SED Energy Holdings (ENH) Investor Presentation summary

Strategic priorities and business model

• Focus on quarterly recurring shareholder distributions and maximizing value through operational excellence.

• Leading tender rig operator in Southeast Asia with four tender barges and two semi-submersibles.

• Global provider of high-end seismic services with two seismic source vessels.

• Exploring expansion into new verticals and adjacent markets to drive growth.

• Emphasis on extracting synergies and preserving balance sheet strength.

Financial performance and capital structure

• LTM adjusted EBITDA of USD 92 million for drilling and USD 14 million for seismic services.

• Total firm revenue backlog of USD 567 million as of Q2 2025, providing strong earnings visibility.

• Net interest-bearing debt to EBITDA ratio at 0.2x by Q2 2025, significantly lower than industry peers.

• Conservative debt level with only two assets securing the debt, supporting resilience and flexibility.

• Flexible capital structure enables continued shareholder distributions and strategic investments.

Operational performance and cash flow

• Fully contracted fleet ensures predictable earnings through 2028, with major contracts in Southeast Asia and the Gulf of Mexico.

• Low operating cost base and high margins drive strong cash flow potential.

• Estimated group free cash flow of USD 116 million at current market rates, with upside to USD 238 million at historical highs.

• Strong cash conversion from efficient operations supports stable long-term shareholder distributions.

• Ongoing evaluation of accretive growth opportunities within and beyond current segments.