Telford Offshore Reports Q3 2025 Financial Results

25 Nov 2025 08:00 CET

Dubai, United Arab Emirates, 25 November 2025 – Telford Finco (“Telford
Offshore” or “the Company”), today announced its financial results for the third
quarter of 2025, highlighting continued operational momentum and financial
improvement.

“Telford 2.0's strategy is driving satisfactory profitability and returns on
capital with relatively low risk, as evidenced through high utilisation and a
strong backlog of time charter contracts with blue chip customers in our core
region,” said Robert Duncan, CEO of Telford Offshore.

Highlights:
- Revenue USD 51 million in Q3 and USD 138 million YTD, compared to USD 23
million in the third quarter 2024 and USD 98 million YTD last year
- Adjusted EBITDA USD 30 million in Q3 and USD 78 million YTD, compared to USD
17 million in the third quarter 2024 and USD 59 million YTD last year
- Utilisation 89% in Q3 and 85% YTD, compared to 79% for FY 2024
- Backlog (as of 30 September 2025) of USD 320 million, compared to USD 388
million at the end of June 2025
- Net leverage (net debt/adjusted EBITDA) 1.8x, substantially below covenant
requirements
- Telford 33 successfully commenced a 4-year contract in the Middle East
mid-September 2025
- Advanced discussions with a blue-chip customer on a long-term time charter
agreement for Telford 30

Outlook:
The Company continues to estimate FY 2025 Adjusted EBITDA of USD 105 to 110
million and capital expenditures for the Full Year of around USD 30 million.

Investor call:
Telford Offshore’s CEO, Robert Duncan, and Interim CFO, Christoph Bausch, will
host an investor call on 25 November 2025, at 18:00 UAE (15:00 CEST). The
conference call will be a webcast live at this link:

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Tk1NTYtOTIyMGU3MDllODg3%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
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%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a

The quarterly report and presentation are attached to this release.

For further information, please contact:
Investor Relations: IR@telfordoffshore.com

About Telford Offshore
Telford Offshore is the world’s largest owner and operator of DP3 multi-purpose
support vessels for the oil and gas industry. The company’s fleet comprises five
modern owned vessels, Telford 25, Telford 28, Telford 30, Telford 31 and Telford
34, as well as Telford 33, on a long-term bareboat charter. Their multi-purpose
capabilities enable a single vessel to undertake diverse operations. All vessels
in the fleet are able to provide accommodation services, construction support
and dive support. In addition, the Telford 34 is capable of carrying out
pipelay. For more information, please visit www.telfordoffshore.com

More information:
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660458_Q3 2025 Unaudited Interim Financial Report.pdf
660458_Q3 2025 Results Presentation.pdf