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Second quarter 2026 August 25, 2026
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THIS PRESENTATIONAND ITS CONTENTSARE NOT FOR RELEASE,PUBLICATION,OR DISTRIBUTION,IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY,IN OR INTO OR FROM THE UNITED STATES OF AMERICA,ITS TERRITORIESOR POSSESSIONS, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA, OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR AN INVITATIONTO BUY OR SELL SECURITIES. This presentation (the “Presentation”) has been produced by Floatel International Ltd. (the “Company” and together with its consolidatedsubsidiaries,the “Group”) solely for informationpurposes. This Presentationdoes not constitute or form part of, and should not be construed as, any offer, solicitation, invitation, or recommendationto purchase, sell, or subscribeto any securitiesin any jurisdiction. Please carefully read the following before continuing. 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IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATIONIS BEING FURNISHED SOLELY TO INVESTORS THAT ARE QUALIFIED INSTITUTIONAL BUYERS (“QIBs”), AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE COMPANY’S SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTEREDUNDER THE U.S. SECURITIESACT OR WITH ANY SECURITIESREGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLEEXEMPTION FROM, OR IN A TRANSACTIONNOT SUBJECT TO, THE REGISTRATION REQUIREMENTSOF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. This Presentation speaks as of the date set out on the front page of this Presentation. There may have been changes in matters which affect the Company subsequent to the date of this Presentation. The information contained herein is subject to change, completion, or amendment without notice. Neither the delivery of this Presentationnor any further discussionsof the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company assumes no obligation, except as required by law, to update or correct the information included in this Presentation. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court (Nw: Oslo tingrett) as the exclusive legal venue. Important information and disclaimer August 25, 2026 2
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Highlights o Operations • Floatel Endurance on hire for Aker BP Skarv in Norway until August 31, 2026, and next charter commences in December 2026 with paid standby from October 15, 2026 • Floatel Superior in operation in Norway at the Aker BP Munin platform from August 20, 2026, until late 2027 • Floatel Triumph in sheltered waters in Australia completing SPS and next assignment commences early October 2026 • Floatel Victory provides maintenance and safety unit services in Brazil for Equinor at the Bacalhau field until mid-October, 2026, and will thereafter undergo scheduled maintenance until the Brava assignment starts in December 2026 o Entire fleet on charter during the quarter with 100% utilisation o Contract Update • Floatel Victory’s letter of intent to provided MSU services for Equinor Brasil at the Bacalhau field was in April 2026 converted into a 3-month firm assignment plus one month option and the assignment commenced June 8, 2026. • Aker BP Yggdrasil project (Hugin and Munin) has exercised two options for both Floatel Endurance and Floatel Superior extend respective firm period to twelve months August 25, 2026 3 Floatel Endurance at Aker BP Skarv Floatel Victory providing MSU services at Equinor Bacalhau FPSO
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Commercial update 4August 25, 2026
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Present fleet commitment August 25, 2026 5 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Floatel ENDURANCE # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # AkerBP Skarv AkerBP Stby AkerBP Yggdrasil (Hugin&East Fr.) AkerBP Alvheim Norway Norway Norway Floatel SUPERIOR # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ABP Skarv Vår Energi Jotun AkerBP Yggdrasil (Munin) Norway Norway Norway Floatel TRIUMPH # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # W'side Scarb. Shell Prelude Chevron Wheatstone Australia Australia Australia Floatel VICTORY # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # Karoon Energy EQ Bacalhau BRAVA Brazil Brazil Brazil Date: - FIRM WORK/OPTION - PAID STANDBY August-26 Vessel 2026 2027 2028 2029
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Orderbook end of June 2026 Firm orderbook $294 million, options $137 million 6 Backlog distribution 2026 – 2030 including option work August 25, 2026
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Market and tendering o Worldwide fleet utilisation was ~87% Q2-2026 and ~79% during first half year 2026 o Tendering activity remains buoyant with several tenders outstanding for assignments starting in 2027 and beyond o Limited supply both in the North Sea and Rest of the World including Brazil 2026-2027 with several clients unsuccessful in securing a unit August 25, 2026 7 Global Supply and Demand Tendering activity – work by start-up year Supply post-2027 based on the prediction that some older vessels will exit the market 1 3 11 31 4 6 2 2 1 1 2026 2027 2028 2029+ Identified opportunies Potential Opportunities Current Tendering Declined 0 5 10 15 20 25 2019 2020 2021 2022 2023 2024 2025 2026 2027E 2028E 2029E Rig Years Contracted work New work Global Fleet (Incl. North Sea vsls)
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8 Operational update August 25, 2026
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Fleet update (1/2) August 25, 2026 9 Floatel Endurance o On hire with Aker BP for operations at the Skarv field in Norway during the entire quarter . The charter ends on August 31, 2026 o 100% utilization in the quarter o Two more contracts with Aker BP on the Norwegian continental shelf: first, the Yggdrasil charter, with a firm period of twelve months due to commence in December 2026 after being on paid standby from mid -October, followed by options, and in 2029, a nine -month charter with options at the Alvheim FPSO Floatel Superior o On contract for Vår Energi at the Jotun FPSO on the Norwegian continental shelf during the entire quarter. The Charter ended August 10, 2026 o 100% utilization in the quarter o The 12-month charter, after 2 options being exercised, plus options with Aker BP for the Yggdrasil project in Norway commenced August 20, 2026 Floatel Endurance at the Aker BP Skarv field on the Norwegian continental shelf , charter ends August 31, 2026 Floatel Superior ended operation for Vår Energi at the Jotun FPSO on the Norwegian continental shelf on August 10, 2026
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Fleet update (2/2) August 25, 2026 10 Floatel Triumph o Assignment with Woodside Scarborough in Australia ended on May 8, 2026, and the charter for Shell at the Prelude FPSO, also in Australia, commenced May 13, 2026, and ended July 27, 2026 o 100% utilization in the quarter o Currently finalises SPS in Australia and has a 35 -day charter plus options at Chevron Wheatstone in Australia starting October 6, 2026 Floatel Victory o Provided MSU services to Karoon Energy at the Bauna field until June 5, 2026, and currently provides MSU services t o Equinor at the Bacalhau field where the work started June 8 and will end mid -October, both offshore Brazil o 100% utilization in the quarter o The unit will with start in October undergo planned maintenance at a yard in Brazil followed by the Brava Energia assignment due to commence in December 2026 Floatel Victory at Peregrino FPSO offshore Brazil Floatel Triumph on charter at Inpex Ichthys in Australia
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HSE Statistics 11August 25, 2026 Fleet Loss Time Injury Frequency Rate (LTIFR) Loss Time Injury Frequency Rate = (Loss Time Injuries, including permanent disabilities and fatalities) * 1.000.000 / Working hours 0.75 * Target – IMCA’s LTIFR Company Band D: < 1 000 000 hours/year 0.80*
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12 Financial update August 25, 2026
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Income statement o 100% fleet utilization in the quarter o EBITDA as expected in the quarter o Finance net as expected, and the YTD change compared with last year is mainly due to FX August 25, 2026 13 Figures in $m Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenue 79 70 117 92 Opex 37 - 30 - 67 - 51 - SG&A 6 - 5 - 11 - 9 - Other gains/losses 1 1 - 1 1 - Recurring EBITDA 37 34 40 30 Margin 46% 49% 35% 33% Non-recurring effects 1 - 0 - 1 - 1 EBITDA 36 34 39 31 Depreciation, imparment and reversal net 12 - 12 - 24 - 23 - EBIT 24 22 15 8 Finance net 9 - 10 - 17 - 20 - Result before income taxes 15 12 2 - 12 - Income tax expense 0 - 0 - 1 - 1 - Result after income taxes 15 12 3 - 13 - Earnings per share, basic (USD) 0,14 0,11 neg. neg. Earnings per share, diluted (USD) 0,14 0,11 neg. neg.
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Balance sheet o Vessels book values (PPE) amount to $547m o $49m Net client receivables excl. IFRS adj.(NCR)* o $49m cash balance with next interest and debt service payment due October 2026, no restricted cash and $25m RCF undrawn o Interest-bearing debt refer to $306m senior secured bonds net of OID and financing costs nominal $320m (LY incl. $8.5m RCF) o In compliance with all financial maintenance covenants with ample headroom August 25, 2026 14 * Sum of Trade receivables and Accrued revenues less Advances Figures in USD thousands 2026-06-30 2025-06-30 2025-12-31 Assets Property, plant and equipment 547 549 551 Right-of-use and intangible assets 3 3 3 Financial assets 7 6 6 Total non-current assets 557 559 560 Current assets Inventory 26 26 26 Trade receivables 30 34 31 Income tax receivables 3 3 3 Other current receivables 37 34 36 Cash and cash equivalents 49 37 66 Total current assets 145 133 161 Total assets 702 692 721 Equity and liabilities Total equity 346 296 349 Interest-bearing debt 276 309 288 Other long term liabilities - 0 0 Provisions 6 4 5 Total non-current liabilities 282 314 293 Trade payables 10 15 12 Current portion of interest-bearing debt 30 30 30 Tax liabilities 1 2 3 Other current liabilities 34 35 34 Total current liabilities 74 82 79 Total equity and liabilities 702 692 721
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Cash flow statement o $11m NCR increase during the quarter (change in not yet invoiced and advances, part of Other changes) o $9m Trade payables reduction after invoices from activations and Endurance yard stay paid in Q2 o $4m Capex in the quarter mainly refers to remaining Capex from Endurance yard stay in Q1 and for long-lead items fore the Triumph SPS o Semi-annual bond interest and amortization paid in April and next time October 2026 o YTD 2025 Proceeds from debt refer to tap issue net of OID and RCF drawdown (repaid in August 2025) August 25, 2026 15 Figures in $m Q2 2026 Q2 2025 YTD 2026 YTD 2025 Recurring EBITDA 37 34 40 30 Adj. non-cash related items 0 - 0 0 - 3 - Operating cash flow before NWC changes 36 34 40 27 Changes in inventories 0 1 - 0 - 0 Changes in trade receivables 0 24 - 1 18 - Changes in trade payables 9 - 2 2 - 7 Other changes in working capital 8 - 5 - 3 - 12 - Operating cash flow after NWC changes 19 7 35 4 Capex 4 - 5 - 17 - 10 - Operating cash flow 15 1 18 7 - Non-recurring items 1 - 0 - 1 - 1 Net income from sold assets - 10 - 10 Net interest 16 - 18 - 16 - 17 - Income tax paid 3 - 0 - 4 - 1 - Freee cash flow 5 - 7 - 3 - 14 - Repayment of debt 15 - 15 - 15 - 15 - Proceeds from debt - - - 21 Other financial items paid 0 - 0 - 0 - 1 - Net cash flow from financing activities 15 - 15 - 15 - 5 Cash flow for the period 21 - 22 - 18 - 9 - Opening balance cash & equivalents 69 59 66 45 Currency effect on cash 0 0 - 2 0 Closing balance cash & equivalents 49 37 49 37
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August 25, 2026 16