Floatel International (FLOAT) Floatel International March 2025 DNB Presentation summary

Company history and ownership

• Established in 2006, with first vessel ordered in 2007 and multiple deliveries through 2016.

• Underwent significant financial events, including delisting, restructuring, and multiple refinancings, most recently a $350 million bond issue in March 2024 and a $15 million tap in February 2025.

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

Fleet and operations

• Operates a modern fleet of four DP3 semi-submersible accommodation vessels, all Bermuda-flagged and North Sea capable, with one vessel (Floatel Reliance) sold subject to contract.

• Decision to sell Floatel Reliance due to high reactivation costs and misalignment with strategic focus on tier 1, high-end DP3 markets; handover expected in Q2 2025.

• Fleet utilization is high, with limited availability for new contracts due to strong commitments.

Backlog and customer base

• Firm order book at end of December 2024 was $338 million, with $154 million in option work; firm backlog as of March 2025 is $344 million.

• 51% of backlog is for 2025, 20% for 2026, and 29% for 2027, excluding LOIs.

• Eight largest customers account for 90% of business, with a strong presence in Norway, Brazil, and the UK.