Solstad Offshore (SOFF) investor relations material

Executive summary

• Q3 adjusted EBITDA was $41m vs. $29m YoY, including $24m from JVs and associates.

• Normand Tonjer’s sale lifted cash and operating income; the Normand Maximus purchase option and Saipem contract added strategic and earnings visibility.

• A $0.30/share dividend totaling ~$25m was declared; 85% of 2027 available vessel days were firm at quarter end. ### Financial highlights

• Q3 operating income was $125m vs. $73m YoY, including a $24m Normand Tonjer sale gain; operating result was $49m vs. $24m.

• Q3 Operational Adjusted EBITDA was $17m vs. $19m YoY; Q2 included $5m of disputed charter hire income, with $7.5m identified in the arbitration-related income disclosure.

• YTD adjusted EBITDA was $116m vs. $91m; Q3 net result was $63m vs. $26m and YTD net result was $130m vs. $88m.

• Net cash flow from operations was $72m vs. $39m; quarter-end cash was $151m vs. $87m YoY.

• Total interest-bearing debt and lease liabilities were $483m, down from $505m at Q2 end; adjusted for specified leases and excluding the Normand Maximus option value, the position was net cash of $39m. ### Outlook and guidance

• FY26 Operational Adjusted EBITDA guidance remains $60m–$70m, with $51m generated YTD; guidance excludes JV and associate results.

• Guidance assumes Normand Maximus remains contracted through year-end before its Q1 2027 class renewal.

• Firm coverage was 95% of owned-fleet days in Q4 2026 and 85% of available days in 2027; backlog was $404m for owned and controlled vessels and $567m for Solstad Maritime vessels in the Brazil structure.

• Normand Maximus is expected to be off-market for 60 days for Q1 2027 dry-docking; 2027 CapEx guidance is to follow. ### Segment performance

• Fleet utilization was 92% in Q3 vs. 97% YoY and 85% YTD vs. 97%; delayed Petrobras startup for Normand Topazio and Q1 idle time for Normand Tonjer were cited.

• AHTS utilization was 80% vs. 96% YoY; CSV utilization was 100% vs. 98%.

• Solstad Maritime contributed ~$22m to Q3 results; its 27.3% stake generated ~$15m dividend income and had estimated market value of ~$380m vs. $263m book value.

• Omega Subsea had 20 ROVs, with 10 more scheduled from 2027; trailing 12-month revenue was ~$100m and EBITDA ~$32m. ### Key financial ratios and metrics

• Book equity was $528m and the equity ratio 47%, compared with $375m and 44% YoY.

• Net interest-bearing debt was $332m; adjusted for Solstad Maritime vessel leases and excluding the Normand Maximus option present value, the position was net cash of $39m.

• JV and associate share of result was $24m in Q3 vs. $10m YoY. ### Risk factors and uncertainties

• New vessel deliveries over the next 18 months may increase market supply; Normand Superior had no firm next job, though prospects were under discussion.

• Normand Maximus and Normand Superior face 10-year class renewals in H1 2027; around half the fleet is also entering class renewals, requiring maintenance cash and off-hire.

• Security conditions in the Black Sea were a concern, with one vessel operating in the area. ### Significant events and developments

• Normand Tonjer was sold and delivered to new owners in September; the 56%-owned vessel generated a $24m accounting gain on a 100% basis and $34m proceeds.

• The $125m Normand Maximus purchase option was declared in October, with delivery expected in October 2027.

• Normand Maximus replaced its letter of intent with a firm 26-month Saipem contract into Q2 2029, plus an 11-month option, commencing after its Q1 2027 class renewal.

• Normand Carioca had more than a year remaining on its contract; a continuation was being bid, with its Brazilian build and flag cited as advantages. ### Capital allocation and financing

• Q3 dividend was $0.30/share, totaling ~$25m; $0.12/share, or ~$10m, was extraordinary following the Normand Tonjer sale.

• The Normand Maximus purchase is intended to be financed with external debt; bank debt was considered the natural route.

• A $70m term loan matures in November 2027; the Solstad Brazil term loan was ~$40m, with maturities from 2026 to 2031.

• Cash was retained for upcoming maintenance and off-hire; dividend levels will be balanced against maintenance needs, and equity contribution to the SBM Offshore newbuild was expected to be limited. ### Notes to the financial statements

• The $24m Normand Tonjer gain was included in operating income and excluded from Operational Adjusted EBITDA; it was calculated on a 100% basis despite 56% ownership.

• Other lease liabilities totaled $227m, including $223m for Solstad Maritime vessels in the Brazil structure; right-of-use assets and lease liabilities rose due to new long-term leases. ### Market and industry conditions

• Offshore energy demand remained positive; Brazil was predominantly a long-term anchor-handler market, while spot-exposed vessels achieved decent utilization.

• CSV markets remained active and project-oriented, with longer-term opportunities and high utilization tempered by expected new vessel deliveries.

• South America, including Brazil, Suriname and Guyana, was a key activity area; West Africa and the North Sea were also important markets.