Sparebank 1 Markets oppjusterer kursmålet fra 7,50 kroner til 8,50 kroner.

https://www.finansavisen.no/energi/2025/06/02/8268443/pareto-tar-opp-dekning-av-sed-energy

- Pareto Securities-analytikerne Marcus Monsen, Ole Martin Rødland og Bård Rosef innleder nå dekning av SED Energy med kjøpsanbefaling og et kursmål på 9 kroner pr. aksje.
- Kursmålet på 9 kroner tilsvarer en 2026-estimert EV/ebitda på omtrent 4,0 og en unlevered fri kontantstrøm-yield på cirka 20 prosent.

https://www.finansavisen.no/tdn/2025/06/02/06467745/energy-holdings-pareto-tar-opp-dekning-med-kjop-kursmal-9

På meglerhusets 2026- og 2027-estimater handles aksjen til EV/ebitda på henholdsvis 3,0- og 3,2-ganger, samt omtrent 27 og 24 prosent ubelånt fri kontantstrøm-yield, noe Pareto mener er attraktivt både på et absolutt og relativt grunnlag.

"Med bransjeledende ordrereservedekning (sammen med Odfjell Drilling) på rundt 80 prosent kontantkonvertering og en konservativ balanse regner vi med at rundt 50 prosent av markedsverdien vil bli returnert i utbytte innen årsslutt 2027", skriver meglerhuset.

Pareto dekker nå. kursmål: 9

https://www.finansavisen.no/energi/2025/05/29/8267448/energy-holdings-etablert-vi-skal-maksimere-utbyttene

– Vi skal maksimere utbyttene
Seabird Exploration og Energy Drilling har fusjonert for å skape en utbyttemaskin. Allerede første året kan utbyttebetalingen nærme seg 1 milliard kroner.

– Vi har fått på plass en refinansiering av selskapene som gir oss litt lavere rentebetalinger. Men det viktigste er den nye forfallsstrukturen. Tidligere måtte vi betalt ned i overkant av 50 millioner dollar i løpet av 2025 og 2026. Nå reduseres dette til 10 millioner dollar i 2025, og deretter 5 millioner dollar i kvartalet. Dette er ekstremt innvannende for kontantstrømmen i selskapet og øker utbyttekapasiteten ganske betydelig, legger han til.

-Energy Drilling meldte tirsdag om en flerårig intensjonsavtale for én av selskapet seks rigger. Når denne avtalen etter hvert blir registrert i ordrereserven, vil selskapet for alle praktiske formål være «utsolgt» for både 2025 og 2026.

Q1-rapport:
https://storage.mfn.se/f97d6402-8e7a-4044-8eac-2a8b94bb6a13/energy-holdings-q1-2025-presentation.pdf

Q1-webcast:
https://events.webcast.no/viewer-registration/FZiDYaqm/register

Q1-transcript:
https://feed.mfn.se/v1/archive/ddacf12e-89f4-4ac0-8d22-375b1c92c035/transcript/v3/3251307-20250528-77055/2wTa_Bfa/earnings-call-q1-2025.pdf

CEO Kurt Waldeland var i dag gjest i Økonominyhetene i Finansavisen.
Han sa at typisk lengde på nye kontrakter i dag var 5 år + 3 års opsjoner, altså opp til 8 års lengde.
Hvis LOI som ble meldt, er på 5+3 års kontrakt, blir det mye utbytte fremover.
Han bekreftet også at LOI gjelder "en av de seks riggene". Tipper da at dette er EDrill-2.

https://shows.acast.com/c767ec47-5295-448a-9f75-4f55ed84bfe8/episodes/68370c279bd0275f2c2fb7e8?

Noen med antydning til ca hvor mye vi får pr Sbx aksje ut fra dette ved sammenslåing?

Energy Holdings foreslår utbytte på over 400 mill.
Oljeserviceselskapet Energy Holdings, som er et resultat av en fersk fusjon mellom seismikkselskapet Seabird Exploration og riggoperatøren Energy Drilling, la onsdag morgen frem tall for første kvartal.

Selskapet fikk et driftsresultat før av- og nedskrivninger (ebitda) på 32,2 millioner dollar, en dobling fra samme periode i fjor.

– Vi fikk en utmerket start på året, med alle eiendeler i drift med høy effektivitet og som genererer sterke kontantstrømmer. Resultatene for første kvartal demonstrerer inntjeningsevnen til det sammenslåtte selskapet, der økt skala gir et solid grunnlag for forbedrede finansieringsvilkår og økt avkastning til aksjonærene, sier administrerende direktør Kurt. M. Waldeland.

Det foreslås et utbytte på 40 millioner dollar (407 millioner kroner med dagens kurs) for første halvår 2025.

Selskapet planlegger å distribuere overskuddslikviditet til aksjonærene fra og med tredje kvartal 2025, og det ventes at den totale kapitaldistribusjonen for regnskapsåret 2025 ender på 70–90 millioner dollar.

– Med en solid ordrereserve, attraktive markedsutsikter og en forbedret kapitalstruktur, er vi godt posisjonert for å innfri våre mål for årsutdeling, sier Waldeland.

Q1 2025: Energy Holdings reports strong start to 2025 and proposes USD 40 million cash distribution.

https://newsweb.oslobors.no/message/647744

Dette blir kjempebra.
Presentasjon i dag kl 10.

Denne kontrakten vil øke utbytte kapasiteten til et nytt nivå.

https://newsweb.oslobors.no/message/647564

Energy Holdings (ex. SeaBird Exploration): Energy Drilling signs LoI for multi-year contract
27.5.2025 07:00:00 CEST | Seabird Exploration Plc | Inside information

Nicosia, Cyprus - 27 May 2025 - SED Energy Holdings Plc (ex. Seabird
Exploration, "Energy Holdings" or the "Company") is pleased to announce that
Energy Drilling has received a Letter of Intent (LoI) for a material multi-year
offshore drilling contract.

The LoI remains subject to final contract execution and customary approvals. The
award is expected to contribute significantly to the Company's backlog and
earnings visibility over the coming years.

Further details will be provided upon formal contract signing and subject to
client approval for public disclosure.

https://www.finansavisen.no/tdn/2025/05/27/06466420/seabird-intensjonsavtale-for-vesentlig-flerarig-kontrakt

SeaBird Exploration Plc - Major shareholding notification
https://newsweb.oslobors.no/message/647550

SeaBird Exploration Plc - Major shareholding notification
https://newsweb.oslobors.no/message/647551

Alden AS (Edvin Austbø) har økt fra 6,027,219 til 6,545,288 aksjer.

Organization


Kurt M. Waldeland has accepted the role of Chief Executive Officer of Energy
Holdings. He will oversee the Group's strategic and corporate functions,
including capital allocation, M&A, and growth initiatives. He will also be
responsible for managing investor relations activities and engagement with other
key stakeholders. Mr. Waldeland will be based at Energy Holdings' headquarters
in Cyprus.



Pursuant to a resolution by the extraordinary general meeting of SeaBird
Exploration on 25 April 2025, the Company's board of directors will consist of
the following members:

Alf Christian Thorkildsen, Chair

Kjell Erik Jacobsen, Director

Tan Ching Chin, Director

Marcus Cheng Siong Huat, Director and CEO of Energy Drilling

Zhao Beijia, Director

Ståle Roar Rodahl, Director

Lefki Savvidou, Director

Pantelis Evangelou, Director

Savvas Savvides, Director

Kurt Magne Waldeland, Director and incoming CEO Energy Holdings



Odd Sondre Svalastog Helsing will act as an observer on the Board of Energy
Holdings and support the board on strategic matters. He served on the SeaBird
board until the transaction closed and is currently an Investment Manager at MH
Capital.



Settlement

As settlement for the transaction, former shareholders of Energy Drilling have
received a total of 645,508,281 new shares in Energy Holdings, representing
approximately 88.91% of the outstanding shares in Energy Holdings. Of the new
shares issued, a total of 537,408,281 shares have been issued as ordinary shares
and 108,100,000 as new non-voting class B shares (the "Class B Shares").

The newly issued ordinary shares will initially be unlisted and issued under a
separate ISIN pending approval of a listing prospectus. Following approval of
the listing prospectus, the new ordinary shares will be listed and tradeable
under the same ISIN as existing shares. The Class B Shares will not be listed.

Energy Holdings will have a total of 725,984,552 outstanding shares, of which
617,884,552 are ordinary shares and 108,100,000 are Class B Shares, each with a
nominal value EUR 0.17. The registration of the share capital increase in
connection with the issue of the new shares will be confirmed in a separate
announcement once completed.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investor relations: ir@energyholdings.cy
Press: contact@energyholdings.cy

ABOUT ENERGY HOLDINGS:

SED Energy Holdings Plc (ticker code "ENH") is an industrial investor focused on
owning and developing leading businesses in the energy sector. The company
targets predictable cash flows, attractive shareholder distributions and
selective growth through value-accretive investments. Its current portfolio
consists of Energy Drilling, a leading owner and operator of tender-assisted
drilling rigs, and SeaBird Exploration, a global provider of marine seismic data
acquisition services to the oil and gas industry. Energy Holdings is listed on
Euronext Oslo Børs. For more information, please visit www.energyholdings.cy -
http://www.energyholdings.cy.

DISCLOSURE REGULATION:

This information is subject to the disclosure requirements in article 19 of the
Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading
Act.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848273/18543382/6134/Download%20announcement%20as%20PDF.pdf

https://newsweb.oslobors.no/message/647547

Combination of SeaBird Exploration and Energy Drilling successfully completed

26.5.2025 22:00:00 CEST | Seabird Exploration Plc | Additional regulated
information required to be disclosed under the laws of a member state

Nicosia, Cyprus - 26 May 2025 - Reference is made to the stock exchange
announcement on 28 March 2025 regarding the combination of SeaBird Exploration
Plc ("SeaBird Exploration") and Energy Drilling Pte Ltd ("Energy Drilling") in a
share-for-share acquisition. The transaction has now been successfully
completed. As resolved by the extraordinary general meeting of SeaBird
Exploration on 25 April 2025, the company will change its name to SED Energy
Holdings Plc ("Energy Holdings" or the "Company"), pending formal registration.

Alf C. Thorkildsen, incoming Chair of the Board of Energy Holdings, commented:

"This transaction marks a major milestone in the strategic development of both
companies. Energy Holdings brings together two strong organizations with highly
capable and proven teams. With a strengthened platform, we are well positioned
to create long-term shareholder value."

Energy Holdings will be a strong industrial partner with a diversified portfolio
of resilient, cash-generative assets. The company will benefit from increased
scale following the merger, with enhanced earnings capacity, improved financing
terms and strong free cash flow generation.

"The combined company enters this next phase with a robust revenue backlog and a
conservative capital structure, providing a solid foundation for attractive
capital returns. Our primary focus will be on distributing available liquidity
to shareholders, while also pursuing disciplined, value-accretive growth,"
Thorkildsen added.

Energy Holdings will publish its pro-forma consolidated financial results for
the first quarter of 2025 on Wednesday, May 28, 2025, at 06:00 CEST, followed by
a live audio webcast the same day at 10:00 CEST. The presentation will be hosted
by Kurt M. Waldeland, incoming CEO of Energy Holdings, Viggo Pedersen, CFO of
Energy Drilling, and Sveinung Alvestad, CFO of SeaBird Exploration.

Vi vil helt sikkert få en guiding på nye drilling kontrakter når resultatet for Q1 skal legges frem i neste uke.

"We will only look at taking any of those out if we have a significant contract in place…"
Her snakker vi kanskje om kontrakter med flere års varighet.

På websiden til EDrill er det kommet en oppdatering om en ny rig, MTR-4 med status "Coming soon".
https://edrill.com/our-rigs/
https://staging.edrill.com/wp-content/uploads/2024/10/rig-mtr4-specs.pdf
MTR-4 er en av de to halvferdige riggene som EDrill har opsjon på å bruke.
De var tydelige på at denne opsjonen ikke ville bli tatt bruk, med mindre de fikk kontrakt. Fra presentasjonen 3. februar hvor CFO bl.a. sier:
"We will only look at taking any of those out if we have a significant contract in place…"
"We will not take out any of these rigs under any circumstances on speculation"
https://www.sbexp.com/wp-content/uploads/2025/02/Recording-030225-2.mp4

https://newsweb.oslobors.no/message/647335

23.5.2025 11:17:36 CEST | Seabird Exploration Plc | Non-regulatory press
releases

Nicosia, Cyprus, May 23, 2025: SeaBird Exploration Plc (to be renamed SED Energy
Holdings Plc ("Energy Holdings")), will publish its pro-forma consolidated
financial results for the first quarter of 2025 on Wednesday, May 28, 2025, at
06:00 CEST.

A live audio webcast will be held the same day at 10:00 CEST, hosted by Kurt M.
Waldeland, incoming CEO of Energy Holdings, Viggo Pedersen, CFO of Energy
Drilling, and Sveinung Alvestad, CFO of SeaBird Exploration. There will be a Q&A
session at the end of the presentation, where written questions can be submitted
through the audiocast solution.

https://www.finansavisen.no/tdn/2025/05/12/06462291/seabird-kontraktsforlengelse-for-eagle-explorer?internal_source=markedsnytt_frontpage_widget

Det skal være EGM idag. Kanskje det kommer nyheter?
Merger med Energy Drilling skal straks være i boks.

Fearnleys har også dekning, 7,5.
Utbyttene blir saftige.

https://www.finansavisen.no/tdn/2025/04/24/06455645/seabird-arctic-tar-opp-dekning-med-kjop-kursmal-8?internal_source=markedsnytt_frontpage_widget
"SeaBird Exploration og Energy Drilling skal slå seg sammen, og vi innleder dekning av det sammenslåtte selskapet med en kjøpsanbefaling og et kursmål på 8 kroner pr aksje"

Agree with all your points. And as a shareholder in SBX (bought after merger announcement) I hope the merger goes through.

SBX might have more upside as a stand alone company (if both ships gets contracts @$65.000) but the reduced risk with more assets and longer contract terms makes this an attractive transaction for SBX shareholders.

Edrill had net debt of $33M as of 2024Q4 and are generating $10-12M pr. month in cash so the estimate from Pareto conference checks out. When/if merger closes around Q2 combined company will be significantly net cash.

EDrill er mer lønnsomt enn SBX:

EBITDA-marginer:
EDrill Tender barge: 65%
EDrill egeneid Semi tender rig: 75%
EDrill innleid Semi tender på ny kontrakt:ca 50%
SBX source vessel: 45%

Free cash flow margin (FCFE):
EDrill: ca 47%
SBX: 30%

As a SBX shareholder, as with most other stocks, you should really only care about downside.

I can only see downside from here if BOTH of these things happen:
a) Merger is cancelled and,
b) Either Fulmar Explorer or Eagle Explorer can't get new contracts.

If merger is completed they are guiding for $270M FCF from backlog over next few years (firm contracts) vs. pro-forma combined mcap of $370M.
If merger is NOT completed and contracts (Fulmar/Eagle) are renewed at a low $55.000 (vs $65.000 last indication of market rates) FCF (before debt paydown) should be around $12M/year with a mcap of $40M