Pareto High Yield Daily-06/22/2026

Research evidence excerpt

Pareto High Yield Daily-06/22/2026

nks in North America, EUR/NOK 11,12 0,0 % 0,4 % -0,8 % -0,6 %

serving various end-markets with demand mainly driven by replacement SEK/NOK 1,01 0,0 % 0,0 % -0,1 % 0,0 %

needs of a large installed base Oil price, Brent

• TRIARC is owned by Black Diamond and BlackRock, which acquired the USD/bbl

company in 2022 at an enterprise value of USD 275m, with 175m cash equity 140

injected 120

• Please note that Pareto is acting as joint bookrunner in the contemplated bond 100

issue 80

Shearwater – Awarded a one-month 4D contract 60

• Shearwater has been awarded a one-month 4D streamer acquisition contract

over the Mariner field in the UK by Adura 20

• Commencement is in July, seemingly right after its OBN survey over the Jan-21- Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

Jackdaw field, also for Adura, where SW Tasman (nodes and source) and SW

Gallien (source) has worked since late May/early June iTraxx crossover

• The survey is monitoring, and Shearwater did a similar survey over the field bps

two years ago, the survey is designed with the potential for an undershoot, 750

thus potentially require an additional source vessel (less comprehensive 650

work)

• The award extends Shearwater’s long-standing collaboration at the Mariner 550

field and supports ongoing reservoir management aimed at optimising 450

production and extending field life 350

• Link to press release

Jan-21 Sep-21 May-22 Jan-23 Sep-23 May-24 Jan-25 Sep-25 May-26

Analysts:

Daniel Rosén

+46 70 935 07 69, daniel.duerosen@paretosec.com

Adam André

+46 79 006 75 35, adam.andre@paretosec.com

Borge Skurtveit

, borge.skurtveit@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc.