“We had an excellent start to the year, with all assets operating at high efficiency and generating strong cash flows. The first-quarter results demonstrate the earnings capacity of the combined company, with increased scale providing a strong platform for improved financing terms and enhanced shareholder returns,” said Chief Executive Officer, Kurt M. Waldeland.

Mr. Waldeland was appointed CEO of Energy Holdings, effective this week. He will oversee the Group's strategic and corporate functions, including capital allocation, M&A, and growth initiatives.

A strong industrial partner
Energy Holdings is a strong industrial partner with a diversified portfolio of resilient, cash-generative assets supported by a conservative capital structure. The company will benefit from increased scale following the merger, with enhanced earnings capacity, improved financing terms and strong free cash flow generation.

The Board has proposed a first-half 2025 cash distribution of USD 40 million, through repayment of previously paid-in capital, subject to EGM approval. The company plans to distribute available liquidity to shareholders quarterly starting from Q3 2025, with total shareholder distributions for FY 2025 expected to reach USD 70-90 million.

“The proposed distribution reflects our commitment to shareholder returns while maintaining a conservative debt level, a testament to our disciplined capital allocation strategy. With a solid revenue backlog, attractive market outlook, and an improved capital structure, we are well-positioned to deliver on our full-year distribution targets,” Waldeland continued.

Q1 2025 highlights

• Pro-forma consolidated revenues increased to USD 59 million for Q1 2025, up 42% year-on-year and EBITDA of USD 32 million (55% margin).
• Full rig and seismic fleet on contract throughout the quarter.
• High operational performance with 98% utilization for Energy Drilling and 86% for SeaBird.
• The Board has proposed USD 40 million distribution for the first half of 2025 (equivalent to ~NOK 0.56 per share), expected to be paid in the second half of 2025, pending approval by the general meeting.
• Conservative capital structure preserved with 0.3x EBITDA leverage at quarter-end.
• New USD 75 million bank facility fully committed, lowering cost of debt and supporting free cash flows, expected to close in Q2 2025.
• Firm revenue backlog was USD 444 million as of Q1 2025.
• After quarter-end, Energy Drilling signed a Letter of Intent (LoI) for a material multi-year offshore drilling contract, subject to final execution and customary approvals.

First quarter 2025 presentation
Energy Holdings will present its pro-forma consolidated financial results for the first quarter of 2025 in a live audio webcast on Wednesday, May 28, 2025, at 10:00 CEST.

The presentation and following Q&A session will be hosted by Kurt M. Waldeland, CEO of Energy Holdings, Viggo Pedersen, CFO of Energy Drilling, and Sveinung Alvestad, CFO of SeaBird Exploration. Questions may be submitted in writing at any time during the presentation.

The Q1 2025 materials are enclosed to this release and available on the company's website: https://www.energyholdings.cy. A recording of the presentation will be made available on the company’s website after the live event has concluded.

Webcast link: https://events.webcast.no/viewer-registration/FZiDYaqm/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 disciplined industrial investor focused on owning and developing leading businesses in the energy sector. The company targets predictable cash flows, attractive shareholder distributions and selective growth through value-accretive investments. Its current portfolio includes wholly owned subsidiaries Energy Drilling, a leading owner and operator of tender assisted drilling rigs, and SeaBird Exploration, a global provider of marine seismic acquisition data to the oil and gas industry. Energy Holdings is listed on Euronext Oslo Børs. For more information, please visit www.energyholdings.cy.

This information is considered to be 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. This stock exchange release was published by Sveinung Alvestad at SED Energy Holdings Plc, on May 28, 2025, at 06:00 CEST.