Seabird Explorat — Earnings Release 2025

Aug 27, 2025

Energy Holdings Q2 2025: Solid growth with high operational performance and enhanced earnings visibility

Energy Holdings Q2 2025: Solid growth with high operational performance and enhanced earnings visibility

Nicosia, Cyprus - August 27, 2025 - SED Energy Holdings Plc ("Energy

Holdings") delivered solid results in the first half of 2025, supported by

high fleet utilization, strong revenue growth, and an improved financial

position. With a fully contracted fleet and stable cash generation across both

segments, the company remains on track to deliver full-year shareholder

distributions in line with its guidance of USD 70--90 million.

"The first half of 2025 marked an exciting and decisive start for Energy

Holdings, with high utilization across the fleet and continued high

operational efficiency. We successfully refinanced our debt on improved terms,

further strengthening our balance sheet and providing enhanced flexibility. We

are pleased to reaffirm our full-year distribution guidance and expect to land

in the midpoint of this range," said CEO Kurt M. Waldeland.

Following quarter end, both Energy Drilling and SeaBird Exploration secured

new contracts, including a substantial five-year agreement for EDrill-2. These

contracts contributed to a strong revenue backlog of USD 567 million,

providing high earnings visibility for the next several years.

"Moving forward, our focus is clear: deliver on current operations, capture

further value from the combined platform, and continue to return capital to

our shareholders. With a strong foundation across both segments, Energy

Holdings is well positioned to execute on these strategic priorities, while we

selectively pursue expansion opportunities that further strengthen our market

position and support attractive long-term returns," Waldeland continued.

Highlights:

* Strong revenue and underlying EBITDA growth supported by good operational

performance

* Successful refinancing of existing debt at improved terms

* Robust financial position with a low leverage

* Solid firm backlog of USD 567 million, including post-quarter contract wins.

* USD 40 million cash distribution for H1 2025 to be paid late September /

early October.

* Full-year distribution guidance of USD 70-90 million reiterated.

* Ongoing tax audit in Thailand expected to result in an additional

withholding tax expense of USD 9.9 million for the period Sep 2022 to June

2025, which was provided for in the quarter.

Second quarter 2025 presentation

Energy Holdings will present its financial results for the second quarter and

first half of 2025 in a live audio webcast on Wednesday, August 27, 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. A recording of the presentation

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

concluded.

The Q2 and H1 2025 materials are enclosed and available on the company's

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

Webcast link:

https://events.webcast.no/viewer-registration/Rz6cDhUB/register

For more information, please contact:

Investor Relations: ir@energyholdings.cy

Press: contact@energyholdings.cy

About SED Energy Holdings Plc

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

resilient, cash-generative assets supported by a conservative capital

structure, a robust revenue backlog and a conservative capital structure. With

a solid foundation for attractive capital returns, Energy Holdings' primary

focus is on distributing all excess liquidity to shareholders, while also

pursuing disciplined, value-accretive growth. 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

high-end 2D seismic services and source vessel solutions. For more

information, please visit www.energyholdings.cy

(http://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.