Energy Holdings Q3 2025: Strong operational execution and strategic delivery

26 Nov 2025 06:00 CET

Nicosia, Cyprus - November 26, 2025 - SED Energy Holdings Plc ("Energy
Holdings") delivered solid third-quarter results, supported by high technical
utilization and strong operational execution. Revenue and EBITDA increased
year-over-year, reflecting more active rigs at higher day rates, while two
rigs completed yard work ahead of new long-term contracts that commenced in
the fourth quarter.

The Board has proposed a USD 20 million shareholder distribution for the third
quarter and updated full-year guidance to total distributions of USD 80-85
million.

"Building on the momentum from the first half of the year, the third quarter
marked another period of strong operational delivery and consistent financial
performance. Both Energy Drilling and SeaBird Exploration continue to operate
with high technical utilization, supporting cash flow generation. We are
pleased to announce a proposed distribution of USD 20 million for the quarter,
demonstrating our commitment to delivering superior shareholder returns," said
CEO Kurt M. Waldeland.

With its entire fleet fully utilized and on contract, Energy Holdings enters
the coming quarters with strong earnings visibility. Combined with a firm
backlog of USD 521 million and net interest-bearing debt of only USD 23
million, this provides flexibility to maintain attractive shareholder
distributions while pursuing value-accretive opportunities.

"Energy Holdings is delivering on what we set out to achieve: operating a
portfolio of resilient, cash-generative assets that provide visibility,
flexibility, and consistent returns. With all assets in operation, strong
operational execution, and no significant capital expenditure ahead, we are
well positioned to deliver strong free cash flows, maintain attractive
shareholder distributions, and pursue value-accretive opportunities aligned
with our long-term strategy," Waldeland continued.

Q3 2025 highlights:

* Strong revenue and EBITDA growth year-on-year driven by solid operational
execution and continued high fleet utilization at improved day rates.
* Continued capital discipline with leverage maintained at a low 0.2x last
twelve months adj. EBITDA.
* New OBN source contracts secured for Fulmar Explorer and Eagle Explorer.
* Solid firm revenue backlog of USD 521 million, including post-quarter
contract extension for the Fulmar Explorer.
* Proposed third quarter 2025 distribution of USD 20 million to be paid in the
first quarter of 2026, subject to EGM approval.
* Updated full-year distribution guidance in the range of USD 80-85 million
(from prev: USD 70-90 million).
* EDrill-2 and GHTH both completed yard work and commenced new long-term
contracts in the fourth quarter.

Sveinung Alvestad to take on Group CFO responsibilities

Sveinung Alvestad has accepted to take on Group CFO responsibilities for
Energy Holdings alongside his current role as CFO of SeaBird Exploration,
under the existing intracompany management agreement. In his role as CFO of
SeaBird Exploration, Sveinung has driven strategic initiatives and played a
key role in the company's turnaround. Since the merger, he has been
instrumental in ensuring an efficient integration and establishing a solid
financial framework for Energy Holdings. He brings over a decade of experience
from investment banking and energy markets, and has a proven track record in
financial strategy and execution.

"I am pleased to see Sveinung take on a broader role within the group," said
CEO, Kurt M. Waldeland. "We have strong capabilities across our companies,
supported by top talent and resources that position us well for the future.
Sveinung has shown financial leadership and strategic insight, and his
expanded role will provide continuity and strengthen financial coordination
across the organization."

Third quarter 2025 presentation

The third quarter 2025 materials are enclosed and available on the company's
website: www.energyholdings.cy/investors/financial-reports/.

Energy Holdings will present its financial results for the third quarter of
2025 in a live audio webcast today at 10:00 CET, hosted by Kurt M. Waldeland,
Group CEO, Sveinung Alvestad, Group CFO, and Viggo Pedersen, CFO of Energy
Drilling.

The presentation will be followed by a Q&A session and questions may be
submitted in writing at any time during the event. A recording of the webcast
will be made available on the company's website after the live event has been
concluded.

Webcast link: https://events.webcast.no/viewer-registration/Nqeajupw/register

For more information, please contact:
Investor Relations: ir@energyholdings.cy
Press: contact@energyholdings.cy

About SED Energy Holdings Plc
SED Energy Holdings Plc (ticker code "ENH") is a strong industrial partner
with a diversified portfolio of resilient, cash-generative assets supported by
a robust revenue backlog and a conservative capital structure. Energy
Holdings' primary focus is on distributing all excess liquidity to
shareholders, while also pursuing disciplined, value-accretive growth. For
more information, please visit www.energyholdings.cy.

This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act.

More information:
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660560_Q3 2025 SED Energy Holdings Plc.pdf
660560_Q3 2025 SED Energy Holdings Plc Presentation.pdf