Jacktel (JACK) Company presentation summary

Business overview

• Owns Haven, a harsh environment, NCS-compliant jack-up accommodation vessel with capacity for 444 people, serving maintenance, modification, and commissioning projects in the North Sea and Denmark.

• Haven has a strong track record with blue-chip clients and recently completed a 30-month contract with TotalEnergies, now on contract with Equinor at Draupner field.

• Managed by Macro Offshore, which also operates Crossway Eagle and has a management team with over 70 years of industry experience.

• Firm contract backlog with Equinor and AkerBP extends into 2028, with options for further extension.

• Haven is the only jack-up accommodation vessel compliant with NCS standards, offering high uptime and lower operational costs.

Market position and outlook

• Only five units globally are NCS-compliant; Haven is the only jack-up among them, providing a unique market position.

• Market for high-end offshore accommodation is tight, with most units contracted through 2026 and limited new supply.

• Offshore wind sector is expected to drive future demand as projects move farther from shore and require more accommodation support.

• Regulatory focus on maintenance and structural integrity in Norway is expected to boost demand for accommodation vessels.

• Macro Offshore secured a 6-year firm contract for Crossway Eagle in offshore wind, highlighting sector growth.

Financial performance and projections

• Firm EBITDA backlog of ~$70m, rising to ~$90m with options, supported by contracts with Equinor and AkerBP.

• Current implied enterprise value is ~$170m, with net debt of ~$55m and market capitalization of ~$115m.

• Low capex requirements and high cash conversion enable strong dividend capacity, with over $50m available for distribution from current contracts.

• Refinancing in Q4 2025 reduced amortizations by $30m, increasing dividend potential.

• Historical financials show stable revenue and EBITDA, with recent contracts supporting future growth.