Floatel International (FLOAT) Floatel International December 2024 DNB London Seminar Presentation summary

Company history and ownership

• Established in 2006, with first vessel delivered in 2010 and several subsequent deliveries through 2016.

• Underwent significant refinancing and restructuring, including a $350 million bond issue in March 2024.

• Keppel Group holds 49.9% ownership, management 10%, and other investors 40.1%.

Fleet and operations

• Operates a modern fleet of four DP3 accommodation vessels, all built between 2010 and 2016, with one vessel (Floatel Reliance) for sale.

• Fleet is primarily active in the North Sea, Brazil, Australia, and the UK, serving tier 1 clients.

• Floatel Reliance is being sold due to high reactivation costs and misalignment with strategic focus.

Market position and backlog

• End of September 2024, firm order backlog is $364 million, with options of $154 million; potential to reach $430 million if LOIs convert.

• Backlog is distributed 47% in 2025, 19% in 2026, and 28% in 2027.

• 12,000 operating days since 2010, with 56% in the North Sea; 90% of business from eight major customers.