 Q2 2027 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Eagle Explorer September 2026 May 2027 Fulmar Explorer September 2026 November 2026 Currently mobilizing for a 2D contract in India The vessel is well positioned for follow-on work in the region Eagle Explorer 5-year classing commenced in August The Fulmar has been awarded a source contract in West Africa with mobilisation scheduled for September The vessel is marketed for new work in the Western Hemisphere upon completion of her upcoming contract Fulmar Explorer 1. Backlog as of 30 June 2026, including contracts awarded after quarter-end. Yard
Page 14
Long-term OBN fundamentals remain intact 1. Global fleet excluding Russian and Chinese, and “in-house” vessels from integrated players (e.g., BGP, Shearwater) Source: ABG Sundal Collier Research, Fearnleys Securities Increased short-term uncertainty due to geopolitical volatility Long-term fundamentals driven by strong focus on increased recovery rates, near field exploration and reduced cycle time The OBN source fleet attrition continues, current vessel count is 12 Two vessels are currently idle OBN gains market share of overall exploration spending USD billion, % Limited source vessel supply supports market improvement Global seismic source fleet available (# of vessels) 1 OBN market spending 0.0 10.0 20.0 30.0 40.0 50.0 60.0 SeaBird Exploration: market 0.8 0.7 0.6 0.9 0.9 0.7 0.4 0.8 1.0 1.2 0.8 0.9 1.1 1.3 1.4 1.3 1.0 1.2 1.3
Page 15
Financials Consolidated management reporting figures. See the Q2 2026 report and the appendix for the reported consolidated financial figures and reconciliation.
Page 16
Strong growth and performance driven by high asset utilization Revenues up 38% YoY, driven by more units contributing at higher day rates Operating expenses increased slightly in the second quarter due to higher activity levels Quarterly SG&A expected to be around USD 4m going forward with quarterly fluctuations Adjusted EBITDA for Q2 2026 increased 64% year-over-year, driven by higher activity and rates Note: Figures refer to Management Reporting. See appendix for definition and reconciliation of “Management Reporting”. USD million Q2 2026 Q2 2025 Change H1 2026 H1 2025 Change Revenue 71.5 52.0 38% 141.3 113.5 24% OPEX 24.7 23.5 5% 50.8 47.7 6% SG&A 4.3 10.2 -58% 9.4 13.2 -29% EBITDA 42.6 18.3 133% 81.1 52.6 54% Adj. EBITDA 42.6 26.0 64% 81.5 60.7 34% EBIT 31.8 8.3 280% 59.4 30.2 97% Net profit 25.6 -6.2 -514% 47.4 7.8 511% Q2 2026 financial review
Page 17
Outstanding bank loan of USD 61.0 million represents the Group's senior secured term loan facility Lease liabilities of USD 10.1m represent the back-to-back arrangement on the current contract for GHTH Other financing relates to an equipment financing for SeaBird Exploration Restricted cash consists of performance bonds and debt service reserve account Net interest-bearing debt corresponds to a leverage ratio of 0.1x last 12 months adj. EBITDA Disciplined capital structure with limited leverage Net interest-bearing debt USD million Q2 2026 financial review Note: Figures refer to Management Reporting. See appendix for definition and reconciliation of “Management Reporting”. 61.0 10.1 0.1 71.2 14.2 39.4 17.6 Bank loan Lease liabilities Other financing Interest bearing liability Restricted cash Cash and cash equivalents NIBD
Page 18
Strong cash flows drive consistent shareholder returns Limited debt service burden reflects the Group's low leverage Cash and cash equivalents of USD 39.4 million at June 30, 2026 H1 2026 free cash flow to firm amounted to USD 72 million 2026 capex still expected to be around USD 18 million Cash and cash equivalents USD million Q2 2026 financial review 72.7 7.9 8.1 2.4 5.6 42.5 3.6 21.0 39.4 Cash at Dec 31, 2025 Op. cash flow (excl. WC) Working capital Capex Interest expenses Net debt repayment Cash distribution Other Cash at H1 2026
Page 19
Summary and outlook
Page 20
Resilient financial position supports distributions and growth NIBD LTM adj. EBITDA Leverage ratio 1. Leverage ratio calculated as net interest-bearing debt divided by LTM adj. management EBITDA, see appendix for reconciliation from consolidated reported EBITDA 2. Source: DNB Carnegie Equity Research Net interest-bearing debt and leverage1 USD million Industry-leading leverage 2026 leverage ratio of publicly listed offshore drilling companies2 6.4x 3.0x 1.5x 1.1x 0.8x 0.5x 0.1x Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 Energy Holdings Three rigs and two vessels remain unencumbered Capacity for sustained shareholder distributions through cycles Flexibility to act on strategic opportunities and withstand market volatility 25.6 23.4 46.1 30.5 17.6 104.7 110.6 114.8 119.0 135.6 0.2x 0.2x 0.4x 0.3x 0.1x Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Page 21
Solid foundation for attractive recurring shareholder returns T otal firm revenue backlog USD 342m1 USD million Delivering on shareholder distribution strategy2 Shareholder distributions, USD million by period proposed 1. Backlog as of June 30, 2026 including contracts awarded after quarter end 2. Proposed cash distribution for Q2 2026, subject to general meeting approval 3. Based on pro-forma market capitalization at time of transaction announcement Backlog Reported >30%3 of pro-forma market cap returned in cash 20.0 20.0 20.0 22.5 25.0 25.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 225 142 150 103 90 2025 2026 2027 2027+ Total 132.5
Page 22
Creating long-term shareholder returns Strong backlog and robust financial position Attractive quarterly shareholder distributions Actively evaluating accretive growth opportunities Maintain strong operational performance Continuously optimize capital structure Disciplined capital allocation strategy Superior cash conversion from efficient operations High visibility on distributions 2026 shareholder distribution guidance USD 90-110 million Strengthen existing portfolio Enter attractive new segments within the broader energy industry Accretive to free cash flow
Page 23
Q&A
Page 24
Appendix
Page 25
Management reporting (1/2) 1.SeaBird Exploration’s historical figures included in the Q2 2025 columns represent the period from 1 April to 25 May 2025, while the H1 2025 columns represent the period from 1 January to 25 May 2025, prior to completion of the business combination.. 2.Adj. EBITDA is an alternative performance measure (APM). For more information on APMs, please see the second quarter and first half 2026 financial report. The consolidated financial results are presented in accordance with the principles of a reverse acquisition under IFRS 3 Business Combinations, with Energy Drilling Pte Ltd identified as the accounting acquirer and SeaBird Exploration Plc (“SeaBird Exploration”) as the accounting acquiree. As such, the financial results of SeaBird Exploration are included from the acquisition date, 26 May 2025. For further details, please refer to SED Energy Holdings’ second quarter and first half 2025 financial report. The table below outlines the reconciliation of the management (pro-forma) figures, showing how they have been derived from the reported financials.
Page 26
Management reporting (2/2) 1.SeaBird Exploration’s historical figures for the second quarter and first half of 2025 reflect only the period from 1 January to 25 May 2025, prior to the completion of the business combination. Historical figures prior to 2025 represent the full reporting periods. 2.Adj. EBITDA is an alternative performance measure (APM). For more information on APMs, please see the second quarter and first half 2025 financial report. Figures in USD '000 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Consolidated EBIT reported 31,750 27,653 18,554 13,172 8,637 20,822 12,702 8,824 14,893 5,728 Seabird Exploration historical EBIT1 - - - - -290 1,037 1,096 2,825 -12 3,172 Management EBIT 31,750 27,653 18,554 13,172 8,347 21,859 13,798 11,648 14,881 8,901 Consolidated net profit reported 25,591 21,768 20,448 7,760 -5,765 13,347 7,045 5,312 11,809 1,482 Seabird Exploration historical net profit1 - - - - -411 585 1,768 2,313 -519 2,630 Management net profit 25,591 21,768 20,448 7,760 -6,176 13,932 8,813 7,625 11,290 4,112 Special items excluded from EBITDA - 462 1,054 569 7,696 364 1,916 144 292 15 Special items excluded from financing items - - -1,011 - 1,056 45 - - - 1,078 Special items excluded from tax items - - -9,940 - 9,940 - - - - - Management Adj. net profit 25,591 22,230 10,550 8,329 12,516 14,341 10,730 7,769 11,581 5,205 Consolidated NIBD 17,602 30,492 46,076 23,431 25,633 30,485 32,367 48,656 38,207 33,529 Seabird Exploration historical NIBD1 - - - - - 10,546 9,398 10,700 12,941 13,139 Management NIBD 17,602 30,492 46,076 23,431 25,633 41,031 41,765 59,356 51,148 46,668 Management NIBD to LTM Management Adj. EB 0.1x 0.3x 0.4x 0.2x 0.2x 0.4x 0.5x 0.8x 0.8x 0.9x
Page 27
CREA TING SUPERIOR RETURNS IN THE ENERGY INDUSTRY