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ER - Q1 2025: Energy Holdings reports strong start to 2025 and proposes USD 40 million cash distribution

Company: Seabird Explorat Date: 2025-05-28 Language: English Register to download

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 Q1 2025: Energy Holdings reports strong start to 2025 and proposes USD 40 million cash distribution

# Q1 2025: Energy Holdings reports strong start to 2025 and proposes USD 40 million cash distribution

Nicosia, Cyprus, May 28, 2025 -- SED Energy Holdings Plc ("Energy Holdings")  

delivered strong operational and financial results in the first quarter of  

2025, driven by full fleet utilization, higher average dayrates and  

disciplined cost management. Energy Holdings is the combination of the seismic  

company Seabird Exploration and tender rig operator Energy Drilling, a merger  

completed this week.  

  

"We had an excellent start to the year, with all assets operating at high  

efficiency and generating strong cash flows. The first-quarter results  

demonstrate the earnings capacity of the combined company, with increased  

scale providing a strong platform for improved financing terms and enhanced  

shareholder returns," said Chief Executive Officer, Kurt M. Waldeland.  

  

Mr. Waldeland was appointed CEO of Energy Holdings, effective this week. He  

will oversee the Group's strategic and corporate functions, including capital  

allocation, M&A, and growth initiatives.  

  

A strong industrial partner  

Energy Holdings is a strong industrial partner with a diversified portfolio of  

resilient, cash-generative assets supported by a conservative capital  

structure. The company will benefit from increased scale following the merger,  

with enhanced earnings capacity, improved financing terms and strong free cash  

flow generation.  

  

The Board has proposed a first-half 2025 cash distribution of USD 40 million,  

through repayment of previously paid-in capital, subject to EGM approval. The  

company plans to distribute available liquidity to shareholders quarterly  

starting from Q3 2025, with total shareholder distributions for FY 2025  

expected to reach USD 70-90 million.  

  

"The proposed distribution reflects our commitment to shareholder returns  

while maintaining a conservative debt level, a testament to our disciplined  

capital allocation strategy. With a solid revenue backlog, attractive market  

outlook, and an improved capital structure, we are well-positioned to deliver  

on our full-year distribution targets," Waldeland continued.  

  

Q1 2025 highlights  

  

\* Pro-forma consolidated revenues increased to USD 59 million for Q1 2025, up  

42% year-on-year and EBITDA of USD 32 million (55% margin).  

\* Full rig and seismic fleet on contract throughout the quarter.  

\* High operational performance with 98% utilization for Energy Drilling and  

86% for SeaBird.  

\* The Board has proposed USD 40 million distribution for the first half of  

2025 (equivalent to ~NOK 0.56 per share), expected to be paid in the second  

half of 2025, pending approval by the general meeting.  

\* Conservative capital structure preserved with 0.3x EBITDA leverage at  

quarter-end.  

\* New USD 75 million bank facility fully committed, lowering cost of debt and  

supporting free cash flows, expected to close in Q2 2025.  

\* Firm revenue backlog was USD 444 million as of Q1 2025.  

\* After quarter-end, Energy Drilling signed a Letter of Intent (LoI) for a  

material multi-year offshore drilling contract, subject to final execution  

and customary approvals.  

  

First quarter 2025 presentation  

Energy Holdings will present its pro-forma consolidated financial results for  

the first quarter of 2025 in a live audio webcast on Wednesday, May 28, 2025,  

at 10:00 CEST.  

  

The presentation and following Q&A session will be hosted by Kurt M.  

Waldeland, CEO of Energy Holdings, Viggo Pedersen, CFO of Energy Drilling, and  

Sveinung Alvestad, CFO of SeaBird Exploration. Questions may be submitted in  

writing at any time during the presentation.  

  

The Q1 2025 materials are enclosed to this release and available on the  

company's website: https://www.energyholdings.cy  

(https://www.energyholdings.cy/). A recording of the presentation will be made  

available on the company's website after the live event has concluded.  

  

Webcast link: https://events.webcast.no/viewer-registration/FZiDYaqm/register  

  

For more information, please contact:  

Investor Relations: ir@energyholdings.cy  

Press: contact@energyholdings.cy  

  

About SED Energy Holdings Plc  

SED Energy Holdings Plc (ticker code "ENH") is a disciplined industrial  

investor focused on owning and developing leading businesses in the energy  

sector. The company targets predictable cash flows, attractive shareholder  

distributions and selective growth through value-accretive investments. Its  

current portfolio includes wholly owned subsidiaries Energy Drilling, a  

leading owner and operator of tender assisted drilling rigs, and SeaBird  

Exploration, a global provider of marine seismic acquisition data to the oil  

and gas industry. Energy Holdings is listed on Euronext Oslo Børs. For more  

information, please visit www.energyholdings.cy  

(http://www.energyholdings.cy/).  

  

This information is considered to be inside information pursuant to the EU  

Market Abuse Regulation and is subject to the disclosure requirements pursuant  

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange  

release was published by Sveinung Alvestad at SED Energy Holdings Plc, on May  

28, 2025, at 06:00 CEST.