Sed Energy Holdings Plc · OSL:ENH
Sed Energy — Q4 2025 Earnings Presentation
30 slides from Sed Energy's earnings presentation, Feb 24, 2026
Slide 1: Q4 2025 results
Q4 2025 results February 24, 2026 Photo credit: Jonathan Snook, Shift Leader Navigator, Eagle Explorer
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
Agenda 01. Introduction 02. Highlights and operational review 03. Financial review 04. Summary and outlook
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 Q4 2025
Highlights Q4 2025 Consolidated management (pro-forma) figures Financial and Operational USD 61m USD 30m ▪ Continued strong technical utilization. Revenue3 Adj. EBITDA3 ▪ Near-term visibility further strengthened following commencements of multi-year contracts for rigs GHTH and EDrill-2. ▪ Robust ba
Slide 6: Continued commitment to distributing excess free cash flow
Continued commitment to distributing excess free cash flow Continuation of attractive shareholder returns Shareholder distributions Shareholder distributions, NOK per share by period proposed Distributed ▪ The company’s primary objective remains to distribute available Proposed liquidity to sharehol
Slide 7: Amended repayment profile to align with long term cash flows
Amended repayment profile to align with long term cash flows Amendments to current loan facility Enhances financial flexibility USD million Debt with current amortisation profile ▪ Reduces quarterly repayments by close to 60% Debt with amended amortisation profile 65 65 ▪ Enhances free cash flow & p
Slide 8: Energy Drilling
09) = eS a) > 2) = 7) ‘= Lu energy holdings
Slide 9: Energy Drilling: operational highlights
Energy Drilling: operational highlights Solid operations & outlook as all rigs in operation during Q4 Revenue and Adjusted EBITDA1 USD million Revenue Adj. EBITDA Adj. EBITDA-margin ▪ Economic utilization increased to 86% from 66% in Q3 2025 as EDrill-2 and GHTH commenced operations during Q4 2025.
Slide 10: Energy Drilling: contracts and backlog
Energy Drilling: contracts and backlog USD 451 million firm revenue backlog with fleet fully contracted1 Firm Contract Options Rig Location Client Start End 2026 2027 2028 EDrill-1 Thailand October 2023 November 2026 USD 94k/day $94k/day EDrill-2 Thailand October 2025 October 2030 USD 83k/day3 Thail
Slide 11: Development of existing resources is key in SE Asia
Development of existing resources is key in SE Asia Offshore E&P spending in SE Asia set to increase significantly over the next 2 years USDbn 40 ▪ Southeast Asia remains a key driver for global 37 energy demand 34 35 35 ▪ NOCs are responding with increased spend 31 30 28 ▪ Optimizing output from ex
Slide 12: Drilling activity in Asia-Pacific remains robust
Drilling activity in Asia-Pacific remains robust Tender rig vs jackup day rates Solid activity across the region USDk/day Tender dayrates Jackup dayrates (3m avg.) ▪ Several incremental requirements surfacing with increasing lead time 250,000 ▪ Rig count in the region increased to 76 rigs (Q3 2025:
Slide 13: SeaBird Exploration
SeaBird Exploration energy holdings
Slide 14: SeaBird Exploration: operational highlights
SeaBird Exploration: operational highlights Quarter impacted by off-hire, but improving activity levels Revenue and Adjusted EBITDA1 USD million ▪ Fourth quarter technical utilization of 92% was somewhat lower than Revenue Adj. EBITDA Adj. EBITDA-margin expected but expect this to improve going forw
Slide 15: SeaBird Exploration: contracts and backlog
SeaBird Exploration: contracts and backlog Fully contracted fleet with USD 15 million firm revenue backlog1 Firm contract Options Q1 2026 Q2 2026 Vessel Start End Jan Feb Mar Apr May Jun Eagle Explorer November 2025 May 2026 Fulmar Explorer September 2025 June 2026 Eagle Explorer Fulmar Explorer ▪ O
Slide 16: 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 60.0 OBN market spending 1.4 Share of total seismic spending 1.3 1.2 1.2 50.0 1.1 1.0 0.9 40
Slide 17: Financials
Financials Consolidated management (pro-forma) figures. See Q4 report and appendix for consolidated financial statements
Slide 18: Q4 2025 financial review
Q4 2025 financial review Strong operational performance driven by high asset utilization USD million Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change ▪ Revenues up 19% YoY, driven by more units contributing at higher day rates Revenue 61.2 51.4 19% 225.4 169.2 33% ▪ Operating expenses increased in the
Slide 19: Disciplined capital structure with limited leverage
Q4 2025 financial review Disciplined capital structure with limited leverage Net interest-bearing debt ▪ USD 75m bank facility: 3m SOFR + 350bps, USD USD million 2m quarterly amort., 2028 bullet 83.4 1.6 ▪ Lease liabilities of USD 16.7m represents the 11.7 back-to-back arrangement on the current 16.
Slide 20: Strong cash flows support continued deleveraging and shareholder returns
Q4 2025 financial review Strong cash flows support continued deleveraging and shareholder returns Cash and cash equivalents ▪ Limited interest expenses on low debt USD million ▪ Cash balance stands at USD 36m -15.0 ▪ Free cash flow to firm of USD 62m -7.3 -5.4 ▪ Capex for 2026 is expected to be arou
Slide 21: Summary and outlook
Summary and outlook energy holdings
Slide 22: Competitive cost structure results in strong cash flow potential
Competitive cost structure results in strong cash flow potential Estimated cash-cost Energy Drilling1 Estimated free cash flow potential for the group USD/day USD million Current market Historical high Uptime/Utilization 95% 95% 25-35% Tender barge day rate (USDk/day) 90 150 Semi-tender day rate 140
Slide 23: 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 2025E leverage ratio of publicly listed offshore drilling companies2 unencumbered NIBD LTM adj. EBITDA Leverage ratio ▪ Cap
Slide 24: Solid foundation for attractive recurring shareholder returns
Solid foundation for attractive recurring shareholder returns Total firm revenue backlog USD 466m1 Delivering on shareholder distribution strategy USD million Shareholder distributions, USD million by period proposed Reported Backlog 22.5 82.5 NOK 1.11/share3 distributions FY 2025 265 20.0 >20% 225
Slide 25: 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 26: Q&A
energy holdings Q&A
Slide 27: Appendix
ialet Appendix energy holdings
Slide 28: 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 29: Management reporting (2/2)
Management reporting (2/2) Figures in USD '000 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 2025 2024 Consolidated EBIT reported 18,492 13,172 8,637 20,822 13,719 8,824 14,893 5,728 61,123 43,163 Seabird Exploration historical EBIT1 - - -290 1,037 1,096 2,825 -12 3,172 748 7,081 Management EBIT 1
Slide 30: Creating superior returns in the energy industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY