Sea1 Offshore

Investor Presentation • Aug 15, 2025

Sea1 Offshore Inc.

Second 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)	Q2 2025	Q2 2024
Revenue	71.3	107.6
EBITDA	39.6	52.2
Operating profit	68.6	179.2
Net profit (before minorities)	64.9	160.2
Cash and cash equivalents	98.5	85.9
Equity	398.4	702.2
Net interest-bearing debt	225.7	223.3

Comments

• EBITDA margin of 55%
• Operating profit impacted by sale of vessel
• Book equity of 50%
• Number of owned vessels in the quarter: 16 (2024: 26 vessels)

Highlights

• Sold the 2014-built OSCV Sea1 Spearfish to an independent third party. The vessel was transferred to the new owner in May 2025 and recorded USD 41.4 million in gain
• A share purchase plan for the employees of Sea1 Offshore was established
• Ørjan Svanevik resigned as Director following his appointment to a position outside the Company
• Termination of vessel management for the vessels sold to Siem in 2024 has been finalized

Operational highlights

• Overall fleet utilization in the quarter was 92% (2024: 90% for the SEA1 fleet), excluding vessels in lay-up
• Safe and efficient operations in all regions

Subsequent events

▪ Appointment of two new Directors to the Board of Directors, replacing resigned Directors. With effect from 15 August 2025, the Directors of the Company are Christen Sveaas (Chairman), Celina Midelfart, Otto Moltke-Hansen and Rune Magnus Lundetræ.

(Amounts in USD 1,000)	Q2 2025	Q2 2024	Jan-Jun 2025	Jan-Jun 2024
Operating revenue	71,328	107,559	139,877	190,731
Operating expenses	-25,331	-48,849	-47,754	-93,470
Administrative expenses	-6,441	-6,512	-12,221	-12,143
EBITDA	39,556	52,198	79,901	85,118
Depreciation and amortization	-12,327	-11,780	-25,859	-29,987
Reversal of impairment of vessels	-	159,116	-	159,116
Other gain / (loss)	41,354	-20,319	41,537	-20,319
Operating profit	68,582	179,215	95,579	193,928
Financial income	1,203	2,332	2,371	4,622
Financial expenses	-7,652	-7,895	-17,687	-16,490
Net currency gain / (loss) on revaluation	3,137	-12,632	8,030	-9,334
Result from associated companies	-	-49	-	-52
Profit before taxes	65,271	160,971	88,293	172,674
Tax benefit / (expense)	-407	-756	-1,242	-879
Net profit	64,864	160,215	87,050	171,795
Attributable to non-controlling interest	-	28,309	-	28,118
Result attributable to shareholders	64,864	131,906	87,050	143,677

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 50%
• Gross interest-bearing debt of USD 324 million
• Net interest-bearing debt of USD 226 million

Increase Decrease Total

USD 756 million of firm contract backlog as of 30 June 2025, in addition to USD 589 million of options

Firm backlog per segment

Contract days vs available days per segment, as of 30 June 2025

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

Vessel Management:

6 offshore vessels on commercial and technical management

Geographical footprint – local presence in key markets

• For the rig market, one of the leading indicators for the offshore support vessel markets, global utilization increased moderately during the quarter. Despite the added backlog we expect a moderate reduction in rig utilization in the remains of 2025.
• For the construction support vessel market, long-term demand fundamentals remain strong, with subsea backlogs from conventional EPCs at record highs, demand growth from cable repairs within renewables and decommissioning scopes. In the short term, however, we have observed decreased activity in the North Sea and a reduction in projects reaching execution within deepwater regions, including West Africa. The subsea vessel market now shows some availability again after a long period of nearly or completely sold-out market.
• The North Sea AHTS market was strong at the start of the quarter, with monthly average rates significantly higher than the previous two years for both April and May. Spot demand declined in May and further in June. On the demand side, the UK sector semi-sub rig count is a cause of concern in the coming months. As the peak of the AHTS project season is now behind us and the spot activity has softened, especially on the UK side driven by lower rig count, the overall expectations for the North Sea market are low for the remainder of the year.
• The semi-sub rig activity in Australia is expected to see a temporary decrease in 2025. In the short term, this could result in more available vessels in the region, putting pressure on rates and utilization, and potentially migration of vessels to other regions. Rig activity in the region is expected to grow again during next year.
• For the remainder of 2025 the North Sea region will be affected by low activity.

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