Seabird Explorat — Earnings Release 2026

May 29, 2026

Energy Holdings Q1 2026: Record results and increased shareholder distributions

Energy Holdings Q1 2026: Record results and increased shareholder distributions

Limassol, Cyprus -- May 29, 2026 -- SED Energy Holdings Plc ("Energy

Holdings") delivered record results in the first quarter of 2026. Revenue and

EBITDA increased substantially year-over-year, driven by a fully active fleet

at improved day rates, strong operational execution, and continued capital

discipline. Early in the quarter, the company secured an amendment to its debt

facility, significantly reducing annual amortization and supporting strong

cash flows.

The Board has proposed a USD 25 million shareholder distribution for the first

quarter and announced a full-year distribution guidance of USD 90-110 million.

"2026 started on a strong note for Energy Holdings. The first quarter marked

the first full quarter with all rigs and vessels on contract, generating

record financial performance. This represents an important milestone and

demonstrates the earnings capacity of the platform we established in 2025,"

said Kurt M. Waldeland, CEO.

With solid contract coverage, limited capital expenditure requirements, and a

conservative balance sheet, Energy Holdings has a robust foundation for

sustained shareholder distributions, while preserving financial flexibility to

pursue value-accretive opportunities.

"We enter the remainder of 2026 on strong footing with a fully deployed fleet

and a clear strategy. Our focus remains firmly on maintaining a strong backlog

and converting strong operational performance into attractive, sustainable

returns for our shareholders," Waldeland continued.

Q1 2026 highlights:

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

execution and high utilization.

* Full fleet active and on contract across both Energy Drilling and SeaBird

Exploration.

* Strong balance sheet with industry-leading leverage of 0.3x last twelve

months adjusted EBITDA.

* Unlocked further financial synergies through an amended debt facility,

reducing annual amortization from approximately USD 20 million to

approximately USD 8 million.

* Firm revenue backlog of USD 393 million providing significant earnings

visibility.

* The Board has proposed a USD 25.0 million shareholder distribution for the

first quarter of 2026.

* Full-year guidance of USD 90-110 million in shareholder distributions.

First quarter 2026 presentation

The first quarter 2026 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 first quarter of

2026 in a live audio webcast today at 10:00 CEST, hosted by Kurt M. Waldeland,

Chief Executive Officer, Sveinung Alvestad, Chief Financial Officer, and Viggo

Pedersen, Chief Investment Officer.

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.streamhub.no/viewer-registration/XhEKf1Qy/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

(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.