Sed Energy Holdings Plc · OSL:ENH
Sed Energy — Energy Holdings — Q2 2025 Earnings Presentation
26 slides from Sed Energy's earnings presentation, Aug 27, 2025
Slide 1: Q2 2025 results
Q2 2025 results August 27, 2025
Slide 2: Disclaimer – forward looking statements
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
Slide 3: Agenda / Today's speakers
Agenda Today’s speakers 01. Introduction Kurt M. Waldeland 02. Highlights and operational review CEO, Energy Holdings 03. Financial review Viggo Pedersen CFO, Energy Drilling 04. Summary and outlook Sveinung Alvestad CFO, SeaBird Exploration
Slide 4: Strong backlog with high distribution capacity
Strong backlog with high distribution capacity Exposure to attractive niche energy segments A strong industrial partner ✓ Diversified portfolio of resilient, cash-generative assets supported by a conservative capital structure Tender rig operator in Global provider of Southeast Asia high-end seismic
Slide 5: Highlights Q2 2025
Highlights Q2 2025 Consolidated management (pro-forma) figures Financial and Operational USD 52m USD 26m ▪ Strong revenue growth and solid operational performance with continued high utilization and improved day rates YoY Revenue3 Adj. EBITDA3 ▪ Superior earnings visibility supported by robust contr
Slide 6: Strong commitment to distribute excess free cash flow
Strong commitment to distribute excess free cash flow Continuation of attractive shareholder returns H1 2025 shareholder distributions Shareholder distributions, NOK per share by period proposed ▪ Primary objective to distribute available liquidity to shareholders on a SeaBird Exploration quarterly
Slide 7: Energy Drilling
Energy Drilling Viggo Pedersen, CFO
Slide 8: Energy Drilling: operational highlights
Energy Drilling: operational highlights Significant contract renewal supporting firm backlog Revenue and Adjusted EBITDA1] USD million ▪ Strong technical utilization of 99.2% during the quarter Revenue Adj. EBITDA Adj. EBITDA-margin 68% ▪ Economic utilization was 76% 55% 60% 46% 52% 53.0 ▪ 5 of 6 ri
Slide 9: Energy Drilling: contracts and backlog
Energy Drilling: contracts and backlog USD 552 million firm revenue backlog with fleet fully contracted1 Firm Contract Options Rig Location Client Start End 2025 2026 2027 2028 EDrill-1 Thailand October 2023 November 2026 USD$94k/day 94k/day EDrill-2 Thailand October 2025 October 2030 $79k USD 83k/d
Slide 10: Drilling activity in Asia-Pacific remains robust
Drilling activity in Asia-Pacific remains robust Asia Pacific rig average leading-edge day rates Solid activity across the region Semi Tender Tender Barge Jackup ▪ SE Asia continues to be the fastest growing region in the world 200 ▪ Natural gas key to transition away from coal 180 ▪ The overall dem
Slide 11: SeaBird Exploration
SeaBird Exploration Sveinung Alvestad, CFO
Slide 12: SeaBird Exploration: operational highlights
SeaBird Exploration: operational highlights Low downtime and solid utilization amid vessel repair Revenue and Adjusted EBITDA1] USD million Revenue Adj. EBITDA Adj. EBITDA-margin ▪ Second quarter technical utilization of 96.3% demonstrates strong operational execution 43.9% 43.2% 31.2% 33.6% 35.7% ▪
Slide 13: SeaBird Exploration: contracts and backlog
SeaBird Exploration: contracts and backlog Fully contracted fleet with USD 15 million firm revenue backlog1 Firm contract Options Q3 2025 Q4 2025 Q1 2026 Q2 2026 Vessel Start End Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Eagle Explorer April 2024 August 2025 Fulmar Explorer September 2022 Dece
Slide 14: Long-term OBN fundamentals remain intact
Long-term OBN fundamentals remain intact OBN gains market share of overall exploration spending Tight OBN supply supports strong market position USD billion, % Global seismic fleet available (# of vessels) 1 OBN market spending 1.4 55 Share of total seismic spending 1.3 1.2 1.2 50 1.1 45 1.0 0.9 40
Slide 15: Financials
Financials Consolidated management (pro-forma) figures. See half-year report and appendix for consolidated financial statements
Slide 16: Strong operational performance driven by high asset utilization
Strong operational performance driven by high asset utilization USD million Q2 2025 Q2 2024 Change H1 2025 H1 2024 Change ▪ Revenues up 47% YoY, driven by strong operational performance and high fleet utilization Revenue 52.0 35.3 47% 113.5 78.3 45% across both segments OPEX -23.5 -11.2 110% -47.7 -
Slide 17: Strong cash flows support continued deleveraging and shareholder returns
Dummy figures Strong cash flows support continued deleveraging and shareholder returns Cash and cash equivalents ▪ Normalized capex for the group is USD 16m per USD million year 79.56 1.50 ▪ 0.2x leverage ratio as of end-Q2 2025 -0.41 11.29 -1.61 -2.15 ▪ Limited interest expenses on low debt ▪ Stron
Slide 18: Successful refinancing bolsters industry-leading capital structure
Successful refinancing bolsters industry-leading capital structure Net interest-bearing debt and leverage Low leverage supports distributions and growth USD million 2025e NIBD/EBITDA ratio of publicly listed offshore drilling companies 3 NIBD LTM adj. EBITDA Leverage ratio 3.8x 3.7x 0.8x 0.8x 0.5x 0
Slide 19: Summary and outlook
Summary and outlook energy holdings
Slide 20: Solid foundation for attractive recurring shareholder returns
Solid foundation for attractive recurring shareholder returns Total firm revenue backlog USD 567m1 Strong commitment to shareholder returns USD million Shareholder distributions, NOK per share by period proposed Reported revenues H1 2025 SeaBird Exploration Backlog Energy Holdings 0.562 250 229 0.40
Slide 21: Creating long-term shareholder returns
Creating long-term shareholder returns Strong backlog and robust Attractive quarterly shareholder Actively evaluating accretive financial position distributions growth opportunities ▪ Maintain strong operational ▪ Superior cash conversion from ▪ Strengthen existing portfolio performance efficient op
Slide 22: Q&A
energy holdings Q&A
Slide 23: Appendix
ialet Appendix energy holdings
Slide 24: Management reporting (1/2)
Management reporting (1/2) 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 acc
Slide 25: Management reporting (2/2)
Management reporting (2/2) Figures in USD '000 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 H1 2025 H1 2024 Consolidated EBIT reported 8,637 20,822 13,719 8,824 14,893 5,728 29,459 20,621 Seabird Exploration historical EBIT1 -290 1,037 1,096 2,825 -12 3,172 748 3,160 Management EBIT 8,347 21,859
Slide 26: Creating superior returns in the energy industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY