Sea1 Offshore

Investor Presentation • Apr 30, 2025

Sea1 Offshore Inc.

First quarter 2025 presentation

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Sea1 Offshore ("SEA1" or "the Company") and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Sea1 Offshore businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, inflation, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Sea1 Offshore believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. Sea1 Offshore nor any other company within the group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Sea1 Offshore, any other company within the group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. Sea1 Offshore undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation.

There may have been changes in matters which affect Sea1 Offshore subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of Sea1 Offshore has not since changed, and Sea1 Offshore does not intend, and does not assume any obligation, to update or correct any information included in this presentation. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts.

(Amounts in USD million)	Q1 2025	Q1 2024
Revenue	68.5	83.2
EBITDA	40.3	32.9
Operating profit	27.0	14.7
Net profit (before minorities)	22.2	11.6
Cash and cash equivalents	52.6	76.8
Equity	332.6	534.2
Net interest-bearing debt	343.3	366.0

▪ EBITDA margin of 59% ▪ Higher EBITDA due to improved day rates, despite operating smaller owned fleet Comments

• Book equity of 42%
• Number of owned vessels in the quarter: 17 (2024: 26 vessels)

Highlights

• On the back of solid results, a strong balance sheet and a significant backlog, a dividend of NOK 7 per share was paid to shareholders on 22 January 2025
• Refinanced debt related to the two well intervention vessels
• Entered into a revenue sharing agreement with Viking Supply Ships. The agreement includes six AHTS' owned by Viking Supply Ships and five AHTS' owned by Sea1 Offshore
• Entered into shipbuilding contracts for another two high-end Offshore Energy Support Vessels with Cosco. The vessels have scheduled deliveries from third quarter 2027 to fourth quarter 2027. The Company has entered shipbuilding contracts for four vessels in total

Operational highlights

• Overall fleet utilization in the quarter was 88% (2024: 89% for the SEA1 fleet), excluding vessels in lay-up
• Safe and efficient operations in all regions

Subsequent events

▪ Signed an agreement to sell the 2014-built OSCV Sea1 Spearfish to an independent third party. The sale will result in a gain of approximately USD 40 million. The transaction is subject to customary closing conditions and closing is expected to take place in May 2025.

(Amounts in USD 1,000)	Q1 2025	Q1 2024	Jan-Dec 2024
Operating revenue	68,548	83,171	340,825
Operating expenses	-22,423	-44,621	-150,869
Administrative expenses	-5,780	-5,631	-24,276
EBITDA	40,345	32,920	165,680
Depreciation and amortization	-13,532	-18,206	-57,780
Reversal of impairment of vessels	-	-	159,116
Other gain / (loss)	184	-	-25,587
Operating profit	26,997	14,713	241,430
Financial income	1,167	2,290	8,768
Financial expenses	-10,035	-8,595	-28,064
Net currency gain / (loss) on revaluation	4,893	3,298	-17,745
Result from associated companies	-	-3	-52
Profit before taxes	23,022	11,703	204,337
Tax benefit / (expense)	-836	-123	-1,388
Net profit	22,186	11,580	202,948
Attributable to non-controlling interest	-	-191	30,191
Result attributable to shareholders	22,186	11,771	172,758

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

Financial position

• Solid financial position
• Book equity ratio of 42%
• Gross interest-bearing debt of USD 396 million
• Net interest-bearing debt of USD 343 million
• Available capacity under new revolving credit facility

Increase Decrease Total

USD 812 million of firm contract backlog as of 31 March 2025, in addition to USD 629 million of options

Firm backlog per segment

Contract days vs available days per segment, as of 31 March 2025

Note: The laid-up scientific core drilling vessel, Joides Resolution, is included in the Subsea segment

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

Well Intervention Vessels Offshore Subsea Construction Vessels Anchor Handling Tug Supply Offshore Subsea Construction Vessels

Platform Supply Vessels Core drilling vessel Fast Crew & Oil Spill Recovery Vessels

6 offshore vessels on commercial and technical management

Geographical footprint – local presence in key markets

Note: Overview per 25.04.2025. Excluding vessels leaving SEA1 management during Q1-Q2 2025

• Forecasts for the global economy and oil demand are positive for 2025 and 2026, however the recent and rapid shifts in trade related policies between key economies have introduced further uncertainty
• In the construction support vessel market, a handful of long-term tenders and requirements have recently been launched by the EPC companies for commencement in 2026 and 2027. The market is still tight with only 2-3 larger vessels having availability during 2025. Following an expectation for long-term demand for construction support vessels, additional newbuilding contracts for delivery in 2027 have been placed by market participants
• The North Sea AHTS market was slow at the start of the quarter. Monthly average rates were on par with last year for January, lower in February and higher in March. At the end of March, the AHTS market was nearly sold out and rates increased sharply. Project activity remains good for the season and the AHTS market is expected to gain momentum over the next months, however, with high volatility in the spot market
• The semi rig activity in Australia will see a temporary decrease in 2025, which may result in more available support vessels in the region or migration of vessels to other regions. This could, in the short term, lead to regional pressure on rates and utilization before we see new rig activity, which is expected in 2026
• Moderate further growth in the OSV market is expected for the rest of the year. A tight supply side in the subsea vessel segment is expected to continue as there is a limited number of newbuilds to be delivered in the short term

Summary

Strong quarter with high activity

First class operations with excellent HSEQ performance

Solid financial position

Strong backlog with quality clients

Positive long-term market outlook