CELEBRATING 1 YEAR OF FORESEA: A JOURNEY OF TRANSFORMATION

Today we celebrate the first anniversary of Foresea, an industry leader in ultra-deep-water (UDW) drilling. ?Over the past year, we transformed remarkably, evolving from a drilling unit into a leading Brazilian player in the UDW drilling sector with a robust capital structure. This journey of transformation exemplifies one of Foresea’s core behaviors: adaptability. By embracing change, we have positioned ourselves to thrive in a dynamic environment.

Addressing the employees this morning, Rogerio Ibrahim, Foresea’s CEO said "Foresea's future will be built on the pillars of financial discipline, operational excellence, and the unwavering safety of our employees."

COMPANY LAUNCH, CULTURE AND OUR 7 BEHAVIOURS

Foresea was formed on June 7th, 2023, as a market leader with an optimized capital structure and 5 fully owned drilling rigs in operation. Our purpose is to be the best pathway for energy in deep waters, demonstrating expertise and excellence in chartering and operating ultra-deep-water rigs. To achieve this, we have cultivated an organizational culture centered on seven key behaviors: serving our clients, safety, confidence, precision, adaptability, trusted connections, ethics and truth to what we do.

These behaviors have guided us through numerous milestones in our first year. Let’s take a look back at some of our significant achievements in this past year.

FINANCIAL HIGHLIGHTS

Foresea started with a strong balance sheet, characterized by low leverage and healthy liquidity. The restructuring process allowed us to significantly reduce debt, achieving a leverage ratio of 1.5x Net Debt/ Ebitda as reported in the first quarter of 2024 financial statements.

Throughout this year, we have strengthened our relationship with the new shareholders, building trust and transparency. We listed our Notes and Convertible Notes on The International Stock Exchange (TISE), and received ratings of B2 from Moody’s and B+ from S&P.

FLEET’S HIGHLIGHTS

In our first year, rigs ODN II and Norbe VIII secured new contracts with improved daily rates. ODN II received a one-year extension on its current contract, in addition to the previously awarded three-year contract set to begin subsequently.

We successfully completed the Special Periodic Survey (SPS) of two of our rigs, ODN I and Norbe VI. Both were completed with precision and without incidents, reflecting Foresea’s strong safety culture. ODN I started its new contract in October 2023 and Norbe VI in November 2023.

QUALITY MANAGEMENT SYSTEM

Foresea has consistently delivered exceptional operational uptime, ranking among the best globally. We have been recognized as #1 in Petrobras’ Excellence Audit Program (PEO) since its inception. Additionally, we received the highest score from API SPEC Q2 audit, obtaining international certification for our quality management system. These recognitions reflect our dedication to client satisfaction, safety and operational excellence.

ACTING RESPONSIBLY

At Foresea, we act with ethics, integrity and truth in everything we do. In 2024, we released our first Annual Report with a concept of double materiality, prepared according to Global Reporting Initiative (GRI) standards, the IFRS Sustainability Disclosure Standards, and the European Sustainability Reporting Standards (ESRS).? This report underscores our commitment to the highest standards of corporate governance and transparency. If you missed it, click here to check the full report.

In Foresea we also take care of ourselves, others and the environment, fostering a safe workplace and a strong safety culture. In 2023, we achieved the Great Place to Work certification, acknowledging Foresea as an excellent workplace. Furthermore, we were recognized by the United Nations for our commitment to promoting diversity. In November 2023, we signed the UN’s Race is Priority movement, and on March 14th, 2024, during the 68th United Nations Commission on the Status of Women (CSW), we won the 1st Edition of the Movement Race is Priority Good Practices Award in the category of “30% of black or indigenous people in leadership roles”.

FINAL REMARKS

This year marks just the beginning of Foresea's journey in building a legacy rooted in client service, delivering value to our shareholders, and caring for our community, employees, and the environment. As we continue to grow and evolve, we remain committed to these core principles, driving us toward a future filled with success and positive impact.