Sed Energy Holdings Plc · OSL:ENH
Sed Energy — Energy Holdings — Q1 2025 Earnings Presentation
34 slides from Sed Energy's earnings presentation, May 28, 2025
Slide 1: Q1 2025 results
energy holdings Q1 2025 results May 28, 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 and today's speakers
Agenda Today’s speakers 01. Introduction Kurt M. Waldeland 02. Q1 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 Q1 2025
Highlights Q1 2025 Consolidated pro-forma figures Financial and Operational USD 59m USD 32m ▪ All units in operation Revenue EBITDA ▪ High operational performance with 98% utilization for Energy Drilling and 86% for SeaBird ▪ Strong revenue growth and solid margin expansion ▪ Conservative capital st
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: Strong performance with all rigs fully operational
Energy Drilling: operational highlights Strong performance with all rigs fully operational Revenue and Adjusted EBITDA] USD million ▪ All rigs in operation during the quarter Revenue Adj. EBITDA Adj. EBITDA-margin 70% ▪ Good uptime despite start-up and shakedown of T-16 and ED 58% 59% 46% Vencedor t
Slide 9: USD 433 million firm revenue backlog with fleet fully contracted
Energy Drilling: contracts and backlog USD 433 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 October 2026 $94k/day EDrill-2 Thailand March 2023 May 2025 $79k Thailand February 2024 Febr
Slide 10: Drilling activity in Asia-Pacific remains robust
Drilling activity in Asia-Pacific remains robust Asia Pacific rig average leading-edge dayrates Solid activity across the region Tender-assisted Jackup Semisub Drillship ▪ SE Asia continues to be the fastest growing region in the world ▪ Natural gas key to transition away from coal 500 ▪ During Q1 2
Slide 11: SeaBird Exploration
SeaBird Exploration Sveinung Alvestad, CFO
Slide 12: Solid uptime and efficiency despite unscheduled dry-dock
SeaBird Exploration: operational highlights Solid uptime and efficiency despite unscheduled dry-dock Revenue and Adjusted EBITDA] USD million Revenue Adj. EBITDA Adj. EBITDA-margin ▪ Operational downtime remains low at 2.8% 45.0% 43.9% 43.2% ▪ Utilization of 86% was impacted by Eagle Explorer dry-do
Slide 13: Fully contracted fleet with USD 11 million firm revenue backlog
SeaBird Exploration: contracts and backlog Fully contracted fleet with USD 11 million firm revenue backlog1 Firm contract Contract extension Yard-stay as of Q1 2025 after balance sheet date Q2 2025 Q3 2025 Q4 2025 Q1 2026 Vessel Start End Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Eagle Explore
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 Pro-forma consolidated figures as of Q1 2025 See appendix for SeaBird standalone financial statements
Slide 16: Fleet utilization and efficiency drives revenue and margin growth
Fleet utilization and efficiency drives revenue and margin growth USD million Q1 2025 Q1 2024 Change ▪ Revenue up 42 % YoY, driven by higher activity and day-rates for Energy Drilling Revenue 58.5 41.1 42% ▪ OPEX broadly flat, operating leverage lifted OPEX -24.2 -24.6 -2% EBITDA margin to ~55% (+16
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 ▪ Continued debt repayment to reach 0.3x -5.73 leverage ratio as of end-Q1 2025 -2.74 -1.63 30.33 ▪ Limited interest expen
Slide 18: Industry-leading capital structure
Industry-leading capital structure Net interest-bearing debt and leverage Debt maturity profile as of Q1 2025 USD million USD million NIBD LTM EBITDA Leverage ratio1 Current debt maturity profile New debt maturity profile 0.9x 0.8x 0.8x 96.1 0.5x 79.9 28 0.3x 26 25 67.0 58.1 20 20 54.4 47.6 46.1 41.
Slide 19: Summary and outlook
Summary and outlook energy holdings
Slide 20: Strong contract visibility provides low residual risk
Strong contract visibility provides low residual risk Significant repayment of capital supported by backlog Estimated free cash flow potential Illustrative, based on current backlog and last contract scenario USD million Current backlog Last contract Historical high Uptime/Utilization 95% 95% 95% Te
Slide 21: Solid foundation for attractive recurring shareholder returns
Solid foundation for attractive recurring shareholder returns Total firm revenue backlog USD 444m1 Strong commitment to shareholder returns USD million Shareholder distributions, NOK per share by period proposed Reported revenues Q1 2025 SeaBird Exploration Backlog Energy Holdings 217 0.562 198 0.40
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 ▪ Strong operational performance ▪ Superior cash conversion from ▪ Strengthen existing portfolio efficient operations
Slide 23: Q&A
energy holdings Q&A
Slide 24: Appendix
ialet Appendix energy holdings
Slide 25: Pro-forma consolidated interim statement of income
Pro-forma consolidated interim statement of income in USD ‘000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Revenues 58,488 49,503 37,488 33,528 41,060 161,580 Cost of sales -24,170 -21,914 -19,560 -11,206 -24,577 -77,257 Selling, general and administrative expenses -4,436 -2,553 -3,116 -2,682 -2
Slide 26: Pro-forma consolidated statement of financial position (1/2)
Pro-forma consolidated statement of financial position (1/2) in USD ‘000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 ASSETS Non-current assets Property, plant and equipment 349,464 355,224 350,783 339,668 323,302 355,225 Long term investments 101 130 327 414 303 130 Total non-current assets 349,
Slide 27: Pro-forma consolidated statement of financial position (2/2)
Pro-forma consolidated statement of financial position (2/2) in USD ‘000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 EQUITY Paid in Capital 332,025 334,853 336,917 336,917 350,738 334,853 Other equity 6,965 -12,971 -22,146 -29,732 -55,140 -12,971 Total Equity 338,990 321,882 314,771 307,185 295,
Slide 28: Pro-forma consolidated interim statement of cash flow
Pro-forma consolidated interim statement of cash flow in USD ‘000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Cash flows from operating activities Profit before income tax 22,154 7,477 8,619 14,594 7,884 38,574 Adjustments for: Depreciation, amortization and impairment 8,499 14,952 6,198 4,965 5
Slide 29: Segment financials
Segment financials Energy Drilling in USD ‘000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Revenue 49,961 39,317 27,462 28,620 30,727 126,126 EBITDA 29,447 22,742 12,544 20,044 11,398 66,728 Adj. EBITDA 29,647 22,742 12,544 20,044 11,398 66,728 EBIT 22,640 9,451 7,925 16,624 7,793 41,792 Utiliza
Slide 30: SeaBird standalone profit or loss statement
SeaBird Exploration SeaBird standalone profit or loss statement in USD ‘000 Q1 2025 Q1 2024 FY 2024 Contract revenues 8,527 10,333 35,454 Total revenues 8,527 10,333 35,454 Cost of sales -4,681 -4,994 -16,956 Selling, general and administrative expenses -1,204 -952 -4,263 Other income (expenses), ne
Slide 31: SeaBird standalone statement of financial position (1/2)
SeaBird Exploration SeaBird standalone statement of financial position (1/2) in USD ‘000 Q1 2025 Q1 2024 FY 2024 ASSETS Non-current assets Property, plant and equipment 35,909 38,249 35,483 Long term investments 101 303 130 Total non-current assets 36,010 38,552 35,613 Current assets Inventories 272
Slide 32: SeaBird standalone statement of financial position (2/2)
SeaBird Exploration SeaBird standalone statement of financial position (2/2) in USD ‘000 Q1 2025 Q1 2024 FY 2024 EQUITY Paid in Capital 18,231 36,944 21,058 Revaluation reserve 12 12 12 Currency Translation reserve -407 -407 -407 Share options granted 258 65 258 Retained earnings 9,061 -7,269 8,476
Slide 33: Consolidated interim statement of cash flow
SeaBird Exploration Consolidated interim statement of cash flow in USD ‘000 Q1 2025 Q1 2024 FY 2024 in USD ‘000 Q1 2025 Q1 2024 FY 2024 Cash flows from operating activities Cash flows from investing activities Profit before income tax 585 2,630 4,888 Capital expenditures -2,118 -316 -2,336 Adjustmen
Slide 34: Creating superior returns in the energy industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY