Financial report (69f2e2ed782d0c39e6569982 SEA1 Q1 2026 Presentation)

Sea1 Offshore Inc.

First quarter 2026 presentation

Comments

• EBITDA margin of 52%

• Book equity of 49%, post dividend

Highlights

• 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

• In January 2026 the Company signed a loan agreement for financing related to its four newbuilds

• Due to solid results, a strong balance sheet, good liquidity and significant backlog, the Board of Directors on 28 March 2026 authorized a dividend payment of NOK 4 per share

  Operational highlights

• Overall fleet utilization in the quarter was 90% (2025: 88%), excluding vessels in lay-up

• Safe and efficient operations in all regions

  Subsequent events

• Dividend of NOK 4 per share was paid to shareholders on 16 April 2026

Q1 operating margin per segment Full year 2025 operating margin per segment

21,1

4,0

28,5

3,6

16,5

10,5

1,7

1,6

90,2

18,2

53,3

6,6

50 180

45 160

40 140

35

120

USD million

USD million

30

100

25

80

20

60

15

10 40

5 20

0

Q1 2026 Q1 2025

Subsea PSV AHTS FCV/OSRV

0

2025

Subsea PSV AHTS FCV/OSRV

Note: Other segments, including I/C eliminations, are excluded. Administrative expenses are excluded

900

800

700

USD million

600

500

400

300

200

100

0

Assets

900

800

700

USD million

600

500

400

300

200

100

0

Equity & liabilities Comments

• Solid financial position

  165

  252

  395

• Book equity ratio of 49%

• Gross interest-bearing debt of USD 286 million

• Net interest-bearing debt of USD 217

  million

• Debt financing of USD 315 million related to the four newbuilds was agreed in January 2026. Parts of the debt will be available pre-delivery to finance yard

68

87

658

Assets

Cash and cash equivalents

Other current assets

Non-current assets

Equity & liabilities

Current liabilities

Non-current liabilities

Equity

installments

120

100

Increase Decrease Total

23

-3

86

USD million

80 -26

60

68

-11 -1

40

20

0

Cash start Cash from operations Net interest Capex Net reduction of debt Other Cash end

USD 665 million of firm contract backlog as of 31 March 2026, in addition to USD 551 million of options

300

Firm backlog per year Firm backlog per segment

244

8

3

5 %

10 %

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 31 March 2026

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

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 8

Vessel Management:

8 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 24.04.2025

Market and outlook

• The Middle East conflict has driven oil prices significantly higher and disrupted offshore activity in the Persian Gulf, halting operations and leaving many offshore vessels, especially AHTSs and PSVs, stuck in the region. However, this has not significantly affected offshore markets in other regions. For the conflict to have a broader impact on global offshore demand, oil prices would need to remain elevated over time, encouraging new project approvals.

• Availability of larger subsea vessels remains tight and this is expected to continue in the coming months. At the same time, tender activity is increasing in the 150-250-tonne segment for both project-based and medium-term requirements. Given the current backlog among major EPCI contractors, demand for subsea tonnage is expected to remain strong, supporting opportunities for long-term contractual charters. The positive demand outlook may be partly offset by new vessels entering the market in 2027-2028, which could limit further increases in day rates.

• The AHTS market is expected to remain volatile, but we anticipate prolonged peaks as more projects enter the market, which will also impact long-term contract levels. The significant number of FPSO installations will contribute positively to this segment, as these projects require multiple vessels and early commitments, creating market constraints. Floating wind projects may provide additional boost to this segment, although this demand is likely several years away.

• Despite continued low rig activity in the UK, the North Sea AHTS market improved further in 1Q. Vessel departures to other regions and dry dockings kept the available spot fleet at a low level. Average fixture rates were around USD 120,000 per day, a 20% increase over the previous quarter and 180% higher than in 1Q 2025. The highest recorded daily rate exceeded USD 300,000. Current activity in the UK sector is low, but two additional semi-submersible rigs are expected to commence operations during 2Q, which will increase AHTS demand.

• Semi-submersible rig activity in Australia remained low and this is expected to continue through 2026. However, we see several opportunities for project work in the APAC region. Rig activity in the region is expected to grow again during 2027. The Company has good contract coverage in the region for the remainder of the year.

• In South America, the market outlook is softening in the short term. Petrobras has indicated intentions to reduce costs and revise its business plan. We therefore expect some delays and reductions in spending. We expect Petrobras to increase tendering activity again towards the end of the year. The Company's outlook and contract coverage in the region remain solid.

Summary