Energy Daily-06/09/2026

Research evidence excerpt

Energy Daily-06/09/2026

market, it pursues options to TGS NOK 151.0 -1.1 % -1.2 % 67.9 % - 3.9x

extend this years acquisition campaign into Q4, we currently assume the vessel ViridienAverage € 120.4 -0.51.6 %% 4.50.2 %% 22.457.0 %% - 3.1x3.7x

will be winter stacked in Q4, noting small values as P-cable is less comprehensive OSVSea1 Offshore LastNOKprice26.7 -1-0.6day% -1-4.0week% 31.9YTD% - EV/EBITDA5.1x

than traditional 3D/4D work Solstad Offshore NOK 61.9 3.2 % 2.1 % 46.2 % - 5.7x

DOF NOK 119.6 1.5 % -4.6 % 32.7 % - 5.2x

Tidewater $ 73.5 -1.6 % -7.3 % 45.5 % 10.7% 6.0x

Average 0.1 % -5.3 % 39.6 % 5.6x

FPSO Last price -1 day -1 week YTD EV/EBITDA

SBM Offshore € 32.6 -0.2 % -5.3 % 35.3 % - 5.5x

BW Offshore NOK 46.0 1.0 % 0.7 % 6.8 % - 1.4x

Note(*): Forward contracts in the graph are not rolled (**): Assumes 1 boe is equivalent to ~1.77MWh.

Source: FactSet, Pareto Securities Equity Research

Bård Rosef

+47 24 13 21 56, bard.rosef@paretosec.com

Jørgen Søvik Opheim

+47 24 13 21 05, jso@paretosec.com

Marcus Monsen

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

Helene Tingvold

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

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