Energy Daily-05/13/2026

Research evidence excerpt

Energy Daily-05/13/2026

st price -11.3day% -1-0.7week% 54.3YTD% EV/EBITDA3.6x

BOP, where a wide range of outcomes persists. The current best estimate is SolstadSea1 OffshoreOffshore NOKNOK 65.527.8 1.72.2 %% -0.54.1 %% 52.437.3 %% -- 5.8x5.3x

3-4 months of downtime, including the option to modify and utilize a spare DOFTidewater NOK $139.581.5 1.40.2 %% -0.31.4 %% 50.061.4 %% 8.9%- 6.7x5.8x

BOP. Reflecting lower estimates and FX, we reduce our TP to NOK 110 (120) Average 0.9 % 0.7 % 54.7 % 6.2x

while reiterating BUY. LINK FPSOSBM Offshore Last €price35.7 -1-0.5day% -10.2week% 47.8YTD% - EV/EBITDA5.6x

BW Offshore NOK 50.9 -0.4 % 2.8 % 16.5 % - 1.6x

ABL – Acquires SynergenOG Note(*):Source: FactSet,Forward ParetocontractsSecuritiesin the graphEquityareResearchnot rolled (**): Assumes 1 boe is equivalent to ~1.77MWh.

• ABL Group has signed an agreement to acquire 100% of the shares in Bård Rosef

SynergenOG for USD 2.1m on an EV basis (~1% of ABL EV) to be paid in +47 24 13 21 56, bard.rosef@paretosec.com

cash (partly up front and partly through annual instalments over three years), Jørgen Søvik Opheim

with close expected in Q3'26 +47 24 13 21 05, jso@paretosec.com

• In 2025 SynergenOG had revenue of USD ~5m and EBIT of USD ~0.6m in Marcus Monsen

2025, corresponding to an EV/EBIT of ~3.5x on 2025 numbers, and is thus +47 24 02 81 17, marcus.monsen@paretosec.com

accretive on multiples with ABL trading at EV/EBIT of ~10.5x '26e Helene Tingvold

• SynergenOG is a Malaysia based process safety and technical risk +47 24 02 81 11, helene.tingvold@paretosec.com

management consultancy, with a team of 45 consultants, and will be a part of

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com.