Energy Daily-05/26/2026

Research evidence excerpt

Energy Daily-05/26/2026

027) ViridienTGS NOK€ 115.2152.8 -1.20.0 %% 0.11.8 %% 69.917.1 %% -- 3.8x3.0x

• In an upward trending rig market, we believe the valuation gap to larger AverageOSV Last price -1-0.9day% -10.5week% 57.8YTD% EV/EBITDA3.6x

international peers is too wide, and view COSH as one of our top picks in the SolstadSea1 OffshoreOffshore NOKNOK 60.627.8 -0.7-3.7 %% -2.6-7.2 %% 37.343.2 %% -- 5.3x5.5x

sector right now DOFTidewater NOK $128.979.3 -2.4-4.7 %% -10.1-7.0 %% 38.857.0 %% 8.9%- 6.4x5.4x

Average -3.3 % -8.1 % 47.6 % 5.9x

PRS/FLOAT – Petrobras tender scheduled to close this week FPSOSBM Offshore Last €price34.5 -1-1.0day% -1-2.7week% 42.7YTD% - EV/EBITDA5.6x

• Petrobras’s tender for one accommodation unit in Brazil is scheduled to close BWNote(*):OffshoreForward contracts in the graph are not rolledNOK(**): 45.7Assumes -3.71 boe%is equivalent-3.2to%~1.77MWh.6.2 % - 1.4x

in the coming days Source: FactSet, Pareto Securities Equity Research

• We believe the tender is targeting one of the lower-spec rigs (e.g. one of the Bård Rosef

Gran Energia units), and do not expect Prosafe (or Floatel) to secure an award +47 24 13 21 56, bard.rosef@paretosec.com

in this tender Jørgen Søvik Opheim

• However, with more rigs rolling off contract in 2027 and continued strong +47 24 13 21 05, jso@paretosec.com

demand from Petrobras, we expected additional tenders over the coming Marcus Monsen

months +47 24 02 81 17, marcus.monsen@paretosec.com

Helene Tingvold

Other news +47 24 02 81 11, helene.tingvold@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein.