Sed Energy Holdings Plc · OSL:ENH
Sed Energy — Investor Presentation (September 2026)
40 slides from Sed Energy's investor presentation, September 2026
Slide 1: Creating Superior Returns in the Energy Industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY September 2026
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: Energy Holdings at a glance
Energy Holdings at a glance Exposure to attractive niche energy segments Financial holding company set up for growth ▪ Established through the combination of Energy Drilling and SeaBird Exploration Tender rig operator in Global provider of Southeast Asia high-end seismic services ▪ Clear ambition to
Slide 4: Clear priorities for shareholder value creation
Clear priorities for shareholder 100% 100% value creation Potential new verticals 1. Quarterly recurring shareholder distributions 2. Extract synergies and preserve balance sheet strength Leading tender rig operator Global provider of high-end Potential expansion into new 3. Grow & optimize existing
Slide 5: Proven model of cash generation, distributions and balance sheet discipline
Proven model of cash generation, distributions and balance sheet discipline >30% of initial market capitalization returned since inception, with NIBD/EBITDA reduced to 0.1x1 Shareholder distributions, USDm by period proposed May 26, 2025 USD 132.5m Distributed dividend 132.5 25.0 Proposed dividend L
Slide 6: Firm backlog stands at USD 342 million
Firm backlog stands at USD 342 million Total firm revenue backlog USD 342m1 USD million ▪ USD 342 million firm revenue Reported backlog¹, while options takes the Backlog backlog to USD 650 million ▪ Several tender processes ongoing 150 expected to add backlog coverage for 2027 and beyond 225 142 103
Slide 7: Resilient financial position supports growth
Resilient financial position supports 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 ▪ Capacity for sustained
Slide 8: Demonstrated commitment to distributing excess free cash flow
Demonstrated commitment to distributing excess free cash flow Consistent quarterly shareholder distributions Shareholder distributions Shareholder distributions, NOK per share by period proposed2 Distributed 0.40 ▪ Committed to maintaining attractive quarterly distributions, Proposed supported by su
Slide 9: 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 10: Market-leading tender rig operator in Southeast Asia
Market-leading tender rig operator in Southeast Asia
Slide 11: Specialized rigs for brownfield development and production
Energy Drilling: fleet Specialized rigs for brownfield development and production Exploration Development drilling Production Floating barge moored alongside fixed offshore platforms, typically in more calm waters near natural gas Tender barge fields. Ideal for shallow waters. Semi-submersible tende
Slide 12: Portfolio of efficient and modern assets
Energy Drilling: fleet Portfolio of efficient and modern assets EDrill-1 EDrill-2 T-15 T-16 ED Vencedor GHTH1 Build year 2014 2014 2012 2013 2009 2021 Type Tender barge Tender barge Tender barge Tender barge Semi-tender Semi-tender Yard COSCO Guangdong COSCO Guangdong COSCO Nantong COSCO Nantong Kep
Slide 13: Long-term drilling sequence from existing production platforms
Energy Drilling: fleet Long-term drilling sequence from existing production platforms ▪ Energy Drilling is only involved in production & development drilling on Jackup Tender barge Semi-tender Semi-submersible Drillship existing fields ▪ Production drilling is OPEX efficient and less sensitive to sh
Slide 14: USD 318 million firm revenue 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 December 2026 USD 94k/day $94k/day EDrill-2 Thailand October 2025 October 2030 USD 83k/day3 T-15 Thail
Slide 15: Global tender rig fleet overview
Contracted Energy Drilling: market Option Global tender rig fleet overview1 Rig Age Type 2026 2027 2028 2029 2030 EDrill-1 12 Barge EDrill-2 12 Barge T-15 14 Barge Energy Drilling T-16 13 Barge EDrill Vencedor 17 Semi GHTH 4 Semi Sapura T-10 19 Barge Sapura T-11 18 Barge Sapura T-12 16 Barge Sapura
Slide 16: Competitive cost structure results in superior utilization
Energy Drilling: market Competitive cost structure results in superior utilization Estimated cash-cost Energy Drilling1 Tender barge and premium jackup activity in SE Asia2 USD/day 12m avg number of contracted units 80 Tender barges Premium jackup 70 60 25-35% 50 40 30 20 10 - Premium jackup peers E
Slide 17: Southeast Asia E&P spending supports increased drilling activity
Energy Drilling: market Southeast Asia E&P spending supports increased drilling activity Offshore E&P spending in SE Asia set to increase significantly over the next years USD billion 40,000 40 ▪ Southeast Asia remains a key driver for 35 global energy demand 34 35,000 33 35 30 ▪ Increased focus on
Slide 18: PTTEP's long term growth requires high drilling activity
Energy Drilling: market PTTEP’s long term growth requires high drilling activity PTTEP historical and forecast production in Southeast Asia Production growth is a primary focus Kboe/day ▪ Production growth identified as a key priority for PTTEP to support long-term value creation and operational eff
Slide 19: Drilling activity in Asia-Pacific remains robust
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.) ▪ Rig count in Southeast Asia increased to 80 rigs from 79 250,000 rigs in Q1 2026, split between 64% jackups
Slide 20: Global provider of marine seismic data
Global provider of marine seismic data | 22
Slide 21: Delivering marine seismic acquisition services to the oil & gas industry
SeaBird Exploration: fleet Delivering marine seismic acquisition services to the oil & gas industry Fleet of high-end seismic ▪ Two source vessels for OBN (Ocean Bottom Node) surveys, generating seismic signals via air guns for high-resolution subsurface imaging acquisition vessels ▪ Identifies subs
Slide 22: Firm revenue backlog USD 24 million
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
Slide 23: Long-term OBN fundamentals remain intact
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
Slide 24: Creating Superior Returns in the Energy Industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY | 26
Slide 25: Creating a larger platform for cash generation, shareholder distributions and growth
Creating a larger platform for cash generation, shareholder distributions and growth 11 September 2026 |1
Slide 26: Disclaimer – forward looking statements
Disclaimer – forward looking statements SED Energy Holdings Plc and Ventura Offshore Holding Ltd. (hereinafter the “Companies”) have prepared this presentation solely for informational purposes. All statements contained in this presentation that are not statements of historical facts, including stat
Slide 27: Today's presenters
Today’s presenters Kurt M Waldeland Guilherme Coelho Gunnar Winther Eliassen CEO – Energy Holdings CEO – Ventura Offshore Chairperson – Ventura Offshore |3
Slide 28: Strategic rationale
Strategic rationale Combining Energy Holdings and Ventura Offshore creates increased scale and diversification with several benefits to its shareholders; ➢ Enabling growth transactions Energy Holdings and Ventura Offshore would not be able to pursue on a stand-alone basis, both within existing verti
Slide 29: Combining complementary businesses to create a stronger offshore services platform
Combining complementary businesses to create a stronger offshore services platform ✓ Greater scale with more robust earnings base and distribution capacity ✓ Reduced risk with a more diversified asset base and geographical exposure ✓ Improved access to financing to support potential accretive growth
Slide 30: Key transaction highlights
Key transaction highligths • SED Energy Holdings Plc (“Energy Holdings”) and Ventura Offshore Holding Ltd. (“Ventura Offshore”) has signed a letter of intent (“LOI”) for an all-share combination between the two Background companies • The Transaction is supported by the boards of directors and key sh
Slide 31: Energy Holdings at a glance
Energy Holdings at a glance Exposure to attractive niche energy segments Financial holding company set up for growth ▪ Established through the combination of Energy Drilling and SeaBird Exploration Global provider of Tender rig operator in ▪ Clear ambition to build a portfolio of high-quality, cash-
Slide 32: Proven model of cash generation, distributions and balance sheet discipline
Proven model of cash generation, distributions and balance sheet discipline >30% of initial market capitalization returned since inception, with NIBD/EBITDA reduced to 0.1x1 May 26, 2025 USD 132.5m Shareholder distributions, USDm by period proposed Distributed dividend 132.5 Listed on OSE Distribute
Slide 33: Ventura Offshore at a glance
Ventura Offshore at a glance Global operations Global operations Current operations Historical operations ▪ Backlog by execution year2 Catarina 5 Operational >29 years Carolina ultradeepwater experience history in deep and rigs in fleet1 in Brazil, India, Angola, ultradeepwater Vietnam and Indonesia
Slide 34: Ventura Offshore's current fleet contract status
Ventura Offshore’s current fleet contract status Backlog and contract overview Firm contract Rig Client 2026 2027 2028 2029 2030 2031 2032 2033 backlog1 Carolina USD 403m Victoria USD 482m Catarina USD 39m Zonda USD 49m DVD USD 5m Firm contract Preparation Unilateral extension option Mutually agreed
Slide 35: A larger energy services platform for cash generation, shareholder distributions and growth
A larger energy services platform for cash generation, shareholder distributions and growth High-level pro forma overview of the combined company 13 3 Global USD ~1.0bn USD ~1.3bn Offshore units owned, Operating verticals Operational footprint Implied pro forma Contracted backlog leased or managed m
Slide 36: Platform highly capable of adding assets within existing verticals and adjacent markets
Platform highly capable of adding assets within existing verticals and adjacent markets Value creation playbook Energy Holdings current operations Pro forma asset composition Ventura Offshore current operations Owned Managed / Bareboat Ventura Offshore historical operations Oslo (Seabird Exploration
Slide 37: Strong earnings visibility provided by current backlog
Strong earnings visibility provided by current backlog Value creation playbook Combined contracted revenue backlog and options (USDm)1,2 • Approximately USD 1.3bn of contracted revenue backlog or USD 2.2bn when 793 including options 548 • Strong revenue and earnings visibility 553 across the combine
Slide 38: Illustrative distribution potential of NOK 1.4-2.6 per share
Illustrative distribution potential of NOK 1.4-2.6 per share Portfolio foundation Selected day rate scenarios1 Illustrative free cash flow per share2 Tender barge: USD 70,000/day Semi-tender: USD 100,000/day 6G Semi: USD 250,000/day NOK 1.4 SBX vessels: USD 50,000/day Yield: 19% Tender barge: USD 90
Slide 39: Value creation game plan for the combined company
Value creation game plan for the combined company A larger platform with multiple levers to enhance cash generation, optimize capital structure and maximize shareholder returns Optimize balance sheet to extract Explore accretive growth in adjacent 1 financial synergies 4 offshore services markets 2
Slide 40: Creating Superior Returns in the Energy Industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY | 16
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