Financial report (698d6d06544d8a0941610fa8 665471 SEA1 Q4 2025 Presentation)

Sea1 Offshore Inc.

Fourth quarter 2025 presentation

Comments

• EBITDA margin of 52%

• Book equity of 54%

• Smaller fleet in operation reflected in financials

Highlights

• The company completed the transfer from Euronext Oslo Børs to Euronext Growth Oslo on 18 December 2025

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

  Operational highlights

• Overall fleet utilization in the quarter was 93% (2024: 92%), excluding vessels in lay-up

• Safe and efficient operations in all regions

  Subsequent events

• The contract for Sea1 Maragogi (OSRV) was extended with one year of firm period in direct continuation, taking the vessel's firm period up to January 2027

Q4 operating margin per segment YTD operating margin per segment

18,8

21,4

4,6

3,9

13,4

1,3

16,2

2,4

50,5

90,2

95,1

9,6

18,2

6,6

45 180

40 160

35 140

30 120

USD million

USD million

25 100

20 80

15 60

10 40

5 20

0

Q4 2025 Q4 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

200

100

0

Assets

86

72

643

Assets

Cash and cash equivalents

Other current assets

Non-current assets

900

800

700

USD million

600

500

400

300

200

100

0

Equity & liabilities Comments

• Solid financial position

  105

  265

  431

• Book equity ratio of 54%

• Gross interest-bearing debt of USD 295 million

• Net interest-bearing debt of USD 209

  million

• Debt financing of USD 315 million related to the four newbuilds has recently been agreed. Parts of the debt will be available pre-delivery to finance yard installments

Equity & liabilities

Current liabilities

Non-current liabilities

Equity

Increase Decrease Total

151

-19

114

-86

-94

86

68

-4

-44

250

200

USD million

150

100

50

0

USD 701 million of firm contract backlog as of 31 December 2025, in addition to USD 569 million of options

300

Firm backlog per year Firm backlog per segment

244

3

4 %

11 %

5 %

80 %

250

200

USD million

150

100

50

0

2026 2027 2028 2029 and

onwards

Subsea AHTS PSV FCV/OSRV

Subsea AHTS PSV FCV/OSRV

Contract days vs available days per segment, as of 16 January 20261)

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

100 %

90 %

80 %

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0 %

2028

Subsea PSV AHTS FCV/OSRV

Contract/options Available days

1) Including the contract extension for Sea1 Maragogi announced on 16 January 2026

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 09.02.2025

• For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from leading EPCs at record levels. After a short-term decrease in activity in several key areas the past year, the offshore activity is expected to increase somewhat during 2026 and further into 2027. In 2027 we will also see an influx of newbuilt vessels enter the market, which temporarily could lower the rate expectations.

• For the rig market, one of the leading indicators for the offshore support vessel markets, global utilization was marginally higher in Q4 than during the previous quarter, although with a decreasing trend through the period. The semi-sub rig count, which was stable during the quarter, is expected to increase slightly throughout 2026 and create increased demand for AHTS vessels.

• Despite limited rig activity in the UK, the North Sea AHTS market improved significantly in Q4. Vessel departures to other regions kept the spot fleet at a low number. Average fixture rates per day in the market were just below USD 100,000, a 200% increase over the previous quarter. Presently, there is still a low activity level in the UK sector, but it is expected an increase in active semi-sub rigs from March and onwards.

• The semi-sub rig activity in Australia remained low with only two units in operation. The same level is expected through first half of 2026. In the short term, this could result in more available vessels in the region, putting pressure on rates and utilization, and potential migration of vessels to other regions. We currently see a healthy amount of project work in the APAC region which to some extent balance the low demand from Australia. Rig activity in the region is expected to grow again during second half of 2026.

• For South America, market outlook is softening in the short term. Petrobras, directly or indirectly contributing around 40% of global offshore services demand, has communicated intentions to reduce costs and revise its business plan. We expect some delays in spending and spending reductions.