Slides
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Q3 2025 Presentation w/ Lars Peder Solstad, CEO and Kjetil Ramstad, CFO 30 October 2025 Photo bySBM Offshore
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Important information Cautionary note regarding forward-looking statements. This presentation, prepared by Solstad Offshore ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the currentviews with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person’s officers or employeesprovide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. 2 Disclaimer
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3 Q3 2025 Highlights | Business update 3 Adjusted EBITDA Order intake Dividend Business update Utilization USD 29 million in the quarter compared to USD 28 million same quarter last year Due to Solstad Maritime's reduction of its full-year 2025 Adjusted EBITDA, the Company on 9 October 2025 issued an update to itsAdjusted EBITDA guidance from USD 120 - 150 million to approximately USD 115 million ▪ Several new long-term contracts entered into in Brazil, contributing towards a total order intake of USD 222 million in the quarter1 ▪ 3-year contract for Normand Turmalina commencing Q1’26 and 1-year option declaration from Q1’26 for Normand Superior ▪ Solstad Offshore propose dividend payment for Q3 2025 of USD 0.05/share, totaling USD ~4 million ▪ Solstad Offshore’s share of Solstad Maritime dividend amount for Q3 2025 is USD ~4 million ▪ Utilization of 97% in the quarter compared to 97% same quarter last year o AHTS: 96% in the quarter compared to 99% same quarter last year o CSV: 98% in the quarter compared to 96% same quarter last year 1: Includes both Solstad Offshore and Solstad Maritime vessels. Market update The long-term demand within offshore-energy services remains positive with several longer-term and project opportunities, however we experience the short-term demand side to be lower than previously expected
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STRONG FOOTHOLD IN BRAZIL ▪ The long-term demand within offshore- energy services remains positive ▪ Globally, the offshore energy activity remains at a stable level. In 2025, reduced activity in the North Sea has resulted in lower activity for the CSV and AHTS fleet ▪ Brazil continue to offer long-term and project opportunities for both the CSV and AHTS segments ▪ Local presence in main regions is key to exploit market opportunities ▪ The recent oil price development represent a source of uncertainty going forward 4 Market Update Office locations 3 + 2 owned by Solstad Maritime 1 + 7 owned by Solstad Maritime 2 1 Solstad Maritime supporting offices
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5 Strengthening backlog and earning visibility Backlog per vessel type ▪ New 3-year contract for Normand Turmalina and 1- year option declaration for Normand Superior increases backlog in the quarter ▪ Material increase in backlog for SOMA vessels due to new 4-year contract for Normand Commander 1: Backlog related to Solstad Maritime vessels operated through Brazil structure in Solstad Offshore 2: Backlog for 7 owned and controlled vessels in Solstad Offshore i.e. including Normand Maximus and excluding Normand Installer 3: Includes days assumed spent mobilizaing and preparing for upcoming Petrobras contracts. Firm days and backlog is otherwise not adjusted for potential downtime related to drydockings Firm-/option days2 per year Backlog development ▪ Some vessel availability and a yardstay will reduce utilization in Q4’25, but high contract coverage for 2026 gives good visibility ▪ Several market opportunities for available vessels into 2026 ▪ Firm backlog – SOFF vessels: USD 280m ▪ Firm backlog – SOMA vessels: USD 640m AHTSCSV Solstad Maritime1 vessels Solstad Offshore vessels2 Solstad Maritime1 vesselsAvailable daysFirm days3 75% 71% 45% 29% 12% 16% 25% 29% 43% 55% 0 500 1,000 1,500 2,000 2,500 3,000 2025 2026 2027 2028 Days Option days 142 227 190 238 280 265 276 256 533 640 407 503 446 771 920 0 100 200 300 400 500 600 700 800 900 1,000 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 USDm 28 111 16 6 30 33 33 23 33 184 170 131 121 0 50 100 150 200 250 300 350 2025 2026 2027 2028 2029 --> USDm
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6 Solstad Offshore | Q3 25 Financial Highlights 57 (206)2Adj. EBITDA Q3: 29 (28) YTD: 91 (89) Adj. NIBD 87 (60) Backlog1 280 (142) Cash Revenue Q3: 73 (68) YTD: 220 (197) 375 - 44% (203 - 24%)Book equity Q3: 26 (11) YTD: 88 (52)Net result Q3: 97% (97%) YTD: 97% (96%)Utilization Note: All figures in USD million unless otherwise indicated. Prior year figures in parentheses 1: In addition, the Company has firm backlog related to Solstad Maritime vessels operated through Brazil setup in Solstad Offshore 2: Prior year figures includes the Normand Maximus Residual Claim of USD 185 million included in the IFRS 16 lease liability Dividend ~4 (0)
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51 90 57 160 107 324 3 (87) Solstad Brazil SOFF ASA Accrued interest Cash Adjusted NIBD Normand Maximus Lease Other leases NIBD 0 50 100 150 200 250 300 350 7 Solstad Offshore | Adjusted NIBD & Leases NIBD overview as per 30.09.2025, USDm *:Excluding cash sweeps. Normand Maximus Lease Other leases Consist of present value of remaining bareboat lease payments to Solstad Maritime for CSV Normand Maximus until October 2027 (USD 55 million) and the purchase option at USD 125 million (USD 105 million) Mainly consist of lease commitments for Solstad Maritime vessels (USD 102 million) operating through Brazil setup in Solstad Offshore. These lease agreements are entered into based on contracts with Brazilian end clients and operational risk is carried by the shipowner. The remaining portion of Other leases relates to ROV leases and property leases SOFF ASA USD 90 million term loan with a 5-year amortization profile drawn in November 2024 Solstad Brazil Financing of four Brazilian built vessels with BNDES maturity with from 2026-2031 51 1 3 13 34 90 10 20 60 0 20 40 60 80 100 120 140 160 30.09.2025 Q4'25 2026 2027 2028--> Amortization overview Adjusted NIBD as per 30.09.2025, USDm Solstad Brazil* SOFF ASA
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8 Investments in associated companies & joint ventures Notes: All investments are accounted for using equity method, i.e. share of result. 1: NOK 22,85 per share and USDNOK 9,99 2: Prior year figures in parentheses • Associated company 35,8%-owned with Omega as majority shareholder • Omega Subsea is an owner and operator of ROVs and survey services • Owns 12 ROVs as of Q3‘25 with further 12 scheduled for delivery in 2026 and beyond • Share of result in the quarter is USD 1,4 million and USD 4,2 million YTD • Book value of shares as of Q3’25 is USD 16 million • Associated company 27,3% owner with Aker as majority shareholder • Owns 32 high-end AHTS and CSV vessels • Q3’25 dividend of USD ~15 million whereof Solstad Offshore’s share is USD ~4 million • Share of result in the quarter is USD 9,3 million (USD 13,1 million2) • Book value of shares as of Q3’25 is USD 212 million • Share of market cap per Q3’25 is USD ~290 million1 NORMAND INSTALLER S.A. (NISA) • Normand Installer S.A. (NISA), a joint venture 50%-owned together with SBM Offshore • The vessel Normand Installer is predominantly utilized on SBMs FPSO projects around the world through a frame agreement securing minimum 210 days per year until 2030 • NISA is in a net cash position • Share of result in the quarter is USD -0,3 million (USD 0,6 million2). The vessel had a planned yardstay in Q3’25, but is fully booked for Q4’25 • Book value of shares as of Q3’25 is USD 20 million
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9 Financial guidance for 2025 Metric 2025 Commentary Adjusted EBITDA3 Dividend Approximately USD 115m ▪ Operational1 Adjusted EBITDA: USD 60 – 70m, whereof USD 53m YTD Q3 2025 ▪ Share of result2 from AC and JV: Approximately USD 50m, whereof USD 39m YTD Q3 2025 ▪ Propose dividend payment for Q3 2025 of USD 0.05/share, totaling USD ~4 million 1: Adjusted EBITDA excluding share of result from AC & JV 2: Result from Solstad Maritime (AC), Omega Subsea (AC) and Normand Installer S.A. (JV) 3: The Company provided an updated to its financial guidance on 9 October 2025
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10 Dividend key dates ▪ Propose to distributes cash dividend for Q3 2025 of USD 0.05/share, totaling USD ~4 million. The dividend will be paid in NOK and the amount in NOK will be announced prior to dividend payment ▪ Key dates regarding Q3 2025 dividend: o Summon EGM: 3 November 2025 o EGM: 24 November 2025 o Last day incl. right to dividend1: 24 November 2025 o Ex-date1: 25 November 2025 o Record date1: 26 November 2025 o Distribution date1: On or about 28 November 2025 1: Subject to EGM approval
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Summary 11 Another quarter of solid operational and financial performance Several market opportunities for available vessels into 2026 Strong order intake USD 222 million and increased visibility for 2026 and beyond Propose dividend payment of USD ~4 million The recent oil price development represent a source of uncertainty going forward1 1: Refer to the Risk sections in the 2024 Annual Report and 1H’2025 Report
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Appendix Photo bySBM Offshore
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13 Solstad Offshore | Income Statement & Adjusted EBITDA Unaudited 2025 2024 2025 2024 USDm 01.07-30.09 01.07-30.09 01.01-30.09 01.01-30.09 Charter income and other operating income 73 68 220 197 Gain on sale of assets 0 0 0 (0) Total operating income 73 68 220 197 Vessel operating expenses (31) (30) (92) (87) Administrative expenses (6) (3) (17) (17) Total operating expenses (36) (32) (109) (104) Operating result before depreciations and impairment 37 35 111 93 Depreciation (13) (22) (44) (59) Impairment and reversal of impairment 0 0 4 (0) Operating result 24 13 72 34 Income from investments in joint ventures (0) (1) (2) 3 Income from investments in associates 11 13 41 33 Interest income 1 1 2 6 Net currency gain/-loss 1 (2) 2 26 Interest charges (9) (12) (27) (42) Other financial expenses (0) 0 2 (5) Net financing 3 (1) 17 21 Result before taxes 27 13 90 55 Taxes on result (1) (2) (2) (3) Net Result 26 11 88 52 Adjusted EBITDA 29 28 91 89 Unaudited 2025 2024 2025 2024 USDm 01.07-30.09 01.07-30.09 1.1-30.09 01.01-30.09 EBITDA 37 35 111 93 Adjustments Leases (20) (19) (61) (47) Restructuring costs 0 (0) 0 7 Net gain/loss on sale of assets 0 0 0 0 Loss on accounts receivables 2 0 2 0 Operational Adjusted EBITDA 19 16 53 53 Result from Joint Ventures (0) (1) (2) 3 Result from Associates 11 13 41 33 Share of result from JV and AC 10 12 39 36 Adjusted EBITDA 29 28 91 89
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14 Solstad Offshore | Balance Sheet Unaudited 2025 2024 2024 USDm 30.09 30.09 31.12 ASSETS Non-current assets Tangible fixed assets 130 125 129 Right-of-use assets 286 330 299 Investment in associates and joint ventures 249 211 225 Loan to related parties 6 8 6 Non-current receivables 4 5 3 Total non-current assets 675 679 662 Current Assets Inventory 2 2 2 Accounts receivables 66 88 63 Accounts receivables related parties 7 11 12 Other current receivables 24 19 13 Deposits, cash, etc 87 60 34 Total current assets 186 180 124 Assets held for sale 0 0 5 TOTAL ASSETS 861 859 791 Unaudited 2025 2024 2024 USDm 30.09 30.09 31.12 EQUITY AND LIABILITIES Equity Paid-in equity 65 65 65 Other equity 302 133 217 Non-controlling interests 8 5 5 Total equity 375 203 288 Liabilities Non-current provisions 0 5 1 Loan from related parties 0 10 0 Debt to credit institutions 117 74 132 Leasing liabilities 210 410 223 Total non-current debt 326 500 357 Current liabilites Current portion of non-current debt 27 7 24 Current leasing liabilities 57 49 61 Other current liabilities 75 101 61 Total current liabilities 159 157 147 Total liabilities 486 656 503 TOTAL EQUITY AND LIABILITIES 861 859 791
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15 Solstad Offshore | Cash Flow Statement 15 Unaudited 2025 2024 2024 USDm 30.09 30.09 31.12 CASH FLOW FROM OPERATIONS Result before tax 90 55 123 Taxes payable (0) (2) (3) Ordinary depreciation and write downs 39 59 32 Gain (-)/ loss long-term assets (39) (36) (86) Interest income (2) (6) (6) Interest expense 25 47 59 Non-cash refinance effects 0 (0) (0) Unrelaised currency gain/-loss (1) (28) (3) Change in current receivables and payables 6 (63) (42) Change in other accruals 0 61 40 Net cash flow from operations 118 88 114 CASH FLOW FROM INVESTMENTS Investment in tangible fixed assets (1) (1) (1) Payment of periodic maintenance (3) (3) (6) Payment of non-current receivables 0 4 6 Received interests 2 6 6 Removal of cash from deconsolidation 0 (130) (122) Investments in other shares/ interests (7) 0 (1) Received dividends 25 0 6 Net cash flow from investments 16 (124) (113) CASH FLOW FROM FINANCING Paid leases (61) (47) (173) Paid interests (7) (8) (10) Proceeds of non-current debt 0 10 0 Repayment of non-current debt (16) (9) 67 Net cash flow from financing (83) (54) (115) Effect of changes in foreign exchange rates 3 0 (2) Net change in cash 51 (90) (114) Cash at 01.01 34 150 150 Cash at balance sheet date 87 60 34
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16 Alternative Performance Measures (APM) Solstad Offshore ASA refers to alternative performance measures with regards to its financial results as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows: • EBITDA: Operating result before depreciation, impairment and reversal of impairment • Adjusted EBITDA: Operating result before depreciation and impairment adjusted for Joint Ventures, Associated Companies, net gain/loss on sale of assets, IFRS 16 leases and other non-recurring items • Adjusted EBITDA Margin: Adjusted EBITDA divided by Total operating income • Net interest-bearing debt (NIBD): NIBD is calculated as the total interest-bearing liabilities less cash and bank deposits • Adjusted NIBD: NIBD adjusted by excluding IFRS 16 lease obligations • Free Cash Flow to Equity (FCFE): Free Cash Flow to Equity (FCFE) is a measure of the amount of cash that a company can return to its shareholders on the basis of net cash flow from operations, net cash flow from investments, and net cash flow from financing, where dividends are added back • Backlog: Backlog is the total of undiscounted future revenues from contracts that the Company and the customer have mutually agreed in writing (firm/binding contracts) • Order Intake: Order intake represents the total, undiscounted value of new orders received by the Company from its customers during a specified period • B2B: Book-to-Bill ratio. B2B compares the value of new orders received (Order Intake) to the value of orders fulfilled (Operating Income) during the same period