Seabird Explorat

Earnings Release • Nov 26, 2025

Energy Holdings Q3 2025: Strong operational execution and strategic delivery

Energy Holdings Q3 2025: Strong operational execution and strategic delivery

Nicosia, Cyprus - November 26, 2025 - SED Energy Holdings Plc ("Energy

Holdings") delivered solid third-quarter results, supported by high technical

utilization and strong operational execution. Revenue and EBITDA increased

year-over-year, reflecting more active rigs at higher day rates, while two

rigs completed yard work ahead of new long-term contracts that commenced in

the fourth quarter.

The Board has proposed a USD 20 million shareholder distribution for the third

quarter and updated full-year guidance to total distributions of USD 80-85

million.

"Building on the momentum from the first half of the year, the third quarter

marked another period of strong operational delivery and consistent financial

performance. Both Energy Drilling and SeaBird Exploration continue to operate

with high technical utilization, supporting cash flow generation. We are

pleased to announce a proposed distribution of USD 20 million for the quarter,

demonstrating our commitment to delivering superior shareholder returns," said

CEO Kurt M. Waldeland.

With its entire fleet fully utilized and on contract, Energy Holdings enters

the coming quarters with strong earnings visibility. Combined with a firm

backlog of USD 521 million and net interest-bearing debt of only USD 23

million, this provides flexibility to maintain attractive shareholder

distributions while pursuing value-accretive opportunities.

"Energy Holdings is delivering on what we set out to achieve: operating a

portfolio of resilient, cash-generative assets that provide visibility,

flexibility, and consistent returns. With all assets in operation, strong

operational execution, and no significant capital expenditure ahead, we are

well positioned to deliver strong free cash flows, maintain attractive

shareholder distributions, and pursue value-accretive opportunities aligned

with our long-term strategy," Waldeland continued.

Q3 2025 highlights:

* Strong revenue and EBITDA growth year-on-year driven by solid operational

execution and continued high fleet utilization at improved day rates.

* Continued capital discipline with leverage maintained at a low 0.2x last

twelve months adj. EBITDA.

* New OBN source contracts secured for Fulmar Explorer and Eagle Explorer.

* Solid firm revenue backlog of USD 521 million, including post-quarter

contract extension for the Fulmar Explorer.

* Proposed third quarter 2025 distribution of USD 20 million to be paid in the

first quarter of 2026, subject to EGM approval.

* Updated full-year distribution guidance in the range of USD 80-85 million

(from prev: USD 70-90 million).

* EDrill-2 and GHTH both completed yard work and commenced new long-term

contracts in the fourth quarter.

Sveinung Alvestad to take on Group CFO responsibilities

Sveinung Alvestad has accepted to take on Group CFO responsibilities for

Energy Holdings alongside his current role as CFO of SeaBird Exploration,

under the existing intracompany management agreement. In his role as CFO of

SeaBird Exploration, Sveinung has driven strategic initiatives and played a

key role in the company's turnaround. Since the merger, he has been

instrumental in ensuring an efficient integration and establishing a solid

financial framework for Energy Holdings. He brings over a decade of experience

from investment banking and energy markets, and has a proven track record in

financial strategy and execution.

"I am pleased to see Sveinung take on a broader role within the group," said

CEO, Kurt M. Waldeland. "We have strong capabilities across our companies,

supported by top talent and resources that position us well for the future.

Sveinung has shown financial leadership and strategic insight, and his

expanded role will provide continuity and strengthen financial coordination

across the organization."

Third quarter 2025 presentation

The third quarter 2025 materials are enclosed and available on the company's

website: www.energyholdings.cy/investors/financial-reports/.

Energy Holdings will present its financial results for the third quarter of

2025 in a live audio webcast today at 10:00 CET, hosted by Kurt M. Waldeland,

Group CEO, Sveinung Alvestad, Group CFO, and Viggo Pedersen, CFO of Energy

Drilling.

The presentation will be followed by a Q&A session and questions may be

submitted in writing at any time during the event. A recording of the webcast

will be made available on the company's website after the live event has been

concluded.

Webcast link: https://events.webcast.no/viewer-registration/Nqeajupw/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 strong industrial partner

with a diversified portfolio of resilient, cash-generative assets supported by

a robust revenue backlog and a conservative capital structure. Energy

Holdings' primary focus is on distributing all excess liquidity to

shareholders, while also pursuing disciplined, value-accretive growth. For

more information, please visit www.energyholdings.cy.

This information is considered 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.