Floatel International (FLOAT) Pareto Energy Conference 2025 Presentation summary

Business overview and operations

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

• Units are deployed globally, with experience in Norway, UK, Australia, Canada, Brazil, US Gulf of Mexico, Taiwan, and the Philippines.

• Services span the full project lifecycle: hook-up, commissioning, maintenance, modifications, wind installations, and decommissioning.

• Customer base is concentrated, with the eight largest clients accounting for 90% of business; major markets include Norway, Brazil, UK, and Australia.

• Fleet utilization has historically averaged 74%, with 12,800 operating days and 99.7% commercial uptime to date.

Market environment and competitive landscape

• Operates in a condensed high-end accommodation market with 18 active purpose-built semi-submersible vessels globally.

• North Sea and global markets are seeing increased demand, especially for brownfield (maintenance and modification) work, which now constitutes over 90% of awarded projects.

• Day rates and utilization have improved in recent years, tracking higher Brent oil prices and increased offshore activity.

• The North Sea market supply post-2025 depends on vessel redeployment and older unit retirements, with 2-6 semi-subs expected to be active.

• Global tendering activity remains robust, with identified opportunities and ongoing tenders through 2029 and beyond.

Financial performance and outlook

• Firm orderbook at end of August 2025 is $347 million, with an additional $164 million in options; backlog is distributed across 2025-2028.

• Revenue and EBITDA have shown steady quarterly growth, with estimated capex of $14.3 million in 2025 and $45.1 million in 2026.

• Fleet broker values (midpoint) total $483 million, with book value at $553 million and construction cost at $1,353 million.

• Interest-bearing debt includes $350 million in senior secured bonds (maturing 2029) and a $25 million revolving credit facility (maturing 2027).

• Loan-to-value ratio for bonds stands at 63% (midpoint valuation), with unused $35 million under the bond tap feature.