Constellation Oil Services Holding S.A.

Investor Presentation • May 27, 2025

EARNINGS RELEASE Q1 2025

Constellation Oil Services Holding S.A. and its affiliates (hereinafter "Constellation" or the "Company") has prepared this presentation solely for informational purposes. This presentation contains proprietary information regarding the Company. This presentation and any information herein shall remain the property of the Company. The Company reserves the right to require the return of this presentation (together with any copies or extracts thereof) at any time, without any advance notice. This presentation is for the exclusive use of the persons to whom it is addressed and their advisors. By receiving this presentation you agree that you will keep all confidential all information contained herein not already in the public domain in strict confidence and that you shall be liable for any misuse or unauthorized disclosure of this presentation or the information contained herein. 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Non-IFRS financial measures are not measures of financial performance in accordance with International Financial Reporting Standards ("IFRS") and may exclude items that are significant in understanding and assessing our financial results. Because not all companies calculate non-IFRS financial measures identically (or at all), the information presented herein may not be comparable to other similarly titled measures used by other companies. These non-IFRS financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with IFRS. Non-IFRS financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under IFRS. The information contained herein may include certain statements, estimates and projections with respect to our anticipated future performance and anticipated industry trends. 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\$122M	\$44M	\$33M	\$46M	\$170-190M	\$91M
Revenues Q1 2025	Adjusted EBITDA Q1 2025	Cash flows from operating activities Q1 2025	Addition of PP&E 2025	Adjusted EBITDA Guidance Review	Notional Fx Hedge
Aligned with Company's Guidance	Solid Adjusted EBITDA in the Quarter	Alpha Star mobilization revenue expected to be cashed-in in Q2 2025	Alpha Star contract transition and initial spendings for Laguna Star transition.	Range up by \$10M	Mitigates risk of FX volatility

Contract backlog of \$2.1 billion

Brava Star Laguna Star Amaralina Star Alpha Star Lone Star Gold Star Tidal Action Atlantic Star Admarine 511 Client Petrobras Petrobras Petrobras Petrobras Petrobras Petrobras Petrobras Petrobras Petrobras Contract 100% 92% 69% 43% 24% Coverage2 2024 2025 2026 2027 2028 Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Atlantic Star Contract Extension – Petrobras Lone Star New Contract – Brava Energia
	Q4
Gold Star
Alpha Star
Laguna Star New Contract – Roncador Petrobras
Amaralina Star New Contract – Pool Petrobras
Brava Star
Tidal Action New Contract – Roncador Petrobras
Admarine 511 New Contract – Jack up Petrobras

Notes: * Current contracts dayrates as of March 31, 2025. Considers FX BRL USD of 5.7422; (1) Considers WIP extensions (2) Expresses the days on firm contract divided by available days. Company adjustments for Constellation: Extension periods for Petrobras counted as firm.

Constellation ranks among the 1st quartile in contract coverage for the next three years

Over \$1.3 billion of additional backlog secured trough new contracts and extensions since June 2024 Well in Progress (Est.)

24%

Contracts in final stage of negotiation Current Backlog

Backlog (US\$B) and Contract Coverage¹

EBITDA Performance and Peer Comparison

Leading cost structure relative to regional and global peers helping to deliver top-tier industry profitability

\$ in USD - Millions USDmm | %

Source: Companies' earnings release and financial statements Notes: (1) Ranked in order of Adj. EBITDA Margin

LTM Revenue, Adj. EBITDA & Adj. EBITDA Margin as of March 2025¹

• ➢ Despite having a smaller fleet size than top international drillers, Constellation's focus and experience in one hub provides a superior economy of scale
• ➢ Expected to deliver strong Adj. EBITDA margin in the long-term as contracts are repriced to current positive market rates

Financial Summary

Source: Company's financial statements as of 2024Q1, 2024Q4 and 2025Q1

Notes: (1) Debt less Cash, Cash and Equivalents, short-term investments and restricted cash.

52 60 44 Q1 2024 Q4 2024 Q1 2025

Fleet 100% contracted.

Focus on planning and executing contract

transitions and its dockings US\$550-570mm Revenues

Commercial Activity: Priority to add additional backlog to Atlantic Star and Gold Star.

Assumes only confirmed extension for the existing contracts

Alpha Star under new contract since February. New contracts of Laguna Star and Lone Star expected to start in Q3 and Q4, respectively.

Tidal action operation under Management agreement expected to start in Q3 2025 and Admarine 511 in Q4 2025

Levered cash flow slightly above breakeven, indicating cash flow generation more than sufficient to cover the two semi-annual debt service payments and execute contract transitions.

Rigorous cost control, effective supplier management, and proactive talent retention strategies to mitigate labor shortages and supply chain inflationary pressures

Total of US\$ 55 million of mobilization fees for Alpha Star and Laguna Star to partially offset capex investment

About US\$150mm Capex

US\$170–190mm Adjusted EBITDA

Appendix: Ebitda Reconciliation

	2025	2024
Other Financial Information:
Profit (loss) for the periodlyear	(23.6)	(2.3)
(+) Financial expenses. net	14.0	15.1
(+) Taxes	0.4	(3.4)
(+) Depreciation	58.5	50.0
EBITDA (1)	49.4	50 4
EBITDA margin (%) (2)	40.696	41.3%
Non-cash adjustment
ЕВІТОА [] --------------------------------------------------------------------------------------------------------------------------------------------------------------------	49.4	50 4
Onerous contract provision. net	7.0	8.3
Management Incentive Plan	(0.2)	(0.7)
Other Extraordinary Expenses [3]	(0.3)	(0.2)
Oslo Listing Costs (8)	(0.8)
Adjusted EBITDA (1) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………	43.6	52.1
Adjusted EBITDA margin (%) 10) 10	35.9%	36.2%
Derivative
Adjusted net financial expenses (4)	(14.0)	(15.1)
Adjusted net income 61	(29.3)	(9.7)

• 1) EBITDA is a non-GAAP measure prepared by us and consists of: net income. plus net financial expenses taxes and depreciation. EBITDA is not a measure defined under IFRS. should not be considered in isolation. does not represent cash flow for the periods indicated and should not be regarded as an alternative to cash flow or net income. or as an indicator of operational performance or liquidity. EBITDA does not have a standardized meaning. and different companies may use different EBITDA definitions. Therefore. our definition of EBITDA may not be comparable to the definitions used by other companies. We use EBITDA to analyze our operational and financial performance. as well as a basis for administrative decisions. The use of EBITDA as an indicator of our profitability has limitations because it does not account for certain costs in connection with our business. such as net financial expenses. taxes. depreciation. capital expenses and other related expenses. Adjusted EBITDA is also a non-GAAP measure prepared by us and consists of: net income. plus net financial expenses taxes. depreciation and some specified non cash adjustments.
• (2)EBITDA margin is a non-GAAP measure prepared by us. EBITDA margin is calculated by dividing EBITDA by net operating revenue for the applicable period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net operating revenue for the applicable period.
• (3) Adjusted net financial expenses is a non-GAAP measure prepared by us and consist of some specified noncash adjustments such as the exclusion of the derivative effect as per note 20 of the financial statements.
• (4) Adjusted net income/(loss) is a non-GAAP measure prepared by us and consist of some specified non cash adjustments.

1 On January 03. 2022. the Company announced that the Gold and Lone Star rigs have been awarded contracts with Petrobras S.A. ("Petrobras"). The operations of Gold Star contract started on August 09. 2022. while Lone Star's operations commenced on September 14. 2022. Each contract has a duration of 1095 days and has the option to be extended by mutual agreement in up 17 months. Petrobras exercised priced options and Gold Star contract was extended for additional 94 days (expected to mature in November 2025), and Lone Star contract was extended for additional 46 days (expected to mature in October 2025). On November 25. 2024, we announced that the Lone Star has been awarded a new contract with Brava Energia, for a firm term of 400 days plus a 60-days priced option. The operations are expected to commence in direct continuation to its current contract with Petrobras.

2 On September 20. 2023. the group announced that the Alpha Star was awarded a new contract with Petrobras. The contract has a firm duration of 1095 days plus a mutually agreed option to extend it for the same period. The operations commenced in February 18. 2025. .

3 On December 06. 2021. the Company announced a new contract for the Amaralina Star drillship with Petrobras. The job has a total duration of 1095 days. consisting of 730 days of a firm scope plus options to extend the contract in up to 365 days at Petrobras discretion, which was exercised in November 2023. The operations commenced on October 18. 2022, and are expected to end by November 2025, considering a priced option of additional 17 days which Petrobras has already exercised. On December 16. 2024. the Company announced that the Amaralina Star was awarded a new contract with Petrobras for a firm period of three years, expected to commence by February 2026, with an option for contract extension up to an

4 On July 6. 2021. the group announced that the Laguna Star drillship was awarded a new contract with Petrobras. The contract has a 3-year estimated duration and includes the use of the MPD system. The operations commenced on March 01. 2022, and are expected to end by July 2025, considering a priced option of additional 124 days which Petrobras has already exercised. On September 23. 2024, the company announced the award of a new contract with Petrobras on the Roncador Field, Campos Basin. The contract has 931 days, with a priced option of additional 95 days, and a mutually agreed option to extend it for the same firm period (931 days). The operations are expected to commence in September 2025.

5 On December 08. 2022. the Company announced a contract for the Brava Star drillship with Petrobras. The job has a total duration of 1095 days. plus a mutually agreed option to extend it till the same period. The operations started on December 19 2023.

6 On February 05. 2020. the Company announced that the Atlantic Star was awarded a contract with Petrobras. The contract has a firm duration of 1095 days and was extended by mutual agreement by 389 days. The operations commenced on January 06. 2021. On December 23. 2024, the Company announced a contract extension with Petrobras for an additional period of

-

- additional 315 days, subject to mutual agreement.

• up to 301 days.
• expected to commence in September 2025.
• October 2025..

7 On September 23. 2024. the company announced the award of a new contract with Petrobras to operate with Tidal Action on the Roncador Field, Campos Basin. Tidal Action is a third-party rig owned by the Hanwha Ocean, which will be managed and operated by us under a management fee agreement in connection with charter and service agreements with Petrobras. The contract has 931 days, with a priced option of additional 95 days, and a mutually agreed option to extend it for the same firm period (931 days). The operations are

8 On March 31. 2025. the company announced the award of a new contract with Petrobras for the deployment of the Admarine 511 - a jackup drilling rig owned by its commercial partner, ADES Holding Company, which will be used for a campaign of Plug and Abandonment (P&A) of wells at shallow waters in the Sergipe, Alagoas, Ceará and Potiguar basins, in Brazil. The Admarine 511 will be run and operated by Constellation, which will have up to 210 days for mobilizing the rig from its current location in Bahrain, to Brazil, where it will remain under contract for a firm execution period of 1.143 days, with an extension option of up to 472 days, upon mutual agreement between the parties. The operations are expected to commence in

Fleet Summary Report

	Own fleet					Managed Fleet
	GOLD STAR (1)	LONE STAR (1)	ALPHA STAR (2)	AMARALINA STAR (3)	LAGUNA STAR (4)	BRAVA STAR (5)	ATLANTIC STAR (6)	Tidal Action (7) Admarine	511 (8)
WATER DEPTH (FEET)	9.000	7.900	9.000	10.000	10.000	12.000	2.000	12.000	375
SHIPYARD	Keppel FELS	SBM Atlantia / GPC	Keppel FELS	Samsung Korea	Samsung Korea	Samsung Korea	C.F.E.M	Hanwha Korea	ADES Holding
START OF OPERATIONS/ LAST UPGRADE	February. 2010	April. 2011	July. 2011	September. 2012	November. 2012	August. 2015	1997/ February 2011	September. 2025	September. 2025
CLIENT CURRENTA / NEWB	Petrobras	Petrobras	Petrobras	Petrobras	PetrobrasA/B	Petrobras	Petrobras	Petrobras	Petrobras
CURRENT CONTRACT START¹	August. 2022	September. 2022	February. 2025	October. 2022	March. 2022	December. 2023	January. 2021	-	-
CURRENT CONTRACT END¹	November . 2025	October. 2025	February. 2028	November . 2025	July. 2025	December. 2026	November. 2025	-	-
NEW CONTRACT START²	-	October. 2025	-	February. 2026	September 2025	-	-	September. 2025	October. 2025
NEW CONTRACT END²	-	December 2026	-	February. 2029	July 2028	-	-	June. 2028	December. 2028

* As of May 2025.

Highly Confidential and for Discussion Purposes Only. Settlement discussions are not admissible as evidence. This document is subject to US Federal Rule 408 and similar state and local laws and rules