Offshore Support and Marine Services Sector Outlook — September 2026

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INDUSTRIALS › TRANSPORTATION › OFFSHORE SUPPORT AND MARINE SERVICES

Offshore Marine: One Label, Three Ways to Be Priced

How the market is valuing six offshore support and marine companies, and what separates the top of the forward price range from the bottom.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › TRANSPORTATION › OFFSHORE SUPPORT AND MARINE SERVICES

   Cover slide introducing the Offshore Support and Marine Services sector outlook dated September 2026.

   We open with the sector's pricing story: six offshore support and marine companies, priced very differently by the market as of September 2026. The pages that follow show where that gap comes from and what it means for capital allocation.

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   INDUSTRIALS › TRANSPORTATION › OFFSHORE SUPPORT AND MARINE SERVICES Offshore Marine: One Label, Three Ways to Be Priced How the market is valuing six offshore support and marine companies, and what separates the top of the forward price range from the bottom. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the five numbered sections and the appendix.

   We lead with the bottom line so a client who only reads one section still gets the whole story, then move through the landscape, valuation, precedent deals and strategic implications. Use this page to set expectations for what's ahead.

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   CONTENTS What This Report Covers 01 The Bottom Line One Sector Label, Three Businesses the Market Values Far Apart 02 The Landscape Floating LNG, Subsea Services and Offshore Tanker Tonnage Split the Set Evenly 03 Valuation & Situations The Same Forward Earnings Basis Buys Very Different Prices 04 Precedent Transactions Nine Transactions Show What Offshore Fleets and Marine Contractors Have Been Valued At 05 Strategic Implications Fleet Mix, Charter Cover and Capital Use Are the Choices Left to You 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Three Businesses Sit Under the Offshore Support and Marine Services Label, and the Market Prices Them Far Apart

   This slide states that the market prices the three businesses under this sector label far apart on forward EV/EBITDA.

   We find that on the three of six companies with a forward EV/EBITDA figure for CY2027E, the multiple ranges from 5.3x at the bottom to 31.4x at the top, with a median of 11.9x. Golar LNG Limited (GLNG) sits at the top of that range on 1% forecast revenue growth, while Tidewater Inc. (TDW) sits at the bottom on 17% growth — the higher price sits alongside the flatter top line. The universe splits into three groups of two, and the transaction record shows disclosed multiples from 3.0x to 13.8x for whole fleets. So what: the group a company sits in, and how durable its earnings look to the market, explains more of this spread than size does.

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   01 · THE BOTTOM LINE Three Businesses Sit Under the Offshore Support and Marine Services Label, and the Market Prices Them Far Apart The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Price Range Is Wide, and the Group You Sit in Says More than Size On the 3 of the 6 companies with a forward EV / EBITDA figure for CY2027E, the middle of the range is 11.9x, with 31.4x at the top and 5.3x at the bottom. A forward multiple already credits the forecast, so a price that holds at the top of that range points to earnings the market treats as durable rather than to one good year. 2 The Higher Prices Sit Alongside the Flatter Top Lines Golar LNG Limited (GLNG) sits at the top of the range on forecast revenue change of 1%, while Tidewater Inc. (TDW) sits at the bottom on 17%. Across 3 companies with a forward EV / EBITDA figure this is an association rather than a mechanism, and one company moves the picture. 3 Subsea Work, Floating LNG and Tanker Tonnage Are Underwritten Differently The set splits into three groups of two at 33% apiece: floating LNG and offshore terminal infrastructure, subsea and ROV-supported marine operations, and offshore-linked tanker and gas carrier tonnage. The two subsea companies sit at 8.6x in the middle of their group, and the tanker tonnage group carries no forward EV / EBITDA figure here. 4 In the Transaction Record, Whole Fleets Change Hands from Single Digits to Low Teens Across the nine transactions in the record, disclosed earnings multiples run from 3.0x at the low end to 13.8x at the high end, on targets ranging from vessel owners to marine contractors. The vessel sale and purchase market sits underneath those numbers: hulls can be bought one at a time, which puts a hard asset-value reference under any whole-company negotiation. 11.9x Sector median EV/EBITDA CY2027E consensus · 3 rated of 6 companies 31.4x Premium end EV/EBITDA vs 5.3x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 10 Transactions with disclosed terms 39 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map of floating LNG, subsea services and offshore tanker tonnage.

   Six companies split into three groups of two, with forward coverage concentrated in subsea work. We use this page to reset before walking through how each group is priced.

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   SECTION 02 02 THE LANDSCAPE Floating LNG, Subsea Services and Offshore Tanker Tonnage Split the Set Evenly Six companies, three groups of two, with forward estimates concentrated in subsea work. 02 of 06 Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Three Evenly Sized Groups, and the Forward Price Sits in Two of Them

   This slide groups the six approved companies into three segments and shows the median forward EV/EBITDA for each.

   We group the six-company universe into three groups of two — floating LNG and offshore terminal infrastructure, subsea and ROV-supported marine operations, and offshore-linked tanker and gas carrier tonnage. The subsea group carries a median forward EV/EBITDA of 8.6x among its rated names, while the forward price sits in only two of the three groups. So what: a client benchmarking any single name here needs the group median, not the sector-wide 11.9x, as the relevant comparison.

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   02 · MARKET MAP Three Evenly Sized Groups, and the Forward Price Sits in Two of Them 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: FLOATING LNG AND OFFSHORE TERMINAL INFRASTRUCTURE 2 cos 31.4x · 1 rated Golar LNG Limited (GLNG) Teekay (TK) Contracted floating LNG and terminal assets underwritten on long-dated charter cash flow; this group holds the top of the forward price range in the set. SUBSEA SERVICES AND ROV-SUPPORTED MARINE OPERATIONS 2 cos median 8.6x Oceaneering (OII) Tidewater (TDW) Inspection, maintenance, repair and construction support, where day rates and utilisation move with operator sanctioning decisions. OFFSHORE-LINKED TANKER AND GAS CARRIER TONNAGE 2 cos no rated names Teekay Tankers (TNK) SEACOR Marine (SMHI) Tonnage owners whose earnings track the rate cycle; no forward EV / EBITDA figure here, so charter-free fleet value carries the argument.

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   02 · LANDSCAPE

   Six Companies, Three Groups of Two, with Coverage Concentrated in Subsea Work

   This slide details what each of the six companies does and why coverage concentrates in subsea work.

   Six companies split evenly into three groups of two, and forward earnings coverage concentrates in the subsea and ROV-supported group. We lay out what each business does so the valuation gap on the following pages reads as a difference in earnings quality, not just multiple noise. So what: a client sizing exposure to this sector should treat the three segments as three different businesses, not one.

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   02 · LANDSCAPE Six Companies, Three Groups of Two, with Coverage Concentrated in Subsea Work Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Adjacent: floating LNG and offshore terminal infrastructure 2 33% 31.4x n=1 Golar LNG Limited (GLNG) · Teekay Corporation (TK) Contracted cash flow, top price. Golar LNG Limited (GLNG) and Teekay Corporation (TK) own floating LNG and offshore terminal infrastructure. One of the two carries a forward EV / EBITDA figure, and it sits at the top of the forward price range in this set on a flat top line. Subsea services and ROV-supported marine operations 2 33% 8.6x Oceaneering International, Inc. (OII) · Tidewater Inc. (TDW) Day rates and utilisation. Oceaneering International, Inc. (OII) and Tidewater Inc. (TDW) sell subsea inspection, maintenance and repair capability, ROV-supported operations and offshore support tonnage. Both carry a forward EV / EBITDA figure, and they sit at opposite ends of the range despite sharing a group. Offshore-linked tanker and gas carrier tonnage 2 33% — Teekay Tankers Ltd. (TNK) · SEACOR Marine Holdings Inc. (SMHI) Rate cycle, asset value. Teekay Tankers Ltd. (TNK) and SEACOR Marine Holdings Inc. (SMHI) own offshore-linked tanker and gas carrier tonnage. Neither carries a forward EV / EBITDA figure here, so charter-free broker values, special survey position and term charter cover do the work in any valuation discussion.

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   SECTION 03

   03

   Section divider introducing the public market valuation analysis on a common forward earnings basis.

   Three of the six companies carry a forward EV/EBITDA figure, and they sit a long way apart on it. We use this divider to move from the market map into what the same forward earnings basis is actually buying.

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   SECTION 03 03 VALUATION & SITUATIONS The Same Forward Earnings Basis Buys Very Different Prices 3 of the 6 companies carry a forward EV / EBITDA figure, and they sit a long way apart. 03 of 06 Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Same Forward Earnings Basis, Very Different Prices Across Three Companies

   This slide ranks every approved company on EV/EBITDA (CY2027E), marking names without an eligible multiple as n/a.

   On the same forward earnings basis, the three rated companies here range from 5.3x to 31.4x, against a median of 11.9x for the rated set. Names without an eligible multiple are marked n/a rather than plotted, so every figure shown has passed the platform's plausibility checks. So what: with only three rated names, a client should read this as three data points, not a ranked market, and treat each one on its own merits.

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   03 · PUBLIC MARKET VALUATION Same Forward Earnings Basis, Very Different Prices Across Three Companies EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 11.9x median of the rated set. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Golar LNG Limited GLNG $6.9B 31.4x 1% 52% Golar LNG Limited (GLNG): floating LNG and offshore terminal infrastructure, the one company in the premium tier on CY2027E EV / EBITDA, on a high margin and a flat top line. Oceaneering International, Inc. OII $4.8B 11.9x 4% 13% Oceaneering International, Inc. (OII): subsea and ROV-supported marine operations, sitting in the middle of the range with a thinner margin than either end. SEACOR Marine Holdings Inc. SMHI $519M n/a 6% 1% SEACOR Marine Holdings Inc. (SMHI): offshore-linked tanker and gas carrier tonnage on a thin margin, with no forward EV / EBITDA figure here. Tidewater Inc. TDW $4.2B 5.3x 17% 47% Tidewater Inc. (TDW): offshore support tonnage within the subsea and ROV-supported group, with a margin above the midpoint and a price below it. Teekay Corporation TK $1.6B n/a -79% n/a Teekay Corporation (TK): sits in the floating LNG and offshore terminal infrastructure group on forecast revenue change of -79%, with no forward EV / EBITDA figure here. Teekay Tankers Ltd. TNK $2.4B n/a -24% n/a Teekay Tankers Ltd. (TNK): offshore-linked tanker tonnage with a negative forecast top line and no forward EV / EBITDA figure here.

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   03 · VALUATION DRIVERS

   High Margins Show up at Both Ends of the Forward Price Range

   This slide splits the rated companies by revenue-growth and EBITDA-margin cohorts to see where higher forward multiples sit.

   High margins show up at both ends of the forward price range in this set, against a covered EBITDA margin median of 47%. This is an association we observe across a small, rated set, not a mechanism — the driver readings here are our view on the data supplied. So what: margin alone does not sort this set into winners and losers; a client needs the fuller picture on the next page before drawing conclusions.

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   03 · VALUATION DRIVERS High Margins Show up at Both Ends of the Forward Price Range Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability on Its Own Does Not Separate the Two Ends Golar LNG Limited (GLNG) carries a 52% EBITDA margin at the top of the range, and Tidewater Inc. (TDW) carries 47% at the bottom. Oceaneering International, Inc. (OII) sits between them on 13%. Across these three companies with a forward EV / EBITDA figure, margin and price do not line up. The Flatter Top Lines Sit Alongside the Higher Prices Forecast revenue change across the six companies runs from -79% at Teekay Corporation (TK) and -24% at Teekay Tankers Ltd. (TNK) through 6% at SEACOR Marine Holdings Inc. (SMHI), with the split point for this cut at 4%. The association holds across 3 companies with a forward EV / EBITDA figure, which is a starting point rather than a mechanism. Where No Forward Price Exists, Fleet Value Carries the Argument Three of the six companies, including Teekay Tankers Ltd. (TNK) and SEACOR Marine Holdings Inc. (SMHI), carry no forward EV / EBITDA figure here. In that position a buyer underwrites charter-free broker values, term charter cover with creditworthy counterparties and the special survey position first, and earnings second. The Maintenance Calendar and Stacked Tonnage Sit Inside the Price A bunched dry-docking obligation, off-hire risk and the cost and timing of reactivating cold-stacked units are cash items a buyer prices into the multiple it will discuss. Fleet homogeneity and low opex per vessel day pull the other way, because they make utilisation cheaper to hold.

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    03 · SITUATION MAP

    Where the Money Sits on Price and Margin

    This slide places each rated company into a quadrant cut on the sector median EV/EBITDA of 11.9x and the covered median EBITDA margin of 47%.

    We cut the set on EV/EBITDA against the sector median of 11.9x and on EBITDA margin against the covered median of 47%, to characterise where each company sits rather than to recommend a position. So what: this framing gives a client a starting map for diligence — where the price is high relative to margin, and where it isn't — without asserting which quadrant is the right one to be in.

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    03 · SITUATION MAP Where the Money Sits on Price and Margin Cut on EV / EBITDA vs the sector median (11.9x) (rows) and EBITDA margin vs the covered median (47%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, Margin-Rich Above-median multiple · above-median EBITDA margin 1 names Golar LNG Limited (GLNG) Golar LNG Limited (GLNG) sits above the middle of the range on both price and margin, on a 52% EBITDA margin. Long-dated contracted infrastructure earnings are what that position sits alongside. Priced up, Margin Thin Above-median multiple · below-median EBITDA margin 1 names Oceaneering International, Inc. (OII) Oceaneering International, Inc. (OII) sits above the middle of the range on price with a 13% EBITDA margin. Service mix, backlog quality and subsea work scope are what the price sits alongside here, rather than fleet-level profitability. Margin-Rich, Priced Down Below-median multiple · above-median EBITDA margin 1 names Tidewater Inc. (TDW) Tidewater Inc. (TDW) carries a margin above the midpoint with a price below it. On a single company, that gap is a diligence agenda — term versus spot mix, dry-docking position, counterparty quality — rather than a conclusion. Below on Both Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Where the Next Dollar Goes: Fleet Specification, Charter Cover or Balance Sheet

    This slide frames the questions an owner or acquirer should resolve on fleet specification, charter cover and balance sheet.

    We frame this as the questions the data puts on the table — fleet specification, charter cover and balance sheet — rather than as a recommendation. So what: these are the levers that move a company's position on the map we just showed, and they're within an owner's control even while the cycle sets day rates.

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    03 · THE AGENDA Where the Next Dollar Goes: Fleet Specification, Charter Cover or Balance Sheet NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Decide Which Basins and Vessel Classes You Want Density In Shorebases, crew pools and local presence are what let a fleet clear operator vetting and win tenders. Resolve whether the next tranche of capital buys depth in a core basin or spread across more of them. What changes the answer: Tender win rate and utilisation moving apart between your core basin and the rest of the fleet. Set the Term-Versus-Spot Mix You Will Defend Through the Cycle The top of the range in this set carries long-dated contracted earnings, and the bottom carries more exposure to the rate cycle. Decide how much forward charter cover with creditworthy counterparties you want in place before rates turn. What changes the answer: Forward charter cover falling below the level your covenant headroom assumes. Choose Between Reactivating Stacked Tonnage and Renewing Specification Reactivation cost and timing compete for the same capital as high-specification replacement, and emissions and ballast water obligations shorten the life of older hulls. The question is which route adds more day rate and utilisation per dollar committed. What changes the answer: Reactivation quotes rising toward second-hand prices in the sale and purchase market. Test Build-Versus-Buy Against the Vessel Sale and Purchase Market In this record, disclosed earnings multiples for whole companies run from single digits into the low teens, while hulls can be acquired one at a time. Resolve whether fleet growth is cheaper through corporate acquisition or through second-hand tonnage. What changes the answer: Charter-free broker values moving away from the value implied in corporate transactions.

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    SECTION 04

    04

    Section divider introducing the nine precedent transactions in the offshore fleet and marine contractor record.

    Nine recorded transactions show what buyers have agreed to pay for offshore fleets and marine contractors, with an earnings multiple disclosed in eight of them. We use this divider to move from public pricing into what the deal market has actually paid.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Nine Transactions Show What Offshore Fleets and Marine Contractors Have Been Valued At Nine recorded transactions since 2010, with what buyers agreed to pay disclosed as an earnings multiple in eight of them. 04 of 06 Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Offshore Fleets, and How It Benchmarks

    This slide walks through case studies of transactions with disclosed terms, benchmarking the multiples paid against the public market.

    We walk through the transactions with disclosed terms as case studies, on multiples measured against LTM financials at announcement. These deal multiples are not directly comparable to the CY2027E public basis, and we don't claim a spread between the two. So what: the transaction record gives a client a second, independent reference point for what a whole fleet or marine contractor has been worth, separate from where public multiples sit today.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Offshore Fleets, and How It Benchmarks 1 of 10 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2020 $849M American Industrial Partners Capital Fund VII, L.P. acquires SEACOR Holdings Inc. EV / LTM revenue n/a EV / LTM EBITDA 10.9x WHY THE DEAL HAPPENED American Industrial Partners Capital Fund VII, L.P. is a private capital buyer and SEACOR Holdings Inc. was a diversified marine operator, so the transaction reads as a whole-fleet purchase taken out of public ownership. The scale of the deal points to a buyer prepared to underwrite mixed vessel classes and contract cover in one step rather than assembling hulls through the sale and purchase market. HOW THE TARGET WAS VALUED The transaction is recorded at $849M and 10.9x EBITDA, with status recorded as completed in Dec-2020. That sits near the upper end of the earnings multiples in this nine-transaction record, above the high single-digit entries that make up most of the rest.

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    SECTION 05

    05

    Section divider introducing the strategic implications of fleet mix, charter cover and capital allocation.

    Day rates and utilisation come from the cycle; fleet specification, backlog and balance sheet are choices owners make regardless of it. We use this divider to move into what those choices look like for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Fleet Mix, Charter Cover and Capital Use Are the Choices Left to You Day rates and utilisation come from the cycle; specification, backlog and balance sheet are decisions. 05 of 06 Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What Owners Decide While the Cycle Sets Day Rates

    This slide sets out the questions this data puts on the table for owners over the next twelve months.

    We set out the decisions this data puts in front of an owner: which basins and vessel classes to concentrate in, what term-versus-spot mix to defend through the cycle, and whether to reactivate stacked tonnage or renew specification. These are framed as observations, not recommendations. So what: a client can use this as a checklist for capital allocation decisions that are theirs to make, independent of where the cycle takes day rates.

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    05 · STRATEGIC IMPLICATIONS What Owners Decide While the Cycle Sets Day Rates NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Earnings the Market Reads as Long-Dated Sit at the Top of This Range The top of the forward price range here carries contracted, infrastructure-style cash flow and a flat top line. Term charter cover with creditworthy counterparties, fleet homogeneity and low opex per vessel day without losing uptime are the operating levers that move a fleet toward that profile. FOR BOARDS Capital Allocation Is the Decision This Pricing Gap Points To With 3 of the 6 companies carrying a forward EV / EBITDA figure, asset value is doing the work for the rest of the set. Directing capital toward specification, survey position and contract cover is what changes the earnings a buyer or a lender can underwrite. FOR ACQUIRERS A Whole-Company Deal Has to Beat the Hull-by-Hull Alternative Disclosed earnings multiples in this record run from single digits into the low teens, and the sale and purchase market lets a buyer assemble comparable tonnage one hull at a time. Shorebase density, crew scale and tender credibility are what a corporate combination has to add on top of the steel.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    The final section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. We use this divider to move into the reference material a client can use to trace any number in this deck.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix table lists the public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, with three rated and three not rated.

    This table carries the full comparables universe: three rated companies against the sector median of 11.9x, and three companies without an eligible multiple. Every ticker links to its underlying source, so a client can trace any figure in this deck back to where it was read. So what: this is the reference a client's own team can rebuild from, rather than take on faith.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.9x); amber marks below · 3 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.6x · median 31.4x · 1 companies Golar LNG Limited GLNG Adjacent: floating LNG and offshore terminal… $6.9B 31.4x 1% 52% 53 CORE — 8.6x–21.6x · median 11.9x · 1 companies Oceaneering International, Inc. OII Subsea services and ROV-supported marine operations $4.8B 11.9x 4% 13% 17 DISCOUNT — <8.6x · median 5.3x · 1 companies Tidewater Inc. TDW Subsea services and ROV-supported marine operations $4.2B 5.3x 17% 47% 65

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, with deal values linked to the underlying filing.

    We list the transactions with disclosed terms newest first, on multiples measured against LTM financials at announcement, with every deal value linked to its underlying filing. Some records carry data-quality flags and are shown as recorded rather than adjusted. So what: a client can go straight to the filing behind any transaction here rather than take the multiple on faith.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (39 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Veritas Capital and Elliot Management → Royal Boskalis Westminster NV n/a 3.9x 13.8x Veritas Capital and Elliot Management's announced acquisition of Royal Boskalis Westminster NV is recorded at 13.8x EBITDA and 3.9x revenue. That is the high end of the earnings multiples in this record, on a marine contracting business rather than on a charter-out… Feb-2026 Great Lakes Dredge & Dock Corporation → Tidewater, Inc. n/a n/a 8.8x Great Lakes Dredge & Dock Corporation's purchase of Tidewater, Inc. is recorded as completed at 8.8x EBITDA. A dredging and marine construction buyer taking offshore support tonnage points to extension of work scope and marine capability rather than to fleet… Feb-2026 Great Lakes Dredge & Dock Corporation → Oceaneering International, Inc. n/a 0.7x 8.8x Great Lakes Dredge & Dock Corporation's approach to Oceaneering International, Inc. is recorded at 8.8x EBITDA and 0.7x revenue, with status recorded as terminated. The pairing suggests appetite for subsea and ROV-supported capability alongside marine construction… Nov-2025 Gulf Island Fabrication, Inc. → BW Offshore Limited n/a n/a 3.0x Gulf Island Fabrication, Inc.'s proposed acquisition of BW Offshore Limited is recorded at 3.0x EBITDA, with status recorded as terminated. A fabrication buyer looking at floating production assets reads as a move into owned offshore capability, and the recorded… Sep-2025 ACR Ocean Resources LLC → ODP Corporation $1.6B n/a n/a ACR Ocean Resources LLC's announced acquisition of ODP Corporation is recorded at $1.6B as shown in the filing. The pairing of an ocean resources operator with its target points to expansion of owned offshore capability rather than to a pricing benchmark. Jul-2025 Saipem → Subsea 7 S.A. n/a n/a 5.5x Saipem's announced combination with Subsea 7 S.A. is recorded at 5.5x EBITDA. Two offshore project contractors coming together points to engineering, shorebase and tender scale, and the recorded multiple sits below the middle of this transaction record. Mar-2022 HAL Holding NV → Royal Boskalis Westminster NV n/a n/a 8.7x HAL Holding NV's announced acquisition of Royal Boskalis Westminster NV in Mar-2022 is recorded at 8.7x EBITDA. The same target appears again in the record in Feb-2026 at a higher earnings multiple, roughly four years apart. Dec-2020 American Industrial Partners Capital Fund VII, L.P. → SEACOR Holdings Inc. $849M n/a 10.9x American Industrial Partners Capital Fund VII, L.P.'s completed purchase of SEACOR Holdings Inc. is recorded at $849M and 10.9x EBITDA. A financial buyer agreeing a double-digit earnings multiple for a diversified marine fleet sits near the upper end of this record. Jun-2010 Sumitomo Chemical Company → Bourbon SA n/a n/a 10.0x Sumitomo Chemical Company's announced acquisition of Bourbon SA in Jun-2010 is recorded at 10.0x EBITDA. It anchors the long end of this record and sits close to the double-digit entries from the 2020 cycle.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    This page continues the same list of disclosed transactions, newest first, on the same LTM-at-announcement basis. So what: together with the prior page, this gives a client the complete disclosed record behind the deal multiples referenced earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (39 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 36 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters n/a n/a → BW Offshore Limited n/a n/a 5.8x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the sources, assumptions and data-quality treatment behind every figure in the report.

    Every figure in this report links to the record it was taken from, and where it doesn't, the appendix names the source and the basis on which it was read. We set out what was excluded and why, so a client can see the boundaries of the data as clearly as the data itself. So what: this is the page a client's own diligence team should open first if they want to stress-test any number in the deck.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Offshore Support and Marine Services and it clears the coverage gate with 4 of 6 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 259 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (258) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Here the Higher Prices Sat Alongside the Flatter Top Lines, on Three Covered Companies.

    This closing slide restates that higher prices sat alongside flatter top lines across the three covered companies.

    Here the higher prices sat alongside the flatter top lines, on the three covered companies with a forward EV/EBITDA figure. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further.

    Everything on this page

    Here the Higher Prices Sat Alongside the Flatter Top Lines, on Three Covered Companies. NeuraCap AI — Offshore Support and Marine Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Offshore Support and Marine Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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