Financial report (6904524707b84f9a1c094b3f SEA1 Q3 2025 Presentation)

Sea1 Offshore Inc.

Third quarter 2025 presentation

Comments

• EBITDA margin of 54%

• Book equity of 52%

• Smaller fleet in operation reflected in financials

Highlights

• Appointment of Mr. Otto Moltke-Hansen and Mr. Rune Magnus Lundetræ as new Directors of the Company, replacing resigned Directors

• An extraordinary general meeting was held on 26 September 2025 approving an application for the delisting of the Company's shares from Euronext Oslo Børs. The application is on condition that the Company's application for a transfer to Euronext Growth Oslo is approved

  Operational highlights

• Overall fleet utilization in the quarter was 93% (2024: 91%), excluding vessels in lay-up

• Safe and efficient operations in all regions

  Subsequent events

• Awarded a new contract for Sea1 Atlas (PSV) in Brazil with a duration of 3 years plus a 6-month option at market terms, with commencement in Q1 2026

Q3 operating margin per segment YTD operating margin per segment

20,2

26,1

6,0

3,1

10,9

2,0

18,1

1,1

37,0

71,4

73,7

5,7

13,7

37,1

5,0

50 140

45

40

35

USD million

30

25

20

15

10

5

120

100

USD million

80

60

40

20

0

Q3 2025 Q3 2024

Subsea PSV AHTS FCV/OSRV

0

YTD 2025 YTD 2024

Subsea PSV AHTS FCV/OSRV

Note: Other segments, including the 9 vessels sold to Siem and I/C eliminations, are excluded. Administrative expenses are excluded

900

800

700

USD million

600

500

400

300

Assets

900

800

700

USD million

600

500

400

300

Equity & liabilities Comments

• Solid financial position

  108

  279

  412

• Book equity ratio of 52%

• Gross interest-bearing debt of USD 310 million

• Net interest-bearing debt of USD 197

million

113

67

619

200 200

100 100

0

Assets

Cash and cash equivalents

Other current assets

Non-current assets

0

Equity & liabilities

Current liabilities

Non-current liabilities

Equity

Increase Decrease Total

113

114

-5

-52

113

-29

68

-2

-94

250

200

USD million

150

100

50

0

USD 743 million of firm contract backlog as of 13 October 20251, in addition to USD 599 million of options

400

Firm backlog per year Firm backlog per segment

8

11

4

6

14

5 %

10 %

6 %

79 %

350

300

USD million

250

200

150

100

50

0

2025 2026 2027 2028 and

onwards

Subsea AHTS PSV FCV/OSRV

Subsea AHTS PSV FCV/OSRV

1: Including the backlog related to the new contract for Sea1 Atlas announced on 13 October 2025

Contract days vs available days per segment, as of 13 October 2025

100 %

90 %

80 %

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0 %

2025

Subsea PSV AHTS FCV/OSRV

Contract/options Available days

100 %

90 %

80 %

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0 %

2026

Subsea PSV AHTS FCV/OSRV

Contract/options Available days

100 %

90 %

80 %

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0 %

2027

Subsea PSV AHTS FCV/OSRV

Contract/options Available days

15 owned vessels and 4 newbuilds on order in addition to vessel management

2

WIV

4

Newbuilds

6

AHTS

2

PSV

4

FCV/OSRV

Vessels on management 7

Vessel Management:

7 offshore vessels on commercial and technical management

Sea1 Offshore owned vessels Vessels on management

Kristiansand (HQ) Houston Halifax St. John's Accra Macaé Rio de Janeiro Perth

Note: Overview per 24.10.2025.

• For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from conventional EPCs at record levels. In the short term, however, we observe decreased activity in several key areas. The oil price's downward trajectory over the quarter is expected to continue into early 2026 and may contribute to deferral of investments and spending.

• For the rig market, one of the leading indicators for the offshore support vessel markets, global utilization increased marginally during the quarter. In the core regions (North Sea, South America, APAC) the utilization trend was opposite with a decrease of 1,3%. Rig backlog declined each month of Q3 due to limited fixing volumes. Semi-sub rig utilization bottomed out at the end of Q3 and is projected to increase over the coming 18 months.

• The North Sea AHTS market was weak through most of the third quarter as some planned projects were delayed and some semi-sub rigs on the UK side came off contracts earlier than expected. Monthly average rates were significantly lower than the previous two years for both July and August. In September, the market gained momentum, mainly due to vessels leaving the region, improving the market balance. Low activity, especially on the UK sector, remains a concern for the comings months.

• The semi-sub rig activity in Australia decreased, which is expected to continue through the next quarter. In the short term, we expect more available vessels in the region, putting pressure on rates and utilization, and potentially migration of vessels to other regions. Rig activity in the region is expected to grow again during second half of next year.

• For South America, market outlook is also softening in the short term due to lower oil prices. Petrobras, which contributes around 40% of global offshore services demand, has communicated intentions to reduce costs and revise its business plan. Some delays in spending and contract renegotiations are expected.