Slides
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Q4 2025 Presentation 12 February 2026 w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO
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Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the currentviews with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person’s officers or employeesprovide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. 2 Disclaimer
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3 2025 Highlights | Business update 3 Adjusted EBITDA Order intake Dividend Business update Utilization Lower utilization in the quarter due to CSV Normand Tonjer and AHTS Normand Topazio being idle for the main portion of the quarter. Normand Tonjer has after quarter end been awarded a new ~225-day contract with commencement in February 2026 and Normand Topazio will commence its new long-term contract in March/April 2026 ▪ Solstad Offshore propose dividend payment for Q4 2025 of USD 0.05/share, totaling USD ~4 million ▪ Solstad Offshore’s share of Solstad Maritime dividend amount for Q4 2025 is USD ~4 million ▪ Utilization of 71% in Q4’25 compared to 91% in Q4’24 o AHTS: 64% in Q4’25 compared to 94% in Q4’24 o CSV: 77% in Q4’25 compared to 90% in Q4’24 1: Includes both Solstad Offshore and Solstad Maritime vessels. Market update The demand within offshore energy services remains positive with several opportunities for the fleet. Despite a volatile oil price, the market showed improvement in Q4’25 which has also continued into Q1’26 ▪ Utilization of 90% in 2025 compared to 95% in 2024 o AHTS: 86% in 2025 compared to 92% in 2024 o CSV: 94% in 2025 compared to 97% in 2024 USD 35 million in the quarter compared to USD 44 million same quarter last year USD 126 million in 2025 compared to USD 132 million in 2024. Initial guidance was USD 120 – 150 million which was updated to approximately USD 115 million in October 2025 Fourth quarter Full year New 4-year contract for Normand Topazio and 1-year extension for Normand Turquesa increases backlog in the period, contributing to a total order intake of USD 84 million in the quarter1 Total order intake1 of USD 722 million whereof a substantial part being long-term contracts increasing earnings visibility ▪ Including the proposed Q4 2025 dividend, total cash dividends of USD ~8 million distributed to shareholders for the financial year 2025 ▪ Solstad Offshore’s share of Solstad Maritime dividends for 2025 is USD ~27 million
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STRONG FOOTHOLD IN BRAZIL ▪ The demand within offshore-energy services remains positive ▪ Despite a volatile oil price, the market showed improvement in Q4’25 which has also continued into Q1’26 ▪ Brazil continue to offer attractive opportunities for both the CSV and AHTS segments ▪ Local presence in main regions is key to exploit market opportunities ▪ Foresee a market with balanced supply/demand in 2026 based on current oil price levels 4 Market Update Office locations 3 + 4 owned by Solstad Maritime 2 + 8 owned by Solstad Maritime 1 1 Solstad Maritime supporting offices
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5 Strengthening backlog and earning visibility ▪ New 4-year contract for Normand Topazio and 1- year extension for Normand Turquesa increases backlog in the quarter 1: Backlog related to Solstad Maritime vessels operated through Brazil structure in Solstad Offshore 2: Backlog for 7 owned and controlled vessels in Solstad Offshore i.e. including Normand Maximus, but excluding Normand Installer 3: Includes days assumed spent mobilizing and preparing for upcoming Petrobras contracts. Firm days and backlog is otherwise not adjusted for potential downtime related to drydockings ▪ Normand Tonjer has after quarter end been awarded a ~225-day contract in 2026 and Normand Maximus has a firm contract until end of November 2026 ▪ Several market opportunities for vessels with availability in 2026 and beyond ▪ Firm backlog – SOFF vessels: USD 325m ▪ Firm backlog – SOMA vessels: USD 609m AHTSCSV Solstad Maritime1 vessels Solstad Offshore vessels2 Solstad Maritime1 vesselsAvailable daysFirm days3 Option days 85% 59% 43% 12% 16% 15% 29% 41% 0 500 1,000 1,500 2,000 2,500 2026 2027 2028 Days 110 15 39 49 50 61 198 168 129 113 0 50 100 150 200 250 300 350 400 2026 2027 2028 2029 --> USDm 227 190 238 280 325 276 256 533 640 609 503 446 771 920 934 0 100 200 300 400 500 600 700 800 900 1,000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 USDm Firm backlog per vessel type Firm-/option days2 per year Backlog development
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6 Solstad Offshore | Q4 25 Financial Highlights 51 (124)Adj. EBITDA Q4: 35 (44) FY25: 126 (132) Adj. NIBD 74 (34) Backlog1 325 (227) Cash Revenue Q4: 70 (65) FY25: 290 (262) 425 - 48% (288 - 36%)Book equity Q4: 53 (66) FY25: 141 (118)Net result Q4: 71% (91%) FY25: 90% (95%)Utilization Note: All figures in USD million unless otherwise indicated. Prior year figures in parentheses 1: In addition, the Company has firm backlog related to Solstad Maritime vessels operated through Solstad Offshore’s Brazil setup Dividend Q4: ~4 (0) FY25: ~8 (0)
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44 3 7 5 29 80 20 60 0 20 40 60 80 100 120 140 31.12.2025 2026 2027 2028 2029--> 7 Solstad Offshore | Adjusted NIBD & Leases NIBD overview as per 31.12.2025, USDm *:Excluding cash sweeps. Normand Maximus Lease Other leases Consist of present value of remaining bareboat lease payments to Solstad Maritime for CSV Normand Maximus until October 2027 (USD 49 million) and the purchase option at USD 125 million (USD 107 million) Mainly consist of lease commitments for Solstad Maritime vessels (USD 91 million) operating through Solstad Offshore’s Brazil setup. These lease agreements are entered into based on contracts with Brazilian end clients. The remaining portion of Other leases relates to ROV leases and property leases SOFF ASA USD 80 million term loan with a 5-year amortization profile drawn in November 2024 with maturity in November 2027 Solstad Brazil USD 44 million term loans financing of four Brazilian built vessels with BNDES with maturity from 2026-2031 Amortization overview term loans as per 31.12.2025, USDm Solstad Brazil* SOFF ASA 44 80 51 156 96 303 1 (74) Solstad Brazil SOFF ASA Accrued interest Cash Adjusted NIBD Normand Maximus Lease Other leases NIBD 0 50 100 150 200 250 300 350
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8 Investments in associated companies & joint ventures Notes: All investments are accounted for using equity method, i.e. share of result. 1: NOK 18,24 per share and USDNOK 10,08 • Associated company 35,8%-owned with Omega 365 as majority shareholder • Omega Subsea is an owner and operator of ROVs and survey services • Owns 12 ROVs as of Q4‘25 with further 12 scheduled for delivery in 2026 and beyond • Share of result in the quarter is USD 0,1 million and USD 4,3 million YTD • Book value of shares as of Q4’25 is USD 16 million • Associated company 27,3% owner with Aker as majority shareholder • Owns 32 high-end AHTS and CSV vessels • Q4’25 dividend of USD ~15 million whereof Solstad Offshore’s share is USD ~4 million • Share of result in the quarter is USD 25 million and USD 61 million YTD • Book value of shares as of Q4’25 is USD 233 million • Share of market cap per Q4’25 is USD ~230 million1 NORMAND INSTALLER S.A. (NISA) • Normand Installer S.A. (NISA), a joint venture 50%-owned together with SBM Offshore • The vessel Normand Installer is predominantly utilized on SBMs FPSO projects around the world through a frame agreement securing minimum 210 days per year until 2030 • NISA is in a net cash position • Share of result in the quarter is USD -0,4 million and USD -2,3 million YTD. The vessel completed its 20-year class renewal in 2025 • The vessel is booked on projects for the majority of 2026 • Book value of shares as of Q4’25 is USD 20 million
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9 Financial guidance for 2026 Metric 2026 Comments Operational1 Adjusted EBITDA USD 50 – 70 million ▪ Towards the lower end of the range if the Normand Maximus 10-year class renewal occurs in 2026 and the higher end of the range if the class renewal occurs in 2027 ▪ Excludes share of result from JV and AC 1: Adjusted EBITDA excluding share of result from JV & AC Dividend ▪ Propose dividend payment for Q4 2025 of USD 0.05/share, totaling USD ~4 million ▪ The Company is preserving cash for the Normand Maximus purchase option
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10 Dividend | Q4 2025 ▪ Propose to distribute cash dividend for Q4 2025 of USD 0.05/share, totaling USD ~4 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q4 2025 dividend: o Summon EGM: 16 February 2026 o EGM: 9 March 2026 o Last day incl. right to dividend1: 9 March 2026 o Ex-date1: 10 March 2026 o Record date1: 11 March 2026 o Distribution date1: On or about 13 March 2026 1: Subject to EGM approval
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Summary 11 A quarter with financial performance better than guided in October 2025 Several market opportunities for available vessels from 2027 and onwards Order intake of USD 84 million in the quarter which increases visibility for 2026 and beyond Propose dividend payment of USD ~4 million The oil price development represent a source of uncertainty 1 1: Refer to the Risk sections in the 2024 Annual Report and 1H’2025 Report
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Appendix
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13 Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2025 2024 USDm 01.10-31.12 01.10-31.12 01.01-31.12 01.01-31.12 Charter income and other operating income 70 63 290 259 Gain on sale of assets 0 3 0 3 Total operating income 70 65 290 262 Vessel operating expenses (33) (25) (125) (111) Administrative expenses (7) (7) (24) (24) Total operating expenses (40) (31) (149) (135) Operating result before depreciations and impairment 30 34 142 127 Depreciation (8) (21) (52) (80) Impairment and reversal of impairment 0 48 4 48 Operating result 22 61 94 94 Income from investments in joint ventures (0) 5 (2) 8 Income from investments in associates 25 22 66 55 Interest income 1 0 3 6 Net currency gain/-loss (4) (8) (2) 19 Interest charges (8) (11) (36) (53) Other financial expenses 1 (1) 3 (6) Net financing 14 7 31 28 Result before taxes 36 68 126 123 Taxes on result 17 (2) 16 (5) Net Result 53 66 141 118 Adjusted EBITDA 35 44 126 132 Unaudited 2025 2024 2025 2024 USDm 01.10-31.12 01.10-31.12 1.1-31.12 01.01-31.12 EBITDA 30 34 142 127 Adjustments: Leases (19) (16) (80) (63) Restructuring cost 0 0 1 7 Net gain/loss on sale of assets 0 (3) 0 (3) Loss on accounts receivables (2) 2 0 2 Operational Adjusted EBITDA 10 17 63 70 Result Joint Ventures (0) 5 (2) 8 Result associated companies 25 22 66 55 Share of result from JV and AC 25 27 63 63 Adjusted EBITDA 35 44 126 132 ▪ Q4’25 is reflecting a positive net effect of USD ~5 million from reduced Depreciation following 2025 adjustments to vessel residual values and IFRS lease adjustments ▪ Q4’25 is reflecting USD ~15 million in recognized Deferred tax asset on the balance sheet with corresponding effect on Taxes on result ▪ The Company will participate in arbitration proceedings in Q2’26 regarding disputed charter hire in 2024. If ruled against, the Company will have to repay USD ~16 million in prepaid charter hire1. If ruled in favour, the Company will receive USD ~13 million1. A favourable ruling is assessed to be likely by the Company. Net USD ~7 million is reflected as Accounts receivable on the balance sheet related to the matter Comments 1: Excluding interests.
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14 Solstad Offshore | Balance Sheet Unaudited 2025 2024 USDm 31.12 31.12 ASSETS Non-current assets Deferred tax assets 15 0 Tangible fixed assets 130 129 Right-of-use assets 279 299 Investment in associates and joint ventures 270 225 Loan to related parties 6 6 Non-current receivables 4 3 Total non-current assets 704 662 Current Assets Inventory 2 2 Accounts receivables 34 63 Accounts receivables related parties 12 12 Other current receivables 52 13 Cash and cash equivalents 74 34 Total current assets 175 124 Assets held for sale 0 5 TOTAL ASSETS 878 791 Unaudited 2025 2024 USDm 31.12 31.12 EQUITY AND LIABILITIES Equity Paid-in equity 61 65 Other equity 357 217 Non-controlling interests 7 5 Total equity 425 288 Liabilities Non-current provisions 0 1 Interest bearing liabilities 100 132 Leasing liabilities 196 223 Total non-current debt 296 357 Current liabilites Current interest bearing liabilities 24 24 Current leasing liabilities 56 61 Other current liabilities 77 61 Total current liabilities 158 147 Total liabilities 453 503 TOTAL EQUITY AND LIABILITIES 878 791 91 96 4 0 ROV leases Property SOMA vessels in Brazil Other leases 0 20 40 60 80 100 120 Lease debt per 31.12.2025, USDm
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15 Solstad Offshore | Cash Flow Statement 15 Unaudited 2025 2025 2025 2025 2025 2024 USDm Q1 Q2 Q3 Q4 01.01-31.12 01.01-31.12 CASH FLOW FROM OPERATIONS Result before tax 23 40 27 36 126 123 Taxes payable (0) (1) 1 (2) (2) (3) Ordinary depreciation and write downs 17 9 13 8 47 32 Gain (-)/loss non-current assets (14) (15) (10) (25) (63) (86) Interest income (3) 1 (1) (1) (3) (6) Interest expense 9 7 9 8 33 59 Unrealised currency gain/loss 6 (5) (1) 1 0 (3) Change in current receivables and payables (1) (25) 32 46 52 (42) Change in other accruals 4 28 (31) (41) (41) 40 Net cash flow from operations 40 40 39 30 149 114 CASH FLOW FROM INVESTMENTS Investment in tangible fixed assets (0) (0) (1) (1) (3) (1) Payment of periodic maintenance (1) (1) (1) (2) (5) (6) Payment of non-current receivables (0) (1) 1 0 0 6 Received interests 3 (1) 1 1 3 6 Removal of cash from deconsolidation 0 0 0 0 0 (122) Investments in other shares/ interests (7) 0 0 0 (7) (1) Received dividend 6 10 10 4 29 6 Net cash flow from investments 0 7 9 2 17 (113) CASH FLOW FROM FINANCING Payment of dividends 0 0 0 (4) (4) 0 Paid leases (20) (21) (20) (19) (80) (173) Paid interests (1) (5) (1) (5) (11) (10) Repayment of non-current debt (1) (14) (1) (17) (33) 67 Net cash flow from financing (21) (41) (21) (44) (128) (115) Effect of changes in foreign exchange rates (0) 2 1 (0) 2 (2) Net change in cash 19 6 26 (13) 38 (114) Cash at beginning of period 34 52 60 87 34 150 Cash at balance sheet date 52 60 87 74 74 34
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16 Solstad Offshore | Adjusted NIBD Adjusted NIBD development 2025, USDm Adjusted NIBD Cash 124 51 34 74 20 13 0 158 125 YE 2024 SOFF ASA amortization BNDES amortization Interest payments YE 2025
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17 Alternative Performance Measures (APM) Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows: • EBITDA: Operating result before depreciation, impairment and reversal of impairment • Adjusted EBITDA: Operating result before depreciation and impairment adjusted for Joint Ventures, Associated Companies, net gain/loss on sale of assets, IFRS 16 leases and other non-recurring items • Adjusted EBITDA Margin: Adjusted EBITDA divided by Total operating income • Net interest-bearing debt (NIBD): NIBD is calculated as the total interest-bearing liabilities less cash and bank deposits • Adjusted NIBD: NIBD adjusted by excluding IFRS 16 lease obligations • Free Cash Flow to Equity (FCFE): Free Cash Flow to Equity (FCFE) is a measure of the amount of cash that a company can return to its shareholders on the basis of net cash flow from operations, net cash flow from investments, and net cash flow from financing, where dividends are added back • Backlog: Backlog is the total of undiscounted future revenues from contracts that the Company and the customer have mutually agreed in writing (firm/binding contracts) • Order Intake: Order intake represents the total, undiscounted value of new orders received by the Company from its customers during a specified period • B2B: Book-to-Bill ratio. B2B compares the value of new orders received (Order Intake) to the value of orders fulfilled (Operating Income) during the same period