Telford Slides-22-October-2024

*** Draft – subject to further review and change ***
Company Presentation
22 October 2024
Table of Contents
1 Recent Bond Issue
2 Key Credit Highlights
3 Supporting Materials
5 Appendix
2
Overview of Recent Bond Issue
Key Transaction Elements Pro Forma Capitalisation

• The Issuer, a wholly owned subsidiary of MAM Telford Holdings, Ltd and the 100% owner of $m 1 Nov 2024E2 Adj. PF 1 Nov 2024E
the DP3 multi-purpose support vessels Telford 25, Telford 28, Telford 30, Telford 31 and New 1st lien senior secured bond issue - 200 200
Telford 34 through its ownership in Telford Offshore International Ltd, recently issued a new
5-year $200m senior secured bonds (the “Bonds” or the “Bond Issue”) Total interest-bearing debt - 200 200
• Net proceeds from the Bond Issue will go towards a one-time distribution to the Issuer’s Est. cash and cash equivalents 30 200 230
shareholders and general corporate purposes
Distribution to shareholders - (193) (193)
• US investment firm Merced Capital owns 90% of the company and has been the primary
OID - (2) (2)
investor and capital provider since 2017
Transaction costs - (5) (5)
• The Group is currently debt and lien free, hence the rationale behind the contemplated
transaction is to rebalance and optimize the Group’s capital structure Cash and cash equivalents 30 - 30
• The Bonds will be guaranteed by material subsidiaries and will benefit from a security Net interest-bearing debt (30) 200 170
package comprising of the material assets of the Group, including inter alia first priority
share pledges and vessel mortgages Key credit metrics 1. Nov 2024E Adj. PF 1. Nov 2024E
• Pro-forma for the Bonds, the Group will have a net leverage of 2.1x and 1.7x based on August 2024 LTM EBITDA 83 83
2024E and 2025E EBITDA1, respectively, and a net loan-to-value ratio of 47%, with the Net leverage ratio (0.4)x 2.1x
bond amortizing $17.5m semi-annually in 2025 and 2026, and $12.5m semi-annually
thereafter (all amortization at 103% of par) 2024E EBITDA1 83 83
Net leverage ratio (0.4)x 2.1x
Sources and Uses
2025E EBITDA1 100 100
Sources $m Uses $m Net leverage ratio (0.3)x 1.7x
New senior secured bond 200 Distribution to shareholders 193
Total est. EBITDA backlog (incl. options)3 ~300 ~300
Cash from balance sheet 30 OID 2
Net loan-to-EBITDA backlog (0.1)x 0.6x
Transaction costs 5
Cash to balance sheet 30 Vessel values4 360 360
Total 230 Total 230 Net loan-to-value n.a. 47%
1 Midpoint of management estimate for 2024 and 2025 EBITDA of $80-85m and $90-110m, respectively; 2 Expected issue date for the bonds; 3 Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed
3 in October. EBITDA calculated as vessel EBITDA (excl. SG&A). Includes both firm contracts and options; 4 Vessel values is the average of broker estimates from Clarksons and Arctic Offshore
Key Terms and Conditions
Issuer: Telford Finco.
Parent: MAM Telford Holdings, Ltd.
Guarantors: The Parent, all vessel owners, charter companies and other material asset owning and operating subsidiaries
Issue Amount: $200m
Status: Senior secured first lien
Tenor: 5 years
Use of Proceeds: Initial distribution to shareholders of up to $200m and general corporate purposes
Coupon Rate: 11%, payable semi-annually
Issue Price: 99% of par
Amortization: $17.5m semi-annually in 2025 and 2026, $12.5m semi-annually thereafter. All amortization, including final balloon payment, at 103% of par
Cash Sweep: Excess cash above $30m on each interest payment date, in minimum amount of $5m and increments of $1m (at 103% of par)
Call Options: Make-whole 30 months, thereafter callable at par + 50/40/30% of Coupon Rate after 30/36/42 months. 103% for the last 12 months
Collateral Vessels: The multi-purpose accommodation and support vessels Telford 25, Telford 28, Telford 30, Telford 31 and Telford 34
Standard security package including inter alia vessel mortgages, share pledges, floating charges, pledges over material accounts, assignments in earnings, insurances and intra group
Security: loans, subject to 60 BD security take-up for certain security (other than vessel mortgages and other pre-disbursement security) and guarantees provided by or over the shares of
Guarantors other than the Parent
Financial Covenants: (i) Minimum liquidity of $15m and (ii) net interest-bearing debt / EBITDA of maximum 3.5x, reducing with 0.25x every 12 months
Other Covenants: Customary covenants including inter alia restrictions on additional financial indebtedness, liens, financial support and asset sales, and customary vessel covenants
Debt Service Retention Account: 1/6 of scheduled interest and amortization to be transferred to the DSRA every month. The DSRA shall be restricted and funds only used for debt service
Permitted Financial Indebtedness: The Bonds, super senior RCF up to $20m (of which max $10m for working capital and max $10m for performance guarantees), customary operational baskets, $5m general basket
Permitted Distributions: No distributions other than the initial distribution
Bondholders’ Put Option: Put option @ 101% following change of control, including if Merced Capital/its controlled investment funds cease to control more than 50%
Listing of Bonds: Nordic ABM within 6 months following the issue date
Trustee / Governing Law: Nordic Trustee / Norwegian law bond terms, security documents on applicable law
Joint Bookrunners: DNB Markets and Arctic Securities
4
Simplified Pro-forma Structure
Simplified Structure Post the Bond Issue Comments

• First lien bond collateral structure including:
MAM Telford Holdings, Ltd.
(Cayman Islands) - Mortgages in all five vessels
(Parent / Guarantor)
- Pledge in all shares of the issuer, guarantors
and any other Material Group Companies1
Telford Finco. $200m senior
(Cayman Islands) - Floating charges
(Issuer)
secured first lien bond
- Pledge in material accounts
- Assignment in earnings
Telford Offshore International Ltd.
(Cayman Islands) - Assignment in insurances
(Guarantor)
- Guarantees from the guarantors
• Additional financial indebtedness limited to:

Telford Offshore Support Ltd Telford Offshore Marine Ltd Telford Offshore Contracting Ltd Telford Offshore Global Ltd
(Cayman Islands) (Cayman Islands) (Cayman Islands) (Cayman Islands) - Super senior revolving credit facility of up to
(Guarantor) (Guarantor) (Guarantor) (Guarantor)
$20m, of which $10m for performance
guarantees and $10m for working capital and
cash management
Telford 25 Ltd
(Cayman Islands) - Bareboat charter of vessels (limited to one
(Vessel owner) Subsidiaries Subsidiaries vessel at the time) against back-to-back
Telford 28 Ltd charter out with third party customer
(Cayman Islands)
(Vessel owner) - Customary operational baskets
Telford 30 Ltd - A general basket of $5m
(Cayman Islands)
(Vessel owner)
Telford 31 Ltd
Offshore manpower employer (Cayman Islands)
(Vessel owner)
Vessel owner
Telford 34 Ltd
Holding company of contracting entities (Cayman Islands)
(Vessel owner) Ring-fencing
Please see page 48 for detailed organizational chart

5 1 Material Group Companies as defined in the term sheet
Table of Contents
1 Recent Bond Issue
5 Appendix
6
Key Credit Highlights
• World's largest owner and operator of DP3 multi-purpose support vessels, offering clients high-capacity accommodation, construction and heavy lift support,
diving support and pipelaying capabilities
Market leader within multi-
1 • Highly flexible and cost efficient one-stop solution enabling clients to perform multiple work scopes with Telford’s assets instead of chartering several
purpose support vessels
specialized vessels
• Competitively advantaged versus semi-sub accommodation units, driven by lower operating costs, lower emissions and greater flexibility
• Robust contract backlog of $443m 1 with an estimated EBITDA contribution of $~300m 1 provides downside protection, with outlook for several new contracts
in the near-term
Robust contract backlog
2 delivering high cash flow • As of September, approximately 77% of the available contracting days from November until year-end 2026 are secured by the backlog, with advanced
visibility negotiations ongoing expected to fill close to all of remaining available days in 2025 and 2026
• Strong counterparties with customers and end clients primarily being blue chip supermajors, tier 1 EPCI2 contractors and national oil companies
• Ringfenced bond structure with opening net leverage of 2.1x and 1.7x based on 2024E and 2025E EBITDA3, respectively, rapid deleveraging through fixed
amortizations and cash build up to illustrative negative net debt towards bond maturity
Tight bond structure and
3 • Limited forward-looking capex given recent fleet investments, leading to high FCF conversion rates and a compelling de-leveraging story
rapid de-leveraging
• Disciplined capital allocation and prudent risk management with focus on vessel utilization over headline dayrates to ensure sustained free cash through the
cycles
• Positive and steady demand growth outlook in key focus markets of the Middle East and West Africa, supported by multi-year project pipelines from national
oil companies and supermajors
Strong underlying market
4 • Limited supply of multi-purpose support vessels globally, with no significant newbuild activity in the near term given high newbuild costs relative to vessel
outlook
dayrates, limited shipyard availability and lack of financing
• Recent tendering and contracting activity for Telford showcase continued dayrate momentum and clients generally being eager to secure vessel capacity
1Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed in October. EBITDA calculated as vessel EBITDA (excl. SG&A). Includes both firm contracts and options; 2 EPCI = Engineering,
7 Procurement, Construction and Installation; 3 Based on midpoint of management estimate for 2024 and 2025 EBITDA of $80-85m and $90-110m, respectively
1 Largest Owner of DP3 Multi-Purpose Support Vessels Globally
At a Glance Key Markets

• Largest owner and operator of DP31 multi-purpose support vessels in the world with a fleet of
Telford 34 will relocate from
five vessels designed to offer clients flexibility through:
Mexico to Middle East at
- Ability to accommodate up to 700 persons on board end of 2024 to commence
- Heavy lift crane capabilities of up to 800 tonnes its next contract
Gulf of Mexico
- Up to 1,500 square metres of usable deck space Telford 25
- Pipelay capability on larger vessels Telford 34 Middle East
- Heave compensated gangways on all vessels
- Ability to pivot into renewables infrastructure support
• Vessels can operate competitively in accommodation, construction, pipelay and dive support West Africa
markets Telford 31
- Given versatility of the DP3 vessels, the client can complete multiple work scopes using a Telford 28
single unit rather than chartering several task specific vessels Headquarters
• Ability to operate in benign environments globally in the offshore oil and gas (“O&G”) market,
with key focus to support the EPCI1 market in the Middle East and the FPSO2 market in West
Africa
Telford 30
- Typical end clients are blue chip companies like O&G supermajors and national oil
companies (“NOCs”) or Tier 1 EPCI contractors
Current countries of operations
Key Financial and Operational Metrics Key Clients and End Users5
$83m3 $443m4 2.1x 5 414

EBITDA Backlog Net leverage Vessels Employees
2024E Sept. 2024 PF LTM Aug. 2024 Sept. 2024 Sept. 2024
1DP = Dynamic Positioning; EPCI = Engineering, Procurement, Construction and Installation; 2 FPSO = Floating Production Storage and Offloading; 3 Midpoint of management estimate for 2024 EBITDA of $80-85m; 4 Pro forma
8 backlog as of 1 September 2024, adjusted for the three new contracts signed in October. Includes both firm contracts and options; 5 North Oil Company is a JV between TotalEnergies and QatarEnergy, while Azule Energy is a JV
between BP and Eni
1 Transformation to “Telford 2.0”
“Old Telford” “Telford 2.0”
Hist ory ov erv iew New T elford Key achiev ements since early 2023
2017 - 2018: Sea Trucks restructured, becoming Telford Offshore

• Shift in focus from EPCI1 contracts (more project based, lump
• Merced buys ~25% of defaulted debt, becoming largest
stakeholder
sum contracts with lower margins) to high margin time >6,000 >$660m
charter (dayrate based) contracts to blue chip clients
- Targeting high utilization and earnings visibility rather Secured vessel days of New work
2018 - 2021: Multiple restructurings, Merced primary capital than focusing on dayrate maximization charter revenue secured
provider
• Merced invests additional capital in 2018 and 2019, ultimately
funding and owning ~100% of the senior secured debt by 2022 5x -40%
• Focus shifted to key regions of MENA and West Africa
2022 - 2023: Telford defaults, restructures and emerges debt-free (excluding Nigeria)
• Merced acquires Telford through a credit bid that extinguishes all
debt and invests to stabilize operations and fund vessel upgrades
2023 - 2024: Telford pursues successful operational restructuring • New executive management team with 10% ownership in 2022 2023 2022 2023
• New management and board improves operations, invests in Telford and collectively over 100 years of experience in the
vessel upgrades and wins major contracts offshore marine industry, 75+ of which specifically in the Increase in underlying Reduction in
offshore accommodation vessel space EBITDA opex
Today: Telford seeks to optimize its capital structure
• Debt-free balance sheet, $443m contract backlog and substantial •
excess free cash flow support debt issuance
90% owned by Merced Capital, a leading US investment firm
- Deep knowledge and understanding of the vessels and
~80% >$55m
sector
Utilization Invested in fleet
- Highly committed and showing significant support 2023 – Sept. 2024 upgrades
The transformation to Telford 2.0 through a new management, ownership structure and revised strategy has resulted in significant achievements since early 2023
9 1 EPCI = Engineering, Procurement, Construction and Installation

1 Attractive Fleet of Multi-purpose Support Vessels
Fleet Overview Comments

Telford 25 Telford 28 Telford 30 Telford 31 Telford 34 • Strategic focus on Middle East and West
Africa, with vessels qualified and accepted
to work for the Big 3 in the Middle East
(Saudi Aramco / Qatar Energy / ADNOC)
• All vessels have >13 years of useful life left

based on the assumption of 30 years of
service, with possibility to extend lifespan
Accommodation, Accommodation, hook Accommodation, further through maintenance and upgrades
Accommodation and Accommodation and
Key services offshore construction up and offshore offshore construction
offshore construction offshore construction
and pipelay construction and pipelay • Around $55m invested in vessel
modifications, upgrades and strategic
DP1 generation DP3 DP3 DP3 DP3 DP3
repositioning since 2023, ensuring state-of-
Build year 2009 2008 2007 2011 2010 the-art capabilities and limited capex
Useful life 2039 2038 2037 2041 2040 requirements going forward
Standard berths 379 POB 462 POB 336 POB 477 POB 339 POB • Current replacement cost typically 50%
higher than construction cost in 2007-2010,
Maximum berths2 603 POB 686 POB 500 POB 701 POB 563 POB with limited yard capacity and lack of
Deck space 1,500 M2 1,350 M2 1,000 M2 1,300 M2 1,350 M2 newbuild financing expected to continue
Crane 800 T 270 T 270 T 400 T 800 T • Lower cost base and emissions compared
Heave compensated to the majority of competitor vessels
✓ ✓ ✓ ✓ ✓
gangway
Rigid pipelay ✓ - - - ✓
Moon pool - - - ✓ ✓
Next SPS due 2028 2027 2029 2026 2025
Build cost $173m $144m $153m $150m $163m
Replacement cost $260m $215m $230m $225m $245m
10 1 DP = Dynamic Positioning; 2 Capacity can be increased by installing temporary living quarters, however, temporary living quarters reduce deck space
1 Flexible and Cost-Efficient Operation Enabling Single Vessel Solution For Clients
Overview of Telford's Service Offering
Service offering Accommodation and catering Construction and lifting Pipelay Diving support
• High-capacity accommodation and • Lifting of modules, jackets and decks • Installation of rigid pipelines up to 60" • Offshore diving support
Example services
catering services in support of hook- • Subsea installation (connections, tie- (S-Lay) • Subsea connections (pipelines,
up, commissioning and maintenance ins, crossings, installation risers and • Installation Flexible flowlines and manifolds, risers and spools)
campaigns manifolds) cables up to 16" via reels and/or • Inspection and maintenance
• ROV operations carousel • ROV operations
Life cycle of O&G
Greenfield
~30%1
✓ ✓ ✓ ✓
Brownfield
~70%1
✓ ✓ ✓ ✓
Flexibility to pivot into renewable services;

Renewables
Providing subsea infrastructural installation (cable-lay) and accommodation support for commissioning and maintenance campaigns
~ Share of
~60% ~20% ~15% ~5%
time spent
In contrast to other accommodation operators, Telford provides a multi-service offering across the life-cycle of offshore assets which enables higher utilization
11 1 Share of time currently spent split between greenfield and brownfield services
1 Recent Work is a Testimony of the Vessels’ Multi-purpose Capabilities
McDermott / Aramco & QE New Fortress Energy Saipem NMDC / ADNOC TotalEnergies Azule Energy
Customer
Geography Saudi Arabia and Qatar Altamira, Mexico Baleine, Ivory Coast Abu Dhabi, UAE Dalia, Angola N’Goma, Angola
Vessel(s) Telford 25 Telford 28 and 34 Telford 31 Telford 31 Telford 30 Telford 30

Services Accommodation / Subsea Pipelay / Construction / Accommodation / Lifting
Subsea Construction Accommodation Accommodation
provided Construction Diving / Accommodation Services
Feb 2023 / Jun 2023 –
Duration May 2024 – Jun 2025 Jun 2023 – Dec 2023 Apr 2024 – Nov 2024 Aug 2022 – Jul 2023 Nov 2023 – Jul 2024
Dec 2023 / Jul 2024
McDermott worked with Transport and installation Saipem was contracted DP3 subsea construction Accommodation for 300- Accommodation for 150-
Telford to devise a 12- of 2 x 20” rigid pipelines by Eni S.p.A. to refurbish, vessel to ADNOC 350 client personnel 270 client personnel
month campaign focused mobilize and commission standards
Trenching and backfilling Operated two galleys and Required gangway
on utilizing the Telford FPSO3 Firenze in the
of pipeline Various subsea activities messrooms pedestal extension
25's multi-purpose Baleine field located in
simultaneously
capabilities Saturation and air diving Ivory Coast • Air diving Full upgrade of DP
At client request, system, which included
• Saudi - W2W1 Accommodation support Offshore accommodation • Installation of ~600
completed a relocation to Kongsberg’s latest
services (200POB) for newly installed jackup for 400 client personnel subsea structures
gangway pedestal advanced target follow
FLNG’s2 over 7 months
• Qatar - Subsea • Subsea mooring configuration in Luanda, mode functionality
Commentary
construction: Tracked and followed the installations Angola
Gangway connected to
Installation of ~300 turret moored Firenze
Gangway connected to turret moored FPSO
subsea structures FPSO utilizing advanced
spread moored FPSO’s N’Goma
target follow mode
• Saudi - Large scale Girassol and Dalia
Total uptime (excl.
accommodation for Conducted multiple lifts
Total uptime (excl. disconnection at client
500 client personnel around and onto the
disconnection at client request): 99.8%
FPSO utilizing the
request): 94%
vessels 400t crane
12 1 W2W = Walk to Work gangway; 2 FLNG = Floating Liquefied Natural Gas; 3 FPSO = Floating Production Storage and Offloading
1 Experienced Management Team with Aligned Interests
Management Team Consisting of Seasoned Industry Executives Aligned Interests
Robert Duncan, Chief Executive Officer Andy Robertson, Chief Financial Officer • After Merced Capital became the sole
equity owner of Telford in February
• Experienced executive with 20+ years in the global offshore • Andy Robertson has 25+ years’ experience in the oil 2023, they commenced the work to
1.75% stake
4.0% stake
energy industry. Former CEO and board member of Seafox and gas marine industry. He spent 15 years in various acquire a world-class management
International (2007-2017) and founder/CEO of the offshore finance positions in Gulf Marine Services PLC from team for the company
consulting company Capital Strategies Int. (2017-2023). 2008-2023, including CFO from 2021-2023. Also held
finance positions in AMEC (2002-2008), P&O Ferries • In conjunction with this, Merced granted
• At Seafox he led 2 M&A transactions totaling $725m and
and Coflexip (1997-2002) a total of 10% ownership in Telford to
raised $780m through 3 debt capital market transactions,
including a $225m North American high-yield bond in 2013 • Andy has extensive experience in raising debt and the new management team, ensuring
equity capital, financial restructuring and IR in the alignment of interest between
Offshore Marine sector management and shareholders
Brendan Hunter, Chief Operating Officer Ben Isles, Chief Commercial Officer • The management incentive program 1 is
comprised of 10% of the equity, subject
• Brendan Hunter has held various Senior Management, • Ben Isles oversees commercial operations, sales and to a 5-year vesting schedule and only
1.5% stake
1.5% stake
Operational and Project positions in the Offshore Marine tendering, contracts and business development receives value after a preferred return
and Services sector since coming to the United Arab • Ben joined Sea Trucks in 2008 where he held threshold that is junior to the debt
Emirates commercial roles in APAC and Middle East. He
• Hence, the management team is
• Brendan managed the Zamil Offshore accommodation transitioned to Telford Offshore in 2018, focusing on
and support barges for the Saudi NOC and was an business development in the Middle East incentivized to remain at Telford and
integral part of the Seafox International restructure continue to execute at a world-class
level going forward
Matthew Chaplin, Reg. Manager, Middle East • Multiple factors in place ensure a long-
term equity commitment from Merced,
• Matthew Chaplin is based in Qatar and oversees all including a creditor-friendly change of
1.25% stake
business functions including operations, commercial control provision and significant equity
oversight and ongoing business development. value that sits junior to bondholders
• Matthew has grown and led companies in the Asia post-transaction
Pacific and MENA regions. He has over 30 years'
experience in the oil and gas industry
13 1 Please see summary of management incentive plan on page 36

1 High Operational Standards Reflected in Strong QHSSE1 Statistics
Lost Time Injury Frequency Rate (LTIFR)2 QHSSE Policies

0.7
0.6 0.53 0.50 0.49
0.5
0.39 0.41 0.41
0.4
0.26 Culture Compliance
0.3
The company’s safety culture is the attitude, Compliance in-line with established best
0.2 0.13 0.13 0.10 beliefs, perceptions and values that all its practice is the baseline at Telford, with a
0.09 0.08
0.1 employees need to share in relation to persistent focus on developing beyond
safety in the workplace industry standards
0.0
2019 2020 2021 2022 2023 YTD
Sept 2024
Telford LTIFR Actuals IMCA Offshore Statistics
Competence Assurance Performance Measurement

Total Recordable Incident Rate (TRIR)3
At Telford, training is used to increase the
Telford uses proven management processes
2.8 skills of its personnel. Technical skills
to ensure the company has a firm
2.4 training allows team members to mitigate
2.02 understanding of its performance
potential risk at its work sites
2.0 1.69 1.70
1.6 1.45 1.47 1.47
1.2 0.79
0.77 0.69 0.63
0.8 0.49 0.42
Risk Awareness Subcontractors
0.4
Telford has proven processes and Telford has a strong focus on health, safety
0.0 procedures in place to assess and control its and environmental performance and expects
2019 2020 2021 2022 2023 YTD
risk exposure its counterparties to have the same
Telford TRIR Actuals IMCA Offshore Statistics Sept 2024
1 QHSSE = Quality, Health, Safety, Security and Environment; 2 Number of lost time injuries (fatalities + lost workday cases) per 1 million man-hours worked; 3 Total number of recordable incidents (fatalities + lost workday cases +
14 restricted workday cases + medical treatment cases) per 1 million man-hours worked
Source: Industry statistics provided by International Marine Contractors Association (“IMCA”)
1 Highly Committed Sponsor in Merced Capital
Background History in Telford
Merced is a private investment firm founded in 1988 in Minneapolis, Minnesota, by the team Largest investor in the company since 2017 and represents 2/3 of the Board – 7+ years
responsible for developing Cargill’s Financial Markets Department investment with a long-term commitment
Registered Investment Advisor regulated by the U.S. Securities and Exchange Commission, Primary/sole provider of capital to Telford during depths of downturn and led successful
managing capital on behalf of institutional investors, including leading endowments and financial, strategic and operational turnaround
pension funds
Invested capital in 2017, 2018, 2019, 2022 and 2023

Led by Vince Vertin and Joe McElroy, the investment team brings decades of experience in
oil and gas, shipping, offshore services, private equity and capital markets
Reached a consensual transaction to buy equity and junior PIK bonds from other major
Telford stakeholders and extinguish 100% of the existing debt to become the sole equity
Operates with a flexible investment mandate, providing both debt and equity capital with
owner of Telford Offshore in February 2023. Now owns 90% with management owning
adaptable holding periods – Merced has provided capital to and remained invested in
the remaining 10%
leading energy companies through market cycles with unwavering commitment
Dedicated substantial time, resources, and capital leading the transformation of every
Merced holds top 4 shareholder position in Hornbeck Offshore 1 and Secure Energy2 (TSX: facet of Telford over 7 years
SES) with an investment history of 6+ and 8+ years, respectively. Additionally, Merced was
a top 3 shareholder and board member of CSI Compressco 3 (NASDAQ: CCLP) with an
Key role in strategic direction, capital allocation discipline and corporate governance
investment history of 8+ years, a driving force behind CCLP's recent successful merger with
oversight
Kodiak Gas Services4 (NYSE: KGS) and remains a key investor in and subject to a lock-up
agreement with KGS
Invested, directly or indirectly, more than $200m since 2017 and retain illustrative equity
value post-transaction of $182m5
Remains fully committed to Telford going forward
1Offshore support vessels; 2 Waste management for energy and industrial customers; 3 Compression-based production services to the O&G industry; 4 Provides natural gas compression services; 5 Please see page 36 for further
15 details
1 Strategic Priorities and Risk Management
Operational priorities Commercial priorities Financial Priorities

priorities
• Provide superior service offering to clients through • Shift focus from EPCI1 contracts (more project • Prioritizing utilization over dayrates, adding backlog
multi-purpose vessels offering a single-vessel based, lump sum contracts with lower margins) to and capitalizing on best-in-class service capabilities
solution high margin time charter contracts to blue chip to secure new contracts, extensions and add-on
clients in core markets, increasing utilization and services
• Continuous focus on keeping a highly competitive earnings visibility
fleet through vessel upgrades and maintenance, with • Reduce counterparty risk by focusing on blue chip
newly upgraded fleet resulting in low near-term capex • Focus on contract opportunities in West Africa and clients in West Africa and Middle East
requirements MENA regions, which is considered key growth
regions going forward • Tight bond structure with rapid de-leveraging through
• Strong QHSSE performance through persistent focus steep amortization while keeping sufficient liquidity
on keeping operational practices above industry – Already commenced relocation of vessels into on balance sheet and conservative capital allocation
standards Middle East ensuring financial stability
• Reduce geopolitical risk by exiting high operational • Explore opportunities to manage additional vessels • Relentless focus on the lessons learned from
risk areas of operation through management agreements, growing the previous cycle, maintaining industry cost leadership
business on an asset-light model and ability to reduce cost base in unfavorable
• More efficient operations and cost base from conditions
economies of scale through operational clusters in
the Middle East and West Africa
Positioned for market leadership, high fleet utilization and significant cash conversion following renewed strategy under new ownership and management
16 1 EPCI = Engineering, Procurement, Construction and Installation

2 Attractive Contract Coverage with a Total Backlog of $443m1
Contract Coverage2 Comments

Share of illustrative • Remaining firm contract period of
revenue secured
- 100% 88% 69% 43% 35% 16% approximately 8.7 years across the fleet and
through firm approximately 4.3 years of options
contracts and options3
2023 2024 2025 2026 2027 2028 2029 • Total backlog of $443m 1, including options
Vessel of $144m with an estimated total EBITDA
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 contribution of $~300m, at a total blended
average dayrate of $~92k/d
Q3/Q4 2025: Advanced negotiations for
Telford 25 6 months extension with existing client • Since 2023 successfully managed to
Dayrate: $~90k/d minimize downtime for periods between
contracts through short term spot market
work, and expect this to continue in the near
Telford 28 term as the market continues to strengthen
• Advanced ongoing dialogue for a 6-month
contract extension for Telford 25, a 2-years
2026-2027: Advanced negotiations for 2-year
Telford 30 extension with existing client (Supermajor) extension for Telford 30 and a 9-months
Dayrate: $~115k/d
extension for Telford 31, which will make
the fleet fully contracted through 2026
Q4 2025 – Q3 2026: Advanced negotiations
Telford 31 for extension with an existing client
Dayrate: $~85k/d Backlog as of 1 September 20241
$443m
Telford 34 Total backlog
$299m $144m
Firm backlog Options
Contract Option Drydock/SPS and relocation Executed work Advanced contract negotiations
Sizeable backlog expected to generate $~300m of vessel EBITDA1
1 Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed in October. EBITDA calculated as vessel EBITDA (excl. SG&A). Includes both firm contracts and options. Telford 25 option period includes
17 30 transit days that the company expects to be treated as option days – this is reflected throughout the investor materials; 2 Please see page 45 and 47 for summary of vessel contract terms; 3 Please see page 24 for more
information and assumptions
2 Current Backlog Provides Robust Revenue Visibility
Large Share of Illustrative Revenue1 Covered in the Medium-term Historically, Close to 80% of Options Have Been Exercised
Firm revenue Option revenue Unsecured revenue Direct contract
Illustrative net debt / EBITDA1 Advanced contract negotiations extensions2 have
299
299 daysNot exercised exceeded unexercised
2.0x 1.1x 0.7x 0.2x (0.4)x (1.1)x (22%)
(22%) option days
+384
% Total illustrative revenue1 ($m) (+128%)
30 173 148 142 147 145 2021 – 683
100 Sept 2024
90 Advanced contract negotiations expected to

299
1,055
cover close to all of remaining available days
in 2025 and 2026, and add to 2027 visibility (78%)
80 1,055 days
Exercised(78%) Options not exercised Contract extensions
70
60
How clients think about firm contracts and options
50 • The firm period is typically based on the client's best-case assumption, assuming optimal
project execution, to avoid continued contract payments after project finalization
40
- Generally, projects are rarely completed in line with the best-case assumption and
clients thus secure the right-of-use for an extended period through an option to cover
30
any delays
20 - Further, it is not uncommon for clients, having utilized all options available to them, to
request additional contract extensions to finalize their project
10 • Historically (2021 to date) 78% of total option days were exercised
- In addition, 683 days were added to the backlog based on mutually agreed contract
0 extensions beyond the original firm and option period, more than offsetting the
Nov - Dec 2025E 2026E 2027E 2028E 2029E contracts where options were not fully utilized
2024E
18 1 Please see page 24 for more information and assumptions; 2 Contract extensions are not necessarily directly linked to the options not exercised
2 Proven Ability to Secure Additional Backlog Days During the Year
Backlog Days Added During 2023 Backlog Days Added During 2024
# days secured % of year covered1 # days secured % of year covered1
1,800 1,800
18% 38% 76% 79% 79% 79% 64% 65% 84% 87% 87%
1,600 1,600
41
Generally, remaining backlog
days for H2 during the year
55 0
1,400 are secured during H1 1,400
350
1,200 1,200 1,162

30
687
1,000 1,000
800 800 1,583

1,437
600 600
375
400 400
320
200 200
0 0
YE 2022 Q1 Q2 Q3 Q4 2023 YE 2023 Q1 Q2 Q3 YTD 2024
19 1 Based on 365 days per vessel

2 Strong Upwards Trend in Tender Activity Underpinned by Diverse Prospects
Development in Total Backlog Since 20211 Tendering Activity and Identified Prospects4
# days Firm Options $m Middle East Africa Asia-Pacific Americas Rest of the world
5,250 800
4,991 Type of Work
Two main type of contracts; 4,863 4,849
1. Near-term; Usually less than 6-month lead >$2.5bn Other
11%
time for demand arising from changing 700 Construction
4,500
plans / operational requests (driven by of pipeline for future 11%
EPCI2 demand)
contracts as of Sept. 2024
2. Medium to long-term; Based on field 600
3,750 construction / development phases and Pipelay 13%
programs (driven by NOC/supermajor 530 65%
demand) 500
3,000 445
Accommodation
Marks the change in strategy 400 365
2,380
to Telford 2.0 and new
2,250 management team 320
300
1,711
1,500 210
1,172 200
159
117
750
411 320 500 100
50
230 223 318 143 40
86 37 15
0 0
2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 Prospect Tender Prospect Tender Prospect Tender Prospect Tender Prospect Tender
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q33 2024 2025 2026 2027 2028
The nature of Telford’s business often results in short lead times from contract award to commencement
1 Total
backlog is the sum of firm contracts and options; 2 EPCI = Engineering, Procurement, Construction and Installation; 3 Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed in October; 4
20 Prospect = Possible opportunity for future contract, Tender = Actual bid/commercial proposal has been submitted to client
3 Free Cash Flow Showcases Significant Headroom After Debt Servicing
Illustrative Pro Forma Free Cash Flow Bridge (excl. Cash Sweep)
2024E 2025E
$m
100
100
90 18
80 78
15
70 2 16
5
60
50 21
40 83
30 62
36 21
20
16
10
5
0
EBITDA 2024E1 Normalized capex2 Taxes3 Free cash flow Net interest4 Amortization4 Free cash flow
for debt service after debt service
Cash build of around $5-20m per annum at 2024 and 2025 estimated run-rate
1Midpoint of management estimate for 2024 and 2025 EBITDA of $80-85m and $90-110m, respectively; 2 Please see page 42 for more details; 3 Assumes 4% cash tax on revenue; 4 Assumes 11% interest rate, $17.5m of semi-
21 annual amortization in 2025 and 2026, and $12.5m of semi-annual amortization thereafter (all amortization at 103% of par)
3 Solid EBITDA and Cash Flow Available for Debt Service
Illustrative Annual Financial Summary and Metrics (excl. Cash Sweep) Comments
Nov – Dec • Illustrative cash flow output based on
Year 2025E 2026E 2027E 2028E 2029E
2024E backlog as of 1 September 2024 and a flat
Split firm / option backlog revenue 100% / 0% 67% / 33% 65% / 35% 48% / 52% 89% / 11% 9% / 91% market dayrate of $100k/day and 80%
Average backlog dayrate $ 129,493 111,979 81,675 74,643 81,204 75,519 utilization on unsecured available days1
Backlog days # 234 1,355 1,257 817 641 302
Backlog utilization % 100% 100% 100% 100% 100% 100% • Backlog (firm and options) covers around
Backlog revenue $m 30 152 103 61 52 23 77% of available contracting days from
Assumed unsecured dayrate $ 100,000 100,000 100,000 100,000 100,000 100,000 November until the end of 2026, creating a
Unsecured available days1 # 0 270 568 1,008 1,184 1,523 strong foundation beyond just debt service
Assumed utilization2 % 80% 80% 80% 80% 80% 80% abilities
Illustrative unsecured revenue $m - 22 45 81 95 122
• Solid cash flow potential at moderate
Total revenue “ 30 173 148 142 147 145 market assumptions of $100k/d at 80%
Opex3 “ (11) (57) (47) (46) (49) (47) utilization – last 5 relevant fixtures have
Vessel EBITDA “ 19 117 101 95 98 98 averaged at $120k/d
SG&A “ (3) (15) (15) (15) (15) (15)
EBITDA “ 16 102 86 80 83 83
Capex4 “ (6) (19) (15) (15) (15) (15) Working days split (Nov 2024 – 2026)
Cash tax5 “ (1) (7) (6) (6) (6) (6)
Available
Free cash flow to firm “ 9 76 65 60 62 62
Interest expense6 “ - (21) (17) (14) (11) (8) days
Debt amortization (at 103% of par)6 “ - (36) (36) (26) (26) (26) 23%
Net cash flow “ Opening cash 9 19 12 20 25 28
Gross debt “ 200 165 130 105 80 55
Cash “ (30) (39) (58) (70) (91) (116) (144) Total
Net debt “ 161 107 60 14 (36) (89) 3,6841 55% Firm
Gross debt / LTM EBITDA x 2.4x 1.6x 1.5x 1.3x 1.0x 0.7x days
Net debt / LTM EBITDA “ 2.0x 1.1x 0.7x 0.2x (0.4)x (1.1)x Option 22%
Utilization from firm contracts1 % 100% 56% 48% 22% 32% 2%
days
Utilization from options1 “ 0% 27% 20% 23% 3% 15%
Utilization from available days1 “ 0% 13% 25% 44% 52% 67%
Fleet utilization1 “ 100% 97% 94% 89% 87% 83%
1Based on total 365 days per vessel per year for illustrative purposes, adjusted for backlog days and out of service days related to relocation of vessels, mobilization and drydocking/SPSs in 2024 and 2025; 2 80% utilization to
22 account for general offhire days between contracts; 3 Assumes contract specific opex for backlog days and $25,000/day opex for unsecured days; 4 Please see page 42 for further details; 5 Assumes 4% cash tax on revenues; 6
Assumes 11% interest rate, $17.5m of semi-annual amortization in 2025 and 2026, and $12.5m of semi-annual amortization thereafter (all amortization at 103% of par)
3 Break-Even Rates Well Below Current Dayrates
Illustrative Dayrate Required for Remaining Unsecured Days to Break-Even1

Break-even dayrate Average day rate for last 5 fixtures
Year 2025E 2026E 2027E 2028E 2029E $k/day
LTM day rate Aug 2024
Opex $m 57 47 46 49 47
120 120
SG&A “ 15 15 15 15 15
Maintenance capex “ 19 15 15 15 15 110
Cash taxes “ 7 6 6 6 6 103
100
Interest “ 21 17 14 11 8 • Expected cash sweep over the years will further
reduce required break-even dayrates
Amortization “ 36 36 26 26 26 90 • Assuming all vessels are active – has the ability to
Total cost “ 154 136 121 121 116 reduce opex by up to 90% in a cold stacking scenario
80 77
Costs covered by revenue from firm contracts “ 102 67 29 47 2 73 75 73
Costs covered by revenue from option contracts “ 51 36 32 5 21 70
Costs covered by backlog (firm and options) “ 153 103 61 52 23
60 2025 and 2026
with $35m in
scheduled
Costs remaining to be covered “ 1 33 60 69 93 50
amortization
40
Unsecured available days # 270 568 1,008 1,184 1,523
Assumed utilization % 80% 80% 80% 80% 80% 30
Implied break-even dayrate on available days $k/day 7 73 75 73 77

20
Costs covered by firm backlog % 66% 49% 24% 38% 2% 10 7

Costs covered by option backlog “ 33% 26% 26% 5% 18%
0
Costs covered by backlog (firm and options) “ 99% 76% 50% 43% 20% 2025E 2026E 2027E 2028E 2029E
1All costs distributed by 365 vessel days, assuming SG&A of $15m p.a., guided capex for 2024E and 2025E and normalized maintenance capex of $15m p.a. thereafter, cash tax on revenue of 4%, Assumes 11% interest rate,
23 $17.5m of semi-annual amortization in 2025 and 2026, and $12.5m of semi-annual amortization thereafter (all amortization at 103% of par). Multiple factors may cause cash break-even to vary, opex and maintenance capex can
vary by region and may fluctuate over time with changes in demand and supply constraints
3 Attractive Leverage and Collateral Package with Strong Deleveraging
Illustrative Debt Development1 Illustrative Net Loan to Value

$m New Senior Secured Bond Illustrative net debt $m Bond Collateral value PF cash and cash equivalents Net LTV
Illustrative net debt / EBITDA
250 1,300
2.0x 1.1x 0.7x 0.2x (0.4)x (1.1)x 57% 47% 29% 22% 14%
225 1,200
200
200 1,100
175 165 1,000
150 900
130
125 800
105
100 700
80
75 600 1,175
55
50 500
25 400 782
300 588
0
170
200 360
-25 ~300
100 200
-50
0 (30)
-75
PF YE 2024 2025E 2026E 2027E 2028E 2029E Bond Total est. Avg. broker Age adj. Original Replacement
at issuance EBITDA values repl. cost3 construction cost4
backlog2 cost
Scheduled amortization combined with the potential for significant surplus cash generation drives de-risking of the bond
1 Based on illustrative annual free cash flow example on page 24, assuming no further dividend distribution; 2 Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed in October. EBITDA calculated as
24 vessel EBITDA (excl. SG&A). Includes both firm contracts and options; 3 Assuming 30 years useful life and straight-line adjustment; 4 Please see page 12 for estimated replacement cost per vessel
4 Attractive Backdrop from Increasing E&P Spending and Strategic Positioning
Offshore E&P Spending Cost of Supply for Global Remaining Liquid Resources1
$bn $/bbl Telford core markets
Greenfield and exploration Brownfield
550 80
CAGR +4%
500
469 473 469 70
450 Russia
450 444 Oil onshore
424 sands
405 60
400 Extra
369 heavy oil
Onshore Shelf North American
347 RoW2 RoW2 shale
350 332 329 330 50 Deepwater and ultra
deepwater
251 298 317 309 314 Telford’s main focus is 45
300 288 41
306 offshore in the Middle
295 40 37
280 East and West Africa 36
250 220 33
31 32
219 248 Middle East
225 232 30 offshore
200 Middle East
205 215 onshore
150 20 15
13
100 192
148 152 164 155 10
126 129 143
50 113 104 98 99
82 83
Million barrels per day (mb/d)
0 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E2025E2026E2027E2028E 0 10 20 30 40 50 60 70 80 90 100
Telford is strategically positioned in key regions for future oil and gas development, with low production costs and ample remaining resources
1 Break-even calculated as of the current year, all historical cash flow are sunk, 10% discount rate. The vertical range illustrates an 80% confidence interval for the break-even prices. Includes producing fields, ongoing development
25 projects, discoveries and exploration assets; 2 RoW = Rest of World
Source: Rystad Energy Research and Analysis, Rystad Energy UCube
4 Core Regions Show Promising Long-term Demand Outlook
Offshore Spend in West Africa and the Middle East Number of FPSOs in West Africa1
Maintenance & Mechanical Studies & Engineering +23 FPSOs
$bn # of FPSOs
Fabrication & Construction Integrity & Decommissioning
70 40 Demand drivers for DP3 multi-purpose support 39
38
vessel activity
+13% 1. SPS; Every 5-year FPSOs have a SPS and need 36
35 accommodation units to support carrying out 34
60 58 58 these operations in the field
56 32
5 5 ‒ Duration of approximately 6-9 months
51 5 2. Hookup; One-off in nature when a new FPSO
30
49 comes online
50 4 7 8 27
4 7 ‒ Duration of approximately 9 months
3. Asset life extension; Extension campaigns
41 41 7 25
6 following 15-20 years of producing at field
40 37 ‒ Duration of approximately 9-12 months 22
4 37 4
36 35 20
3 4 33 5 20 19
6 3 3 24 23 18
31 23
5 5 3
30 5 5 3 19 19 16
4 15
4 14
15 12
14 12 11 11 11
20 13 11 10
9 10
10
8
21 22 23 5
10 19 20 5
17 16 16 16 15 17
14 14 3
2 2
0 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2014 2016 2018 2020 2022 2024E 2026E 2028E 2030E 2032E 2034E
The strong increase in both offshore EPCI spending and number of FPSO awards is expected to drive vessel demand in West Africa and Middle East
1Number of FPSOs in West Africa and South Africa, included from estimated start-up year
26 Source: Rystad Energy ServiceDemandCube OilandGas
4 Uniquely Positioned in the Accommodation / Service Space
Accommodation Service Peers Offshore Construction Peers
Jack-ups Telford fleet Other semi-subs / floaters Offshore construction vessels
Flexibility to operate across water

depths in benign environments
✓ ✓ ✓
Accom.
POB: ~150-200 POB: ~300-700 POB: ~300-600

Services
Relevant supply1 Considerations Other
• Additional services typically include well services • Telford fleet also performing construction, lifting,
• Limited focus on other services • Typical services: Lifting, construction and pipelay
and some construction/lifting diving support and pipelay services
• Limited to shallow water • Normally larger and more expensive, more

• Ability to operate in shallow and deep water • Dedicated construction vessels
• Restricted and inefficient mobility dedicated to deepwater and harsh environments
• High mobility • Typically more expensive
• Negative impact on seabed infrastructure (e.g. Brazil, North Sea)
• Low cost base and highly fuel efficient • Lower accommodation capacity
• Generally lower POB capacity • Primarily sole accommodation focus
West Africa
2
49 Core comp. Core comp.
67 (Mainly active fleet 5 16 22 6 (Mainly active fleet 45 55 10
Non-core Core comp.
in Middle East) Middle East 1 Mexico Non-core in West Africa
(Middle East)
Non-core 18 2 (to be relocated) (South Am., North and RoW) (RoW + Idle fleet)
Market
(China + Idle fleet) Sea + Idle fleet)

• Mainly competitor to Telford in the Middle East
• Large share of fleet located in harsh
•
Comments
Typically lower likelihood of competition with less

environments (North Sea) and high demand • Likely competition from fleet located in Middle
than 150 berths, implying multiple jackups • Core markets includes Middle East and West
regions like Brazil  lower likelihood of moving East – more unusual to meet competition from
required at circa $50-$60k a day to service high Africa
into Telford main areas other markets
POB requirements that can be met by one
• Operating costs typically double that of Telford
Telford vessel
1 Relevantsupply defined based on a set of criteria including POB capacity, crane capacity and dynamic positioning, as well as subjective considerations provided by the Company. For a more detailed assessment of the breakdown
27 to the competitive fleet, see page 30
Source: IHS Petrodata and Company considerations
4 Limited Competition From Comparable Vessels
Vessel Type Breakdown of Competitive Supply Example of Competitors Comments
# vessels
West Africa: 2 Other regions • Large share of fleet focusing on harsh
Brazil/Mexico/ Core competition
142 Middle East: 0 (Indirect competition) environment (North Sea) and high demand
North Sea Other: 4 regions such as Brazil with lower likelihood
120 22 of moving into West Africa and Middle East
Accom. Floaters
2
14 6 • Example of vessels Telford typically
(Monohull / Semi-sub /
Barge ) competes with in tender processes include:
Global fleet1 Crane, DP, Adjusted fleet Idle fleet adj.3 Less likely to Core Arendal Spirit, Edda Fides, Dan Swift,
POB & leave region competition Guo Hai An Hong and Temis
gangway adj.2
# vessels Middle East: 45
137 West Africa: 2 Core competition • Typically, small jack-up lift boats with less
Other: 2 than 150 berths have a lower likelihood of
70 67 competing with Telford due to size and
16 49 service offering
2
Accom. Jack-Up
• Chinese supply less likely to enter Telford’s
key regions. Core competitive fleet of 49
Global fleet1 Crane & Adjusted fleet Idle fleet adj.3 Excl. China Core assets (mainly in the Middle East)
POB adj.4 competition
# vessels
Other regions • Global fleet with approximately similar
531 Core competition
(Indirect competition) service offering and capabilities as
476 55 Telford’s fleet is around 50 units, of which
10 are located in the Middle East
17
Construction
28 10 • Even though these vessels are capable of
Vessel
moving around, Telford has not
Global fleet1 Non- Adjusted fleet Idle fleet adj.3 Excl. non- Core experienced material competition from
comparable Middle East competition operators not focusing on the Middle East
assets adj.5
1Fleet available or in service competing in the open market. For Accom. Floaters: excluding Telford vessels. For construction vessels: only including DP2/DP3; 2 Excluding assets with crane lift capacity <= 60mt, non-DP 2/3, POB
<= 300 and non-gangway; 3 Excluding cold stacking and idle units; 4 Excluding assets with crane lift capacity <= 150mt and POB < 150; 5 Excluding units owned by EPCI contractors who only use their assets for own projects;
28 Removed vessels <80m LOA; Removed vessels with cranes <150mt and >1200Mt; additional adjustment for very high-spec deepwater subsea units which normally compete for different work
Source: IHS Petrodata and Company considerations
4 Recent Fixtures Indicate Market Rates Currently Averaging at $125k/day
Contracted Dayrates1 and Utilization Comments

Telford 25 Telford 28 Telford 30 Telford 31 Telford 34 Utilization • Visible improvement in utilization on the
back of revised strategy, despite downtime
Utilization (%) $k/day
“Old Telford” “Telford 2.0” following vessel upgrades and repositioning
100 240
• Most recent fixtures indicate market rates,
including mobilization and auxiliary services
90 220
averaging at $125k/d
Average utilization (%) West Africa
contract 200 • Legacy contracts, secured prior to
80 operational strategy implemented in 2023,
Average utilization (%) 180 were fixed at dayrates of approximately
2
70 $80k/d for Telford 25 and Telford 30
160
• Time from contract award to
60 140 commencement is typically less than 6
months, with notable exception being the
50 Average dayrate ($k/day) 120 multi-year and multi-vessel contract in Qatar
Long term (1.5 years) commencing late 2025
MENA pipelay contract
100
40 Average dayrate ($k/day) • Dayrates typically higher in West Africa than
Middle East due to lower number of
80
30 competing vessels / other accommodation
units
60
20 Long term (~3,000 • Higher dayrates typically secured for
Marks the change in
days) multivessel 40 pipelay contracts
contract in Qatar
strategy to Telford 2.0 and
10 new management team 20
0 0
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24
29 1 Including mobilization and other auxiliary revenue; 2 Includes $7.5m mobilization/demobilization fees amortized over the life of the contract
4 Asset Values Supported by Attractive EBITDA Generation and Limited Supply
Illustrative Vessel Replacement Cost1 Commentary
$m Telford 25 Telford 28 Telford 30 Telford 31 Telford 34 • Limited yard capacity following increased newbuild activity within shipping and FPSOs
• Inflationary pressures within labour and equipment coupled with general supply chain
275
Average est. replacement constraints are driving up cost for newbuilds
cost of $235m per vessel
250 • Reduced availability of yard financing requires additional equity contribution, making
investments relatively less attractive
225
• At current dayrates, delivery time and financing terms, the risk of newbuilds being ordered is
200 perceived as low
175 Illustrative IRRs for Newbuild Investment Scenarios2

Fleet age adjusted
150 replacement cost of $588m IRR (unlevered)
Most recent tenders provide solid cash generation
125 20% for existing fleet, however, far below market
participants’ assumed return hurdles
100 15%
75
10%
50
5% Market participants likely require dayrates
25 to reach $170-180k/d area before
newbuilds make economic sense
0 0%
0 5 10 15 20 25 30 80 90 100 110 120 130 140 150 160 170 180 190 200
Vessel age Dayrate
Dayrates have to significantly improve before newbuild activity is incentivized
30 1 Please see page 12 for breakdown of replacement cost per vessel; 2 IRR calculated assuming opex of $25k/d, annual maintenance capex of $3m, 4% tax rate on revenues. For illustrative purposes only
Summary of the Investment Proposition
1 2
Robust contract backlog

Market leader within multi-
delivering high cash flow
purpose support vessels
visibility
4 3
Strong underlying market Tight bond structure and

outlook rapid de-leveraging
Table of Contents
1 Recent Bond Issue
5 Appendix
32
Long-Term Oriented, Committed and Supportive Sponsor During Downturns
Key Investments and Support Showcasing Long-Term Commitment Historical Investment Timeline
• Telford Offshore $ $ $ $
– 7+ year investment (top shareholder and board member)
– Merced was primary capital provider during depths of downturn and led successful financial, Brent crude ($/bbl)
strategic and operational turnaround 120
• Secure Energy
– 6+ year commitment (top 4 shareholder today)
100
– Funded bankruptcy rights offering in 2016, invested additional debt/equity in 2018, 2019,
2020, 2021 and doubled equity stake during COVID
• Hornbeck Offshore
80 $ $
– 6+ year investment (top 4 shareholder today)
– Funded bankruptcy rights offering, invested additional debt/equity in 2018, 2019, 2020, 2021
$
and funded every rights offering available 60 $ $
• CSI Compressco $ $ $ $
$ $ $
$ $ $
– 8+ year investment (top 3 shareholder and board member)
40 $ $
– Invested in debt/equity in 2016, 2017, 2018, 2019, 2020, 2021 during downturn $ $
$
– Joined board in July 2023 to spearhead strategic alternatives process that led to successful
sale to Kodiak Gas Services, which benefitted CSI Compressco bondholders significantly 20
– Equity value doubled during Board tenure and Merced has retained all equity
• Merced supported all four energy companies with increased investments during the oil market
downturn and continues to see long-term value in energy and energy services companies 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$ $ $ $ Represents investments by Merced
Merced has provided capital to and remained invested in leading energy companies through market cycles with unwavering commitment
33
Long-term Commitment from Merced and Management Teams
Key Factors Supporting Strong Commitment from Telford Equity Holders Illustrative Equity Value
• Management committed economically and contractually
Post transaction At maturity
– Aligned incentives – Management’s 10% equity MIP1 and existing annual bonus scheme (tied to
levered free cash flow) retain and motivate best-in-class team EBITDA $m 83 83
– Long-term commitment – MIP is subject to a 5-year vesting schedule (20% vests annually) and Illustrative EV/EBITDA multiple x 4.5x 4.5x
bonus scheme is paid annually post-audit
Illustrative enterprise value $m 373 374
– Skin in the game (junior to debt) – MIP only receives value after debt (and a preferred return
threshold) and bonus scheme is paid after interest expense Bond " (200) (55)
• Insiders have significant personal equity holdings and are highly committed to Telford Cash " 30 144
– Management: 10% ownership of Telford (inclusive of Bob Duncan’s 4% ownership) Illustrative equity value " 203 463
– Bob Duncan (Board): 4% ownership
– Vince Vertin (Board): ~13% direct and indirect ownership of Telford
– Joe McElroy (Board): ~9% direct and indirect ownership of Telford
• Merced contractually committed post-transaction via creditor-friendly change of control Illustrative Equity Value by Constituent
provision
– Upon Merced ceasing to own at least 50% of the equity, the bonds will have a 101% put option
• Assuming an illustrative 4.5x EV / EBITDA valuation multiple, Merced and insiders retain very Merced Management3 Board3
significant equity value junior to bondholders post transaction
– $203m of total equity value post-transaction Share of equity3 % 90% 10% 26%
• Provisions in MIP
Illustrative equity value (post
– Call option for other investors in the event of a good leaver (FMV 2 of vested shares and lesser of transaction)
$m 203 203 203
FMV and issue price for unvested shares) or a bad leaver (lesser of FMV and issue price for
vested and unvested shares) Share of illustrative equity value " 182 20 53
– Managements' shares are subject to transfer restrictions and may only be sold to certain affiliates
Illustrative equity value (at maturity) " 463 463 463
or by the use of drag/tag along-rights
– Restrictive covenants, such as non-compete, non-solicitation and non-disparagement, apply for a Share of illustrative equity value " 417 46 120
period after termination of employment
Post-transaction, Merced and management will continue to have significant skin in the game, driving continued focus and commitment to create value to all stakeholders
34 1 MIP = Management incentive plan; 2 FMV = Fair Market Value; 3 Robert Duncan’s ownership is included in both Management and Board
Telford Offshore is Committed to High Standards of Corporate Governance
Telford Offshore – Overview of Corporate Governance Structure Telford Offshore – BoD Composition
• Extensive delegation of authority matrix rolled out through the company ensuring no one person has approval Vince Vertin, Chairman
authority for any material decision, with ISO Accredited management system in place subject to regular third- • Has more than 30 years of military and investing
party audit experience, including the past 20 years spent at
Key governing Merced Capital
• Established policies for corruption, money laundering, fraud, whistleblowing and sanctions
principles • Formerly at Dain Rauscher Wessels, JP Morgan
• ISO accredited management system in place subject to regular 3rd party audit. Red list of countries maintained and Providence
and regularly reviewed for jurisdictions where Telford will not do business (ie countries with sanctions; high
• Service as a captain in the US Marine Corps
levels of corruption)
Joe McElroy, Board Member
• Has more than 16 years of analytical and
investing experience, including the past 9 years
• Highly engaged board of directors, comprised of the CEO and the two managing partners in Merced, that meets spent at Merced Capital
Board of Directors monthly with the management team with standing agenda on financial, commercial and operational matters • Formerly at Merrill Lynch, Norwest Equity and
CarVal
• Board of directors responsible for setting and approving any changes to executive remuneration
• Energy industry board experience, recently
serving on the board of CSI Compressco
Robert Duncan, Board Member

• Former board member at Seafox International
• As a registered investment adviser with the Securities and Exchange Commission, Merced must adhere to strict
(Jack-Up ASV owner/operator), Zakher Marine
regulations and is subject to periodic SEC examinations, which imply SEC scrutiny on the governance at Telford
Main sponsor Merced International (Integrated Marine Services and
Capital subject to • All employees are subject to a code of ethics and a compliance manual, including information security, insider Vessel Owner/Operator) and Advance Global
strict regulations and trading and conflicts of interest Recruitment (Global Offshore Energy Industry
SEC examinations Recruitment Services).
• Annual audits performed by EY
• Qualified member of the Institute of Chartered
• Merced’s fund administrator has extensive anti-money laundering policies and procedures Accountants of Scotland and the Chartered
Institute of Public Finance and Accountancy
35
Key Events Leading to Telford 2.0
Corporate History
Sea Trucks restructured and renamed Telford Offshore by 6 major creditors

• Sea Trucks owned 5 DP3 vessels and other OSVs of immaterial value (later divested)
Q3 2017 – Q1 2018 • Merced invests in ~25% of defaulted Sea Trucks debt to become largest stakeholder (~25% stakeholder)
• Six major creditors, including Merced, exchange old debt for new debt and equity
• Telford remains highly leveraged post-restructuring
Telford’s 6 major stakeholders effectuate multiple restructurings but fail to sufficiently deleverage or improve operations
• Merced invests additional capital in 2017, 2018, 2019, 2022 and 2023
Q1 2018 – Q4 2021
• Merced becomes the primary/sole capital provider to Telford
• Merced eventually owns ~100% owner of senior secured debt by 2022
Telford defaults, restructures and emerges debt-free with Merced as sole owner
• Telford defaults and enters into a forbearance agreement with Merced
• Grant Thornton runs a competitive sales process and selects Merced to purchase Telford in exchange for extinguishing its debt
Q3 2022 – Q2 2023
• Merced consensually settles with all 5 other major Telford stakeholders
• Merced invests fresh capital to stabilize operations and improve vessels
• Uncontested Cayman winding-up proceedings completed successfully with a final order from a Cayman Court after administrative resolution by a Court-appointed liquidator
Debt-free Telford pursues successful operational restructuring

• Merced inserts new Board and management team led by Bob Duncan and Andy Robertson
Q2 2023 – Q3 2024 • Management granted 10% ownership stake to align incentives
• New management dramatically improves operations, invests heavily in vessel upgrades and wins major contracts
• Telford grows backlog to $443m1 with high-quality counterparties, generates $83m of LTM EBITDA and forecasts $90-110m of 2025 EBITDA
Telford seeks to optimize its capital structure

Today
• Debt-free balance sheet, $443m1 contract backlog and substantial excess free cash flow support debt issuance
The successful transformation of Telford is a result of a series of corporate, operational and commercial actions initiated by Merced and existing management team
36 1 Pro forma backlog as of 1 September 2024, adjusted for the three new contracts signed in October. Includes both firm contracts and options
Telford Remains Committed Towards ESG
Environmental Impact Social Governance and Ethics
Keeping a high standard on human rights,

Telford considers its environmental impact decent work conditions and compensation, Committed to the highest ethical standard,
and work towards limiting their CO2 footprint Telford Offshore upholds UN and compliance and integrity
international regulations and complies with
local laws and regulations
Telford operates a fleet that is more fuel

efficient compared to competing units such Telford has established policies for
Telford strictly adheres to the labor laws in corruption, money laundering, fraud,
as DP3 Semi-Subs and Compact Semi-Sub the jurisdictions it operates in
ASVs whistleblowing and sanctions, all in line with
industry practice
Telford is ISO 9001 and ISO 14001 Telford complies with the International Telford is compliant with regulations and
certified, following the most renowned Convention on Standard of Training, standards provided by International Labour
standards of management and Certification and Watchkeeping for Organization (ILO) and the Maritime Labour
environmental management Seafarers (STCW) Convention (MLC)
Telford engages with quality subcontractors

Telford is compliant with MARPOL
and counterparties, performing thorough
regulations and has also established waste Telford’s performance in health, safety and
counterparty reviews before entering into
management processes that are followed environment is above industry standard
agreements and keeping a red list of
fleet wide
jurisdictions not to perform business in
37
High-level Financials1
Operating Revenue EBITDA2

$m $m
EBITDA affected by the liquidity crisis,
200 160-190 120 default, management turnover, 90-110
140-160 strategy change and restructuring 80-85
152 153 90 83
150 67
60
100 94 89 32
30
50 0
-30 -23
0
2021 2022 2023 LTM Aug. 2024E 2025E 2021 2022 2023 LTM Aug. 2024E 2025E
2024 2024
Maintenance and Drydock Capex3 EBITDA – Maintenance and Drydock Capex2

$m Maintenance Drydock $m Cash conversion
88
25 100
88%
21 56
75 62
20 84%
29 75%
50
15 91%
15 13
11 25
10 7 0
5 8
5 3 120%
6 6 -25
1 4
2 1 3 -28
0 -50
2021 2022 2023 2024E 2025E 2021 2022 2023 2024E 2025E
1 2021numbers representing Telford Offshore Holdings Limited, 2022 representing Telford Offshore International Limited and 2023 and onwards representing MAM Telford Holdings, Ltd; 2 Based on midpoint of management
38 estimate for 2024 and 2025 EBITDA of $80-85m and $90-110m, respectively; 3 Please see page 42 for full capex breakdown
Revenue Composition
2023 Revenue by Client1 YTD August 2024 Revenue by Client1

Azule Energy NMDC
NMDC
5% McDermott
Other 9%
6%
NFE
Petro Services 9%
11% 31%
Total 42% NFE Total
11%
revenue revenue
16% $152m $92m
Total Energies
18%
23%
19%
Azule Energy Arendal
Saipem
2023 Revenue by Geography YTD August 2024 Revenue by Geography

Qatar UAE UAE
KSA
4% 9%
6%
0%
Ivory Coast Qatar
16% 17%
Total Total
revenue 53% Mexico revenue 54% Mexico
KSA 3%
$152m $92m
22% 18%
Angola Angola
39 1 Azule Energy is a JV between BP and Eni; NFE = New Fortress Energy; NMDC = National Marine Dredging Company
Significant Recent Fleet Investments Ensuring Highly Competitive Vessels
Normalised Capex of $~15m per Annum Comments

Maintenance Upgrades / contract specific Drydock Vessel repositioning • Limited capex spend between 2019 and
$m 2021 due to poor markets and different
45 priorities among key shareholders, creating
43 a capex overhang
40 • In line with the change in strategy and prior

11 underinvestment, significant one-time uptick
in capex in 2023 and 2024 with around
35
$55m invested in fleet modifications,
upgrades and strategic repositioning as part
30 of the wider transformation of Telford 2.0
• Expect lower capex requirements and high

25 cash conversion over the next years, with
15
fleet assessed as competitive without larger
future contract specific upgrades
20 19
~15 • Expect a normalized capex of $~15m per

5
15 annum, with capex related to drydocking /
13
SPS usually around $6m per vessel,
10 occurring every 5 years
10 7
8
7 • 2 drydockings / SPSs completed in 2024
1
5 4 (Telford 25 and Telford 30), with Telford 34
3 2 scheduled for 2025, Telford 31 for 2026 and
1 6 6
2 3 Telford 28 for 2027
2
0 1
2021 2022 2023 2024E1 2025E Normalized2
1 2024capex includes $4.2m for vessel repositioning which has been expensed through opex; 2 Normalized capex is management’s estimate of average annual capex for years after 2026. Factors that may cause actual capex in
40 such periods to differ from this estimate includes, but is not limited to, requirements of contracts entered into in the future, unscheduled maintenance and variations in costs of carrying out capex. You should not place undue reliance
on normalized capex
Stable Working Capital Base
Decomposition of Working Capital Items Comments

$m Trade receivables Other current assets Trade payables Other current liabilities Net working capital • August 2024 LTM average days receivable
outstanding at similar levels to 2021-2022,
70 with higher revenue driving higher
receivables balance
60
• Shift towards blue chip clients and end
Q4 2022 decline related users will lead to significant improvement in
50 to write-off of stock historical receivable collection
25 items held on board – The average payment term of current
24 22
40 22 22 contracted receivable days (based on
47 live and upcoming contracts) is ~35 days
15 17
30 • August 2024 LTM average days payable
49
outstanding ~20 days shorter compared to
21 22 2021-2023 on the back of stronger
20 23
33 21 26 relationships with suppliers which could also
28 29 29 31 31
26 allow for negotiation of rates going forward
10
12 14 – The average contractual payable days is
11
8 7 5 ~45 days
0 3
(4) (5) (5) (7) (5) (4) (6) • 2021 and 2022 balances include up to
(9) (11) (8) (8)
(11) (12) (11) $26m of inventory held on board, with
(8)
(10) (9) (13) management writing off the balance in
(8) (12)
(9) (22) December 2022 due to the ageing of the
(20) (15) (25) (31) account
(22) (27) (22) (32)
– New purchases are expensed through
(30) the income statement, increasing
transparency and cost control
(40)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
41
Table of Contents
1 Recent Bond Issue
5 Appendix
42
Summary of Vessel Contract Terms (1/2)
Vessel (Area of Operation) Key Terms
• Firm duration: 275 days from May 2024

• Extension options: 6 x 15 days
Telford 25 (Saudi Arabia) • Termination for convenience at any time. Compensation: Before on-hire, mob. fee + 30 days charter hire. After on-hire, mob. fee + charter hire for
period used + 25% of unused firm period. If termination during option period, only days already used are compensated
• English law; DIFC arbitration in Dubai
• Firm duration: 5 months from October 2024

• Extension options: 1 x 30 days; 1 x 16 days; 2 x 7 days
Telford 28 (Ivory Coast)
• Termination for convenience at any time. Compensation: demob. fee + charter hire for period used + 80% of unused firm period.
• English law; arbitration in London
• Firm duration: 1 September 2024 to 1 June 2025

• Extension options: 6 x 1 month
Telford 30 (Angola)
• Termination for convenience at any time. Compensation: demob. fee + charter hire for period used + 40% of unused firm period.
• English law; ICC arbitration
• Firm duration: 152 days from April 2024

• Extension option: 1 x 1 month. Further extension through to November 2024
Telford 31 (UAE)
• Termination for convenience at any time. Compensation: 100% of the charter hire for the charter period (both used and unused)
• Abu Dhabi law
• Multiple vessel contract in Qatar

• First vessel commences in Q4 2025
Telford 25, 28, 31 and 34 (Qatar) • More than 3,000 days in total (firm + options)
• Termination for convenience at any time. Compensation varies depending on which vessel is terminated
• Qatari law
43
Summary of Vessel Contract Terms (2/2)
Vessel (Area of Operation) Key Terms
• Firm duration: 266 days (commencement window 1 January to 1 May 2026)

• Extension options: up to 135 additional days
Telford 25 (Qatar)
• Termination for convenience at any time on 150 days notice. Compensation: 100% of applicable charter hire until demobilisation
• Qatar law; arbitration in Qatar
• Firm duration:
• 660 days configuration A (commencement window 1 August to 1 December 2025)
• 382 days configuration B (commencement window 1 September 2027 to 15 February 2028)
• Extension options:
Telford 28 (Qatar)
• up to 140 additional days configuration A
• up to 136 additional days configuration B
• Firm duration:
• 385 days campaign A (commencement window 1 July to 2 October 2026)
• 307 days campaign B (commencement window 1 April to 31 August 2028)
• Extension options:
Telford 31 (Qatar)
• up to 163 additional days campaign A
• up to 160 additional days campaign B
• Firm duration: 133 days (commencement window 1 July to 2 October 2026)

• Extension options: up to 146 additional days
Telford 34 (Qatar)
44
Overview of Intercreditor Agreement
Item Key Terms
• The Parent, the Issuer and the other intra-group debtors and intra-group creditors
Parties • Nordic Trustee AS as bond trustee on behalf of the Bondholders and security agent on behalf of the secured parties
• The agent, arranger and lenders in respect of the super senior RCF (the "Credit Facility")
• The Bonds and the Credit Facility shall rank pari passu in right and priority of payment, and shall participate pari passu in the Transaction Security,
subject to "Application of proceeds" below
Ranking and priority:
• The Bondholders shall not be required to share the DSRA pledge with the Super Senior Creditors
• Intra-group liabilities and shareholder loans shall be subordinated to the Bonds and the Credit Facility
• Intra-group liabilities shall be permitted to be paid from time to time when due, until an acceleration event has occurred under the Bonds or the
Permitted payments: Credit Facility
• Shareholder loans shall be permitted to be paid as set out in the Bond Terms and the Credit Facility
• Enforcement may be initiated by the creditors under the Credit Facility ("Super Senior Creditors") or the Bondholders
• Thereafter, enforcement instructions may be given by the Bondholders in accordance with the Bond Terms
• If the Bondholders have not given enforcement instructions or appointed a financial adviser within 3 months of initiation, or the Credit Facility has not
Enforcement of Transaction Security:
been discharged within 6 months of initiation, then the Super Senior Creditors may provide enforcement instructions.
• The Super Senior Creditors may also provide enforcement instructions if a debtor is insolvent or there is a delay in the Bondholders providing
instructions that may have a material adverse effect on the enforcement or potential recoveries.
• All amounts received by the security agent under the debt documents or recovered from any Transaction Security or guarantee shall be applied in
the following order of priority:
• amounts owing to the security agent, receivers, delegates and creditor representatives (for their own account)
Application of proceeds:
• the Credit Facility creditors (up to a maximum of $10m for cash facilities and $10m for guarantee, performance bond or letter of credit
facilities)
• the Bondholders
Governing law: Norwegian law, Oslo courts
Customary provisions covering inter alia purchase by the Bondholders of the Credit Facility liabilities, turnover, enforcement principles, distressed and
Other: non-distressed disposals and bond trustee protections
For further details, refer to the ICA principles attached to the term sheet for the Bonds
45
Detailed Corporate Structure
Merced Capital Management
(90% shareholder) (10% shareholder)
MAM Telford Holdings Ltd

(Cayman Islands)
Holding Company
Telford Finco.
Telford Finco. was established on 30th September
(Cayman Islands)
2024, for the purpose of the bond offering.
Issuer
Telford Offshore International Ltd

(Cayman Islands)
Holding Company
Telford Offshore Marine Ltd Telford Offshore Contracting Ltd

Telford Offshore Support Ltd Telford Offshore Global Ltd
(Caymand Islands) (Cayman Islands)
(Caymand Islands) (Cayman Island)
Offshore Manpower Employer Intermediate Holding Company for DP3 Intermediate Holding Company and Intermediate Holding Company Ltd
Fleet Contracting Entity
Fusion Middle East Services

(Qatar)
Telford 25 Ltd Local services partner Adeoyin Ademoia AFUN
(Cayman Islands) (Nigera)
Telford Offshore FZE
Owns vessel Telford 25 51% Local director
(UAE)
Telford Offshore Trading and 49%
60%
Services Middle East LLC
Telford 28 Ltd
(Qatar) 40%
(Cayman Islands) Telford Marine DMCC Telford Offshore Nigeria Limited
Owns vessel Telford 28 (UAE) (Nigeria)
Telford Offshore QFC LLC
(Qatar)
Telford 30 Ltd Telford Offshore Netherlands 99%
Key: (Cayman Islands) Cooperatie UA
Owns vessel Telford 30 Telford Offshore (Angola), LDA (Netherlands)
49% Telford Offshore Contracting de
(Angola) México, S. de R.L. de C.V.
= Holding Company (Angola JV) (Mexico)
Telford 31 Ltd Telford Offshore Contracting BV 1%
= Company within Telford (Cayman Islands) 51%
(Netherlands)
Offshore’s control or Owns vessel Telford 31
ownership structure CMAR Maritime Services Angola,
Limitada
= Company which is Joint (Angola) BUT Telford Offshore FZE
Telford 34 Ltd
Venture partner in stated JV Partner in Angola (PE in Indonesia)
jurisdiction / market (Cayman Islands)
Owns vessel Telford 34 Cross Energy Ltd
= Company that is dormant / 70%
to be wound up (Ghana)
JV Partner in Ghana Telford Offshore Australia Pty Ltd
100% ownership unless Offshore Ghana LTD (Australia)
otherwise stated (Ghana)
(Ghana JV) 30%
46
Consolidated Statement of Comprehensive Income
2021 2022 2023 YTD August 2024
$k
Audited1 Audited2 Audited3 Unaudited3
Revenue 94,110 88,975 151,909 92,201
Cost of sales (85,505) (121,774) (97,849) (50,547)
Gross profit 8,605 (32,799) 54,060 41,654
General and administrative expenses (8,494) (14,867) (22,383) (13,147)
Loss allowances (2,285) (10,034) (883) -
Operating profit / (loss) (2,174) (57,700) 30,794 28,507
Impairment of investment - - (7,671) -
Finance income - 26 707 300
Finance costs (188) (319) (1,449) (700)
Finance costs -net (188) (293) (742) (400)
Profit / (loss) before income taxes (2,362) (57,993) 22,381 28,107
Income tax expense (3,363) (3,093) (4,105) (1,784)
Profit / (loss) for the year (5,725) (61,086) 18,276 26,323
Other comprehensive income - - -
Total comprehensive income for the year (5,725) (61,086) 18,276 26,323
47 1 Telford Offshore Holdings Limited (previous TopCo, now liquidated); 2 Telford Offshore International Limited (previous TopCo, now liquidated); 3 MAM Telford Holdings, Ltd
Consolidated Statement of Financial Position (1/2)
2021 2022 2023 YTD August 2024
$k
Assets
Non-current assets
Property, plant and equipment 243,711 216,293 194,124 197,695
Intangible assets 286 190 95 -
Right of use assets 688 602 299 -
Total non-current assets 244,685 217,085 194,518 197,695
Current assets
Inventories 23,210 669 2,183 1,876
Trade receivables -net 21,567 23,046 26,319 43,119
Loan to related parties 6,200 - - -
Other current assets 1,930 1,392 939 16,809
Financial assets at amortised cost 4,246 5,646 1,928 -
Cash and cash equivalents 13,188 7,533 38,333 36,250
Total current assets 70,341 38,286 69,702 98,054
Total assets 315,026 255,371 264,220 295,749
Consolidated Statement of Financial Position (2/2)
2021 2022 2023 YTD August 2024
$k
Equity and Liabilities
Equity
Share capital and premium - 338,619 328,679 346,898

Retained accummulated losses (50,083) (55,808) (116,894) (116,894)
Total comprehensive income for the year (5,725) (61,086) 18,276 26,323
Net equity (55,808) 221,725 230,061 256,327
Liabilities
Non-current liabilities
Provision for employees' end-of-service benefits 515 803 550 503

Lease liabilities 471 292 135 -
Total non-current liabilities 986 1,095 685 503

Current liabilities
Loan from related parties 353,464 - - -

Trade and other payables 15,157 30,152 32,071 38,212
Lease liabilities 94 244 100 120
Current tax payable 1,133 2,155 1,303 587

Total current liabilities 369,848 32,551 33,474 38,919
Total liabilities 370,834 33,646 34,159 39,422

Total equity and liabilities 315,026 255,371 264,220 295,749
Consolidated Statement of Cash Flows (1/2)
2021 2022 2023 YTD August 2024
$k
Cash flows from operating activities
Profit / (loss) before taxes (2,362) (57,993) 22,381 26,323
Adjustments to reconcile loss before income taxes to net cash

provided by operating activities
Depreciation charge for the year 33,592 34,173 35,282 25,061
Depreciation charge for right of use assets 279 261 303 133
Amortization charge on intangible assets 95 96 95 64
Employees end of service benefits 155 288 199 288
Finance costs 188 319 1,449 585
Finance income - (26) (707) (217)
Operating profit before working capital changes 31,947 (22,882) 59,002 52,237
Decrease / (increase) in inventories (3,435) 22,541 (1,514) (308)
(Increase) / decrease in trade receivables 6,423 (1,479) (3,273) (15,645)
Increase / (decrease) in other assets (1,452) 538 453 (12,311)
(Increase) / decrease in financial assets at amortised cost 951 (1,399) 3,718 -
Increase in trade and other payables (excluding accrued interest) 226 14,994 1,919 6,718
Cash generated from operating activities 34,660 12,313 60,305 30,690
Taxation paid (4,102) (2,071) (4,957) (3,229)
Finance income received - 26 707 217
Finance cost paid (118) (216) (1,356) (702)
Employees' end-of-service benefits paid (1) - (452) (336)
Net cash generated from operating activities 30,439 10,052 54,247 26,640
Consolidated Statement of Cash Flows (2/2)
2021 2022 2023 YTD August 2024
$k
Cash flows from investing activities
Payment for property plant and equipment (2,977) (6,755) (13,113) (28,723)
Cash flows from financing activities
Loan from related parties during the year (21,762) (8,645) (243) -
New Money Facility received from shareholder - - 14,500 -
New Money Facility paid to shareholder - - (14,500) -
Cash from share capital - - 50 -
Finance charges for restructuring activities - - (9,747) -
Principal element of lease payment (422) (307) (394) -
Net cash used in financing activities (22,184) (8,952) (10,334) -
Net increase/(decrease) in cash and cash equivalents 5,278 (5,655) 30,800 (2,083)
Cash and cash equivalents at the beginning of the year 7,910 13,188 7,533 38,333
Cash and cash equivalents at the end of the year 13,188 7,533 38,333 36,250

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*** Draft – subject to further review and change ***

1 Recent Bond Issue

2 Key Credit Highlights

Key Transaction Elements Pro Forma Capitalisation

Simplified Structure Post the Bond Issue Comments

• Additional financial indebtedness limited to:

Please see page 48 for detailed organizational chart

1 Recent Bond Issue

2 Key Credit Highlights

At a Glance Key Markets

$83m3 $443m4 2.1x 5 414

“Old Telford” “Telford 2.0”

2017 - 2018: Sea Trucks restructured, becoming Telford Offshore

9 1 EPCI = Engineering, Procurement, Construction and Installation

Fleet Overview Comments

• All vessels have >13 years of useful life left

Overview of Telford's Service Offering

Flexibility to pivot into renewable services;

Vessel(s) Telford 25 Telford 28 and 34 Telford 31 Telford 31 Telford 30 Telford 30

Management Team Consisting of Seasoned Industry Executives Aligned Interests

13 1 Please see summary of management incentive plan on page 36

Lost Time Injury Frequency Rate (LTIFR)2 QHSSE Policies

Competence Assurance Performance Measurement

Background History in Telford

Invested capital in 2017, 2018, 2019, 2022 and 2023

Remains fully committed to Telford going forward

Operational priorities Commercial priorities Financial Priorities

16 1 EPCI = Engineering, Procurement, Construction and Installation

Contract Coverage2 Comments

Sizeable backlog expected to generate $~300m of vessel EBITDA1

90 Advanced contract negotiations expected to

1,200 1,200 1,162

800 800 1,583

19 1 Based on 365 days per vessel

Illustrative Dayrate Required for Remaining Unsecured Days to Break-Even1

Implied break-even dayrate on available days $k/day 7 73 75 73 77

Costs covered by firm backlog % 66% 49% 24% 38% 2% 10 7

Illustrative Debt Development1 Illustrative Net Loan to Value

175 165 1,000

Jack-ups Telford fleet Other semi-subs / floaters Offshore construction vessels

Flexibility to operate across water

POB: ~150-200 POB: ~300-700 POB: ~300-600

• Limited to shallow water • Normally larger and more expensive, more

(China + Idle fleet) Sea + Idle fleet)

Typically lower likelihood of competition with less

Vessel Type Breakdown of Competitive Supply Example of Competitors Comments

Contracted Dayrates1 and Utilization Comments

Illustrative Vessel Replacement Cost1 Commentary

175 Illustrative IRRs for Newbuild Investment Scenarios2

Vessel age Dayrate

Dayrates have to significantly improve before newbuild activity is incentivized

Robust contract backlog

Strong underlying market Tight bond structure and

1 Recent Bond Issue

2 Key Credit Highlights

Robert Duncan, Board Member

Sea Trucks restructured and renamed Telford Offshore by 6 major creditors

Debt-free Telford pursues successful operational restructuring

Telford seeks to optimize its capital structure

Environmental Impact Social Governance and Ethics

* Draft – subject to further review and change *