Sed Energy Holdings Plc · OSL:ENH
Sed Energy — Q3 2025 Earnings Presentation
29 slides from Sed Energy's earnings presentation, Nov 26, 2025
Slide 1: Q3 2025 results
Q3 2025 results November 26, 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. 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 Q3 2025
Highlights Q3 2025 Consolidated management (pro-forma) figures Financial and Operational USD 51m USD 24m ▪ Continued strong technical utilization across Energy Drilling and SeaBird Exploration. Revenue3 Adj. EBITDA3 ▪ Robust balance sheet with industry-leading leverage and net interest-bearing debt
Slide 6: Strong commitment to distribute excess free cash flow
Strong commitment to distribute excess free cash flow Continuation of attractive shareholder returns Shareholder distributions Shareholder distributions, NOK per share by period proposed ▪ The company’s primary objective is to distribute available liquidity to Distributed shareholders on a quarterly
Slide 7: Energy Drilling
Energy Drilling energy holdings
Slide 8: Energy Drilling: operational highlights
Energy Drilling: operational highlights Solid operations & outlook as rigs leave the yard Revenue and Adjusted EBITDA1 USD million Revenue Adj. EBITDA Adj. EBITDA-margin ▪ Solid technical utilization of 97% during the quarter 60% 55% ▪ Economic utilization was 66% with two rigs in the yard in 52% 49
Slide 9: Energy Drilling: contracts and backlog
Energy Drilling: contracts and backlog USD 507 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 USD 83k/day3
Slide 10: Energy Drilling: market backdrop
Energy Drilling: market backdrop Fueled by growing demand for energy Future natural gas demand driven by Asia Pacific Current gas supply insufficient in all EIA scenarios1 Thousand bcm Thousand bcm North America Europe Eurasia Africa Remaining Supply Planned Investments Total Demand (STEPS) Total De
Slide 11: Energy Drilling: market commentary
Energy Drilling: market commentary Drilling activity in Asia-Pacific remains robust Tender rig vs jackup day rates Solid activity across the region USD/day Tender dayrates Jackup dayrates (3m avg.) ▪ SE Asia the fastest growing region in the world 250,000 ▪ Overall demand for offshore drilling servi
Slide 12: SeaBird Exploration
SeaBird Exploration energy ET — ———— a ba : holdings |
Slide 13: SeaBird Exploration: operational highlights
SeaBird Exploration: operational highlights Strong quarter despite off-hire Revenue and Adjusted EBITDA1 USD million ▪ Third quarter technical utilization of 93.5%, somewhat lower than Revenue Adj. EBITDA Adj. EBITDA-margin expected due to start up issues on the Fulmar Explorer and 44% 43% 39% chall
Slide 14: SeaBird Exploration: contracts and backlog
SeaBird Exploration: contracts and backlog Fully contracted fleet with USD 14 million firm revenue backlog1 Firm contract Options Q4 2025 Q1 2026 Q2 2026 Vessel Start End Oct Nov Dec Jan Feb Mar Apr May Jun Eagle Explorer November 2025 February 2026 Fulmar Explorer September 2025 March 2026 Eagle Ex
Slide 15: SeaBird Exploration: market backdrop
SeaBird Exploration: market backdrop 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 60.0 Share of total seismic spe
Slide 16: Financial review
Financial review Consolidated management (pro-forma) figures. See Q3 report and appendix for consolidated financial statements
Slide 17: Strong operational performance driven by high asset utilization
Financial review Strong operational performance driven by high asset utilization USD million Q3 2025 Q3 2024 Change 9m 2025 9m 2024 Change ▪ Revenues up 28% YoY, driven by strong operational performance at higher day rates Revenue 50.7 39.5 28% 164.2 117.8 39% ▪ Operating expenses stable in the thir
Slide 18: Strong cash flows support continued deleveraging and shareholder returns
Financial review 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 ▪ 0.2x leverage ratio as of end-Q3 2025 -10.41 -4.61 ▪ Limited interest expenses on low debt -4.21 65.82 -3.18 -0.34 56
Slide 19: Disciplined capital structure with limited leverage
Financial review Disciplined capital structure with limited leverage Net interest-bearing debt ▪ USD 75m bank facility: 3m SOFR + 350bps, USD USD million 5m quarterly amort., 2028 bullet 89.3 1.6 ▪ Lease liabilities relates to GHTH 12.3 17.6 ▪ Other financing relates to an equipment financing for Se
Slide 20: Summary and outlook
Summary and outlook energy holdings
Slide 21: Competitive cost structure results in strong cash flow potential
Competitive cost structure results in strong cash flow potential Estimated free cash flow potential for the group Estimated cash-cost1 USD million Current market Historical high Uptime/Utilization 95% 95% 30-40% Tender barge day rate (USDk/day) 90 150 Semi-tender day rate 140 180 SBX vessels day rat
Slide 22: 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 23: Solid foundation for attractive recurring shareholder returns
Solid foundation for attractive recurring shareholder returns Total firm revenue backlog USD 521m1 Strong commitment to shareholder returns USD million Shareholder distributions, NOK per share by period proposed Reported revenues Jan-Sep 2025 Distributed Backlog Proposed 256 0.40 228 64 0.272 0.272
Slide 24: 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 25: Q&A
energy holdings Q&A
Slide 26: Appendix
ialet Appendix energy holdings
Slide 27: 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 28: Management reporting (2/2)
Management reporting (2/2) Figures in USD '000 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 9m/25 9m/24 Consolidated EBIT reported 13,172 8,637 20,822 13,719 8,824 14,893 5,728 42,631 29,445 1 Seabird Exploration historical EBIT - -290 1,037 1,096 2,825 -12 3,172 748 5,985 Management EBIT 13,172 8,347
Slide 29: Creating superior returns in the energy industry
CREATING SUPERIOR RETURNS IN THE ENERGY INDUSTRY