SPM Pre-close Call 2Q26…Large Portfolio

Research evidence excerpt

SPM Pre-close Call 2Q26…Large Portfolio

is project. PREV 0.06 0.09 0.24

Separate to that, and important, the remaining "legacy" Saudi projects in Berri & Marjan have

no change to the expectations they will be fully complete mid-year. For Asset Based Services,

Offshore E&C, the Longtail Limited Notice to Proceed (c.$150m) in Guyana is "a prelude for full SPM backlog additions per quarter

EPC should be around $1bn hopefully 2H post summer". Q&A also pointed to Indonesia as a key 14€bn Drilling awards Energy Carriers awards

area for award expectations following significant discoveries & new projects sanctions there 12 Asset Based Services awards Revenue

10 2Q26e backlog additions of €3.5bn

by Eni. Courseulles-sur-Mer offshore wind farm foundation project in France, is now halfway 8

with 32 of 64 sockets drilled (17 monopoles installed) and has delivered at an average of a 6

socket drilled per week since 1Q update. 42

Sale of Shallow Water Rig business doesn't change lease costs (five jackup rigs, $285m). 0 2Q11 1Q12 4Q12 3Q13 2Q14 1Q15 4Q15 3Q16 2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22 2Q23 1Q24 4Q24 3Q25 2Q26e .

The deal will not see a reduction in lease costs post completion, (expected 3Q26) as jackup- Source: Jefferies estimates, company data, c.$3.5bn 2Q26e

or c.€3.0bn, for c0.8x book to bill

drilling rigs are not capitalised in that manner because day rate awards tend to match lease

contract. Perro Nego-4 will remain as SPM last jackup and being of a certain older spec, can SPM Group backlog

only really work for is current client Egypt, so will continue in that contract. €bn35 flat2Q26eq/q SPMto c.€29.4bn,Group backlogrecord

30 previous cyclical high €34.1bn was achieved at

SPM 2Q26 Quarterly preview 25 high €24.2bn 4Q14 4Q24.

Saipem Cons. JEFe Δ to 20