Floatel International (FLOAT) investor relations material

Company overview and fleet

• Provides high-quality offshore accommodation and construction support units, operating a modern fleet of four semi-submersible vessels delivered between 2010 and 2016.

• Headquarters in Norway, established in 2006, with a proven track record serving blue-chip oil and gas clients globally.

• Fleet includes Floatel Endurance, Superior, Triumph, and Victory, each with global operational experience and compliance with regulatory standards.

Historical development and strategic positioning

• Underwent significant investment and fleet expansion from 2007 to 2016, becoming one of the largest global semi-sub accommodation providers.

• Navigated COVID-19 challenges with restructuring and recapitalization, divesting low-spec assets and optimizing operations.

• Currently positioned for growth, leveraging high fleet utilization and tightening supply-demand dynamics in the market.

Financial performance and capital structure

• Quarterly revenues and EBITDA have shown steady performance, with capex peaking in 2026 at $52.3m, mainly for thrusters and mid-life upgrades.

• Asset values for the fleet total $482m (mid broker value), with $320m in senior secured bonds maturing in 2029 and a $25m revolving credit facility.

• Loan-to-value ratio stands at 66%, with $35m available under a bond tap feature.