Energy: Offshore Services Monthly

Research evidence excerpt

Energy: Offshore Services Monthly

Exhibits 5 & 6: Floaters added ~91 years and ~64 years of drilling backlog, while jackups booked ~98 years

and ~183 years of drilling backlog in 2024 and 2025, respectively. So far in 2026, floaters and jackups have

added ~81 and ~29 years of drilling backlog, respectively.

Floater Contract Duration by Fixed Year Jackup Contract Duration by Fixed YearENERGY 160 250

120AND 100 150

60 100

0 0

2022 2023 2024 2025 2026 2022 2023 2024 2025 2026

*< 1 Year* 1-3 Years 3-5 Years 5+ Years *< 1 Year* 1-3 Years 3-5 Years 5+ Years

Source: Esgian, BTIG Research Source: Esgian, BTIG Research

Exhibits 7 & 8: Drilling activity is seeing modest improvements, with Brent having averaged ~$68/bbl in

2025 and currently averaging ~$88/bbl in 2026.INFRASTRUCTURE

Floaters By Current Status Jackups By Current Status

200INDUSTRY 60

Drilling Warm/hot stacked Cold stacked Under construction Undergoing

repair/SPS 0REPORT Drilling Warm/hot stacked Cold stacked Under construction Undergoing repair/SPS Drillship Semisubmersible

Exhibits 9 & 10: As the offshore drilling upcycle progresses, we expect strong levels of global subsea trees

awarded in 2026 with sustained demand over the next few years. We expect the value of subsea trees

globally to increase slightly, with the Brent futures curve pointing to ~$70/bbl into 2029.

Global Subsea Trees Value Awarded Yearly ($M) Number of Global Subsea Trees Awarded Yearly

7,500 525

6,750

6,000

5,250 375

4,500

3,750

3,000 225

2,250 150

1,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Source: Bloomberg, BTIG Research Source: Bloomberg, BTIG Research