Sed Energy Holdings Plc · OSL:ENH

Sed Energy — Q2 2026 Earnings Presentation

27 slides from Sed Energy's earnings presentation, Aug 26, 2026

  1. Slide 1: Q2 2026 results

    Q2 2026 results August 26, 2026 Photo credit: Gordon King, Party Chief

  2. 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

  3. Slide 3: Agenda

    Agenda 01. Introduction 02. Highlights and operational review 03. Financial review 04. Summary and outlook

  4. 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

  5. Slide 5: Highlights Q2 2026

    Highlights Q2 2026 Financial and Operational USD 72m USD 43m  Solid financial results driven by continued strong operational performance and full fleet active on contracts Revenue EBITDA  Net interest-bearing debt of USD 18 million, corresponding to an industry-leading leverage ratio of 0.1x  Str

  6. Slide 6: Continued commitment to distributing excess free cash flow

    Continued commitment to distributing excess free cash flow Consistent quarterly shareholder distributions Shareholder distributions Shareholder distributions, NOK per share by period proposed2 Distributed  Committed to distributing excess liquidity to shareholders through 0.40 Proposed quarterly di

  7. Slide 7: Energy Drilling

    09) £ = a) > 2) = ® ‘= nT energy holdings

  8. Slide 8: Energy Drilling: highlights

    Energy Drilling: highlights Full fleet on contract and earnings at record levels Revenue and Adjusted EBITDA1 USD million Revenue Adj. EBITDA Adj. EBITDA-margin  All rigs performing well under their respective contracts with continued high technical utilization of 98%. 61% 65% 52% 55% 50% 62.0 64.4

  9. Slide 9: Energy Drilling: contracts and backlog

    Energy Drilling: contracts and backlog USD 318 million firm revenue backlog1 Firm Contract Options Current all in Rig Location Client Start End 2026 2027 2028 dayrate EDrill-1 Thailand October 2023 November 2026 $94k/day USD 94k/day EDrill-2 Thailand October 2025 October 2030 USD 83k/day3 T-15 Thail

  10. Slide 10: Energy Drilling: market

    Energy Drilling: market Drilling activity in Asia-Pacific remains robust Tender rig vs jackup day rates Activity remains healthy despite uncertainty USDk/day Tender Jackup dayrates (3m avg.)  The situation in the Middle East continues to weigh on confidence in 250,000 the shallow-water recovery, gi

  11. Slide 11: SeaBird Exploration

    SeaBird Exploration energy holdings

  12. Slide 12: SeaBird Exploration: highlights

    SeaBird Exploration: highlights Q2 impacted by off-hire, with improving activity outlook Revenue and Adjusted EBITDA1 USD million  Technical utilisation improved sequentially to 94% in Q2, from 91% in Revenue Adj. EBITDA Adj. EBITDA-margin Q1 2026, while economic utilisation decreased to 76%, mainl

  13. Slide 13: SeaBird Exploration: contracts and backlog

    SeaBird Exploration: contracts and backlog Firm revenue backlog USD 24 million1 Firm contract Options Yard Q3 2026 Q4 2026 Q1 2027 Q2 2027 Vessel Start End Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Eagle Explorer September 2026 May 2027 Fulmar Explorer September 2026 November 2026 Eagle Explor

  14. Slide 14: SeaBird Exploration: market

    SeaBird Exploration: market Long-term OBN fundamentals remain intact OBN gains market share of overall exploration spending Limited source vessel supply supports market improvement USD billion, % Global seismic source fleet available (# of vessels) 1 60.0 OBN market spending 1.4 1.3 1.3 1.3 1.2 1.2

  15. Slide 15: Financials

    Financials Consolidated management reporting figures. See the Q2 2026 report and the appendix for the reported consolidated financial figures and reconciliation.

  16. Slide 16: Q2 2026 financial review: strong growth and performance

    Q2 2026 financial review Strong growth and performance driven by high asset utilization USD million Q2 2026 Q2 2025 Change H1 2026 H1 2025 Change  Revenues up 38% YoY, driven by more units contributing at higher day rates Revenue 71.5 52.0 38% 141.3 113.5 24%  Operating expenses increased slightly

  17. Slide 17: Disciplined capital structure with limited leverage

    Q2 2026 financial review Disciplined capital structure with limited leverage Net interest-bearing debt  Outstanding bank loan of USD 61.0 million USD million represents the Group's senior secured term loan facility 10.1 0.1 71.2 14.2  Lease liabilities of USD 10.1m represent the 61.0 back-to-back

  18. Slide 18: Strong cash flows drive consistent shareholder returns

    Q2 2026 financial review Strong cash flows drive consistent shareholder returns Cash and cash equivalents  Limited debt service burden reflects the Group's USD million low leverage  Cash and cash equivalents of USD 39.4 million at June 30, 2026 7.9 8.1 2.4 5.6  H1 2026 free cash flow to firm amou

  19. Slide 19: Summary and outlook

    Summary and outlook energy holdings

  20. Slide 20: Resilient financial position supports distributions and growth

    Resilient financial position supports distributions and growth Net interest-bearing debt and leverage1 Industry-leading leverage  Three rigs and two vessels remain USD million 2026 leverage ratio of publicly listed offshore drilling companies2 unencumbered NIBD LTM adj. EBITDA Leverage ratio  Capa

  21. Slide 21: Solid foundation for attractive recurring shareholder returns

    Solid foundation for attractive recurring shareholder returns Total firm revenue backlog USD 342m1 Delivering on shareholder distribution strategy2 USD million Shareholder distributions, USD million by period proposed Reported 132.5 25.0 Backlog >30%3 of pro-forma 25.0 market cap returned in cash 15

  22. Slide 22: 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

  23. Slide 23: Q&A

    energy holdings Q&A

  24. Slide 24: Appendix

    imet ft | Appendix energy holdings

  25. Slide 25: 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

  26. Slide 26: Management reporting (2/2)

    Management reporting (2/2) 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 1 Seabird Exploration historical EBIT - - - - -290 1,037 1,096 2,825 -12 3,172 Management EBIT 31,7

  27. Slide 27: Creating superior returns in the energy industry

    CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY

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