Energy Daily-07/01/2026

Research evidence excerpt

Energy Daily-07/01/2026

ty. TGSViridien NOK €128.983.8 -1.8-1.3 %% -5.0-3.3 %% -14.843.8 %% -- 3.1x2.5x

• Combining the backlog coverage with sector leading valuation metrics, AverageOSV Last price -1-1.7day% -1-4.6week% 31.3YTD% EV/EBITDA3.0x

including >20% FCF yield and ~3.5x EV/EBITDA next year, we see the name Sea1SolstadOffshoreOffshore NOKNOK 54.023.7 -1.9-0.4 %% -5.2-6.7 %% 17.327.9 %% -- 4.6x5.8x

as compelling on both a relative and absolute basis and keep COSH in our DOF NOK 113.7 -0.8 % -2.3 % 26.5 % - 4.8x

portfolio. TidewaterAverage $ 66.6 -0.40.0 %% -0.23.1 %% 31.928.7 %% 11.0% 5.2x5.1x

• Dividends have recently been initiated at a modest 8-9% run-rate yield, while FPSOSBM Offshore Last €price30.3 -1-0.8day% -1-5.7week% 25.9YTD% - EV/EBITDA4.7x

underlying cash flow and a strong balance sheet support meaningful upside BWNote(*):OffshoreForward contracts in the graph are not rolledNOK(**): 43.8Assumes -0.71 boe%is equivalent-2.2to%~1.77MWh.2.1 % - 1.1x

from 2027. BUY / TP NOK 195. Link to monthly portfolio 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

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. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors.