Solstad Maritime in Brief 04

Letter from the CEO 10

Financial Summary 12

Social Media Highlights 14

Board of Directors 16

Board of Directors’ Report 18

Corporate Governance Statement 26

Sustainability Statement 32

Annual Accounts 118

Parent Accounts 174

Contents

Financial Calendar 2026

Preliminary dates for quarterly reports and the annual general meeting in Solstad Maritime ASA are:

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

03

Solstad Maritime ASA (“Solstad Maritime”, “SOMA” or

“the Company”) is a leading provider of specialized

offshore tonnage to the global energy markets, including

oil and gas and renewables.

Solstad Maritime in Brief

Our Business

Markets

The Company’s high-end fleet is capable of serving a number of offshore energy markets and different types of operations:

CSV

Solstad Maritime’s subsea vessels are designed to support a wide range of subsea construction activities.

AHTS

Sophisticated fleet with a range of bollard pull exceeding 340 tonnes, high chain and fiber capacity, and maneuverability. Some vessels are also equipped with work-class ROV and subsea crane.

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

Our Global Footprint*

Aberdeen

United Kingdom

Rio de Janeiro

Brazil

Singapore

Singapore

Perth

Australia

Skudeneshavn

Norway

Manila

Philippines

Macáe

Brazil

Africa

1 CSV

South America

Brazil & Argentina

12 CSV | 4 AHTS

Asia Pacific

Asia & Australia

3 CSV | 3 AHTS

Europe

6 CSV | 3 AHTS

Total

22 CSV | 10 AHTS

* As of December 2025

05

Our Values

Safe

Safety is our main priority. Solstad’s vessels carry out operations all over the world, sometimes in extreme conditions. We recognize our employees as our most valuable asset, and we do not compromise on their safety.

COMPETENT

All employees in Solstad are key personnel. We aim not only to fulfill our clients’ demands, but to deliver a service beyond their expectations. As such, we ensure that our personnel are constantly learning to have the right competence and knowledge required at all times. Our operational knowledge shall be developed in close interaction between the marine crew and the onshore organizations.

RELIABLE

We focus on quality in all parts of our services. We shall always be trusted to treat everyone fairly and respectfully, and we keep our promises. With a vast fleet and a competent organization, our clients shall trust us to perform all operations in a safe manner and with focus on quality and efficiency at all stages of our service.

RESPONSIBLE

We care about people, assets and the environment. Our company is global, but also local in the areas we operate. We conduct our business in a responsible manner, respecting the law and universal human rights to benefit the communities where we work. We are aware of our environmental footprint and take measurable steps towards a better environment.

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

Sustainability Goals Related to Significant Products and Services, Customer Groups and Geographies

Solstad primarily offers vessel rental services for offshore activities in the energy sector, encompassing both oil and gas and renewable energy industries. Solstad’s dedication to sustainability is evident through our alignment with key UN Sustainable Development Goals (UN SDGs), which guide our efforts to address broader environmental and social impacts. Each year, we evaluate the relevance

of the UN SDGs to our operations and identify key sustainability issues. For this reporting period, three primary SDGs were highlighted as areas where we can make the most significant impact. These goals have been integrated into Solstad’s strategy.

SDG 8 – Decent Work and Economic Growth This goal aligns with our aim to expand operations in both existing and new business areas, ensuring fair wages and sustainable working conditions for our personnel and those in our value chain.

SDG 13 - Climate Action To mitigate the environmental impact of our reliance on fossil fuels, we have implemented climate actions such as Solstad Green Operations, technical upgrades, and the use of renewable biofuel. The transition to renewable energy is a long-term process, and while there is currently high activity in the oil and gas sector, Solstad is participating in this transition when business opportunities arise.

SDG 14 - Life Below Water To reduce our impact on marine life, we have adopted measures such as ballast water cleaning systems, hull cleaning with waste collection, minimization of waste disposal into the sea, and reduction of NOx and SOx emissions. Additionally, we are engaged with environmental organizations through cooperation with the non-profit organizations above.

These sustainability initiatives demonstrate Solstad’s commitment to minimize our impact on both the environment and society while maintaining operational excellence.

07

Listing of Shares Solstad Maritime

On 16 May 2025. Solstad Maritime ASA (ticker: SOMA) was listed on Euronext Oslo Børs. The market capitalisation was NOK 10.5 billion on the day of listing. The Company did not raise capital as part of the listing.

Lars Peder Solstad, CEO of Solstad Maritime, said: “We are pleased with the listing of Solstad Maritime ASA on Euronext Oslo Børs. This milestone marks a step forward in our commitment to delivering value to our shareholders. After the Refinancing* in early 2024, we stated that Solstad Maritime would be listed within 12 months, and now we are delivering on this commitment.”

* In January 2024, the Refinancing of Solstad Maritime Holding AS (now Solstad Maritime ASA) was successfully completed. Refer to Note 3.

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

Vessel Silos

Vessel Silos

Vessel Silos

Vessel Silos

Solstad Maritime ASA

Solstad Maritime AS

Vessel Silos

Shipowning-, Operations- & Mgmt Companies

Solstad Offshore ASA

Solstad Maritime

ASA

Solstad Offshore ASA

27.3%

09

A milestone in 2025 was the listing of Solstad Maritime ASA on Euronext Oslo Børs under the ticker SOMA in May, following the successful refinancing of the Solstad companies in 2024.

It is encouraging that Solstad Maritime has initiated quarterly dividend payments, which reaffirms our commitment to deliver long-term value for our shareholders.

The Kistefos lawsuit required significant attention from persons in the Company’s management team. Solstad Maritime is not part in the dispute.

Positioned for the Future

The foundation of our operations is HSEQ performance. Thanks to the dedication of our crews at sea supported by our teams on shore, we have during the year achieved 1,5 years without a lost time incident (LTI) – a testament to our Solstad Incident Free Operations (SIFO) culture.

Listing and Long-Term Value

2025 has been an eventful year for Solstad Maritime, with listing of its shares on Euronext Oslo Børs as a highlight. In a market that remains dynamic and, at times unpredictable, we have delivered solid operational and financial results, while continuing to invest in the long-term strength of our company thus creating sustainable value for our shareholders.

The demand for offshore vessels and related services has been steady in Brazil. Market conditions have been more subdued in the North Sea, particularly on the UK side, while several long-term contract awards have contributed to a more stable outlook in Norway. As a result of multiple contract awards, several of Solstad Maritime’s vessels were mobilized to new regions during the year, demonstrating our fleet capabilities to support energy operators worldwide.

This year has been impacted by preparation for new contracts and the execution of a comprehensive maintenance and dry-docking program. Majority of the work was completed in the first half of the year, which temporarily impacted utilization. Solstad Maritime’s fleet achieved an overall utilization of 78% in 2025. The Company continues to maintain strong activity in Brazil, Australia and other international regions.

Adjusted EBITDA for the year resulted in USD 303 million, in line with our updated guidance, and revenue reached USD 590 million.

CEO LETTER

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

We continue to explore innovative solutions such as the Remote Operation Center Remota and Unmanned Surface Vessel technology. These initiatives are part of our strategy to enhance operational efficiency, reduce emissions, and offer clients advanced, future-ready services.

The long-term outlook for offshore energy services remains positive. We see continued opportunities in Norway, Brazil, Australia, Guyana, and other key markets, and our tendering activity for 2026 and beyond is high. In the North Sea, we have reduced spot market exposure with several long-term contract awards in AHTS and CSV segments.

Looking ahead, we will continue to focus on operational efficiency and maintaining a solid balance sheet. At year-end, our firm backlog stands at USD 1,091 million, providing a stable foundation for the Company into 2026 and beyond.

To all our colleagues, clients, and partners, thank you for your dedication and support throughout 2025. It’s been an eventful year, and we look forward to continuing to grow and strengthen the Company together in the year ahead.

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Financial Summary

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

13

Social Media Highlights 2025

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

15

Board of Directors

Pål Lothe Magnussen

(B. 1972)

Pål Lothe Magnussen is the former President and CEO of AMSC ASA. Before joining AMSC, Magnussen held the positions as Director of the Investment Banking Division in DNB Markets focusing on shipping and offshore sectors, and as Vice President of Corporate Banking in DNB Bank’s shipping and offshore

division. Magnussen has significant experience from international maritime finance and has been based in New York, Singapore and Oslo.

Magnussen holds an MBA from Columbia University, New York.

SHARES IN SOLSTAD MARITIME ASA*

305,280

Charlotte C.S. Håkonsen

(B. 1979)

Charlotte Håkonsen is the General Counsel at Aker ASA. Before joining Aker, Håkonsen was partner at the Norwegian law firm BAHR, and prior to that she held the position of Head of Legal and Compliance at Akastor ASA. Håkonsen has broad experience on various types of

contracts and transactions, including M&A and joint ventures, along with company law issues, corporate governance and compliance risk management.

Håkonsen holds a Cand.jur. degree from the University of Oslo.

SHARES IN SOLSTAD MARITIME ASA*

0

Frank O. Reite

(b. 1970)

Frank O. Reite first joined Aker in 1995 and was CFO in Aker ASA from August 2015 until August 2019. He has also been President & CEO of Akastor. Reite holds several board positions including the position as vice chairman in Aker ASA, chairman in Akastor ASA and board member of Solstad Offshore ASA and Aker Biomarine ASA.

Reite has experience from banking and has served as Director in Paine & Partners. Reite holds a B.A. in business administration from Handelshøyskolen BI in Oslo.

SHARES IN SOLSTAD MARITIME ASA*

356,509

*Further details refer to note 9 in

section Parent Company.

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

Kathryn Moore Baker

(B. 1964)

Kathryn Baker has over 30 years of experience in a broad range of industries and roles. She is currently Chairperson of Terra Mater Investment Management and is a Board member of MPC Energy Solutions and InoBat. In addition, Ms. Baker serves on the investment committee of the DFI Norfund.

She was previously a member of the Executive Board of the Central Bank of Norway (Norges Bank), the European Advisory Board of the Tuck School of Business and led the Ethics Committee of the Norwegian Private Equity and Venture Capital Association (NVCA), where she was also Chairperson. She was a partner at the Norwegian private equity firm Reiten & Co for 15 years. Prior to that she was a management consultant with McKinsey & Co in Oslo and a financial analyst at Morgan Stanley in New York.

Baker holds a bachelor’s degree in economics from Wellesley College and an MBA from the Tuck School of Business at Dartmouth College.

Baker is an American and Norwegian citizen.

SHARES IN SOLSTAD MARITIME ASA*

0

Peder Sortland

(b. 1963)

Peder Sortland, currently the CEO of North Sea Infrastructure AS (NSI), has more than 30 years’ experience from the oil and gas industry. Prior to NSI, Sortland held roles as the CEO of Global Maritime Group, Apply Group and Ross Offshore/Subsea Technology Group and as Regional Vice President for Subsea 7 in Norway. Sortland spent 18 years in Equinor up to Senior Vice President level, predominantly in areas of business development, commercial negotiations and strategy work. Today, Sortland is chairman in LOS Power Solutions AS and a board member of Solstad Offshore ASA.

Sortland has a business education on MBA level from University of Wyoming and is a Fullbright Scholar..

SHARES IN SOLSTAD MARITIME ASA*

0

17

Board of Directors’ Report

Solstad Maritime ASA (“Solstad Maritime”, “SOMA” or “the Company”) was listed on Euronext Oslo Børs 16 May 2025. Solstad Maritime is an owner and operator of offshore service vessels (OSVs), offering maritime services to the global offshore energy industry. Per year-end 2025 the Company had approximately 1,400 highly skilled full fime equivalent employees and five offices globally.

On 16 May 2025, Solstad Maritime ASA (ticker: SOMA) was listed on Euronext Oslo Børs. The listing of Solstad Maritime is intended to facilitate further growth and development of the Company’s business, improve its ability to pursue strategic opportunities, and provide a liquid market for the Company’s shares.

The Refinancing completed on 16 January 2024 secured new equity of BNOK 4 and refinancing of a majority of Solstad Offshore ASA’s outstanding secured debt of about BNOK 11.3, by a new long-term financing of about BNOK 9.5 to Solstad Maritime AS.

In December 2025, the long-term financing has been amended to improved financial terms and maturity extended with two years from 16 January 2027 to 16 January 2029 with two 12 months extension options and amended repayment profile accordingly. In addition, an uncommitted Accordion Facility of MUSD 125 has been included to the facility agreement.

1. Company Overview

The Company owns and operates a flexible fleet of high-end offshore vessels which consist of CSVs (construction service vessels) and AHTS vessels (anchor handling tug support vessels).

Assets in Solstad Maritime includes (but is not limited to):

32 high-end CSV vessels (22) and AHTSs (10)

Approximately 1,400 full time equivalent employees

Ship management company Solstad Shipping AS

Provider of ROV, survey and other additional services (all of Solstad Maritime’s ROVs are leased)

Ownership in associates:

Windstaller Alliance (33.33%) is a company performing industrial activities in the renewable energy market

Remota Holding AS (33.33%), which includes Remota AS and USV AS, offers remote operations and semi-autonomous maritime services to the offshore and marine industries, through the use of Remote Operation Centers (ROC)

Solstad Offshore Crewing Services Philippines Inc. (25%) delivers crewing services to the Group

Note: The time horizons defined in the Board of Directors’ Report for forward looking statements are short-term or spot (approx. 1 month), medium-term (approx. 2-6 months) and long-term (more than 6 months). Note that CSRD has separate and wider time horizon definitions, while the financial statements for the Company for 2025 are in line with IFRS standards for time horizon.

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

The Company is positioned for both oil and gas and renewable energy activities. About 11% of 2025’s operating income came from renewable energy activities (2024: 20%).

The operating income from operations increased by about 5%, to MUSD 590 in 2025, compared to MUSD 563 in 2024. Operational expense in 2025 was MUSD 316 compared to MUSD 290 in 2024. Operating result before depreciation and impairment (EBITDA) for the year was MUSD 275, in line with MUSD 274 in 2024. The operating result in 2025 was MUSD 196 compared to MUSD 253 in 2024. The result after tax was MUSD 213 compared to MUSD 240 in 2024. The book equity at year-end 2025 was MUSD 880. Interest bearing liabilities as of 31 December 2025 was MUSD 582 compared to MUSD 754 in 2024.

2. The Company’s Activities

Solstad Maritime’s activities are primarily directed towards the offshore energy market. During 2025, the operation has been organized in two business segments: CSV and AHTS. Both segments include additional associated services.

Solstad Maritime is headquartered in Skudeneshavn, Norway, with offices in Perth, Australia; Singapore; Manila, the Philippines; and Aberdeen, UK. Solstad Offshore support offices are located in Rio de Janeiro and Macae in Brazil.

As per 31 December 2025, the Company owned a total fleet of 32 vessels: 22 CSVs and 10 AHTS vessels.

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CSV

The Company’s CSV fleet supports energy projects world- wide. The vessels are working on a combination of long- term contracts and short- and medium-term projects. The CSVs also serve installation and maintenance work related to the offshore renewable energy industry.

During 2025, the fleet has been successfully involved in projects both within renewable energy and oil and gas. This includes walk to work-services, grouting, SURF operations, cable laying and repair, trenching and burial, ROV support, installation of subsea equipment, survey work, IMR operations, node seismic operations and diving.

Some of the CSV contracts also include offering of additional associated services such as ROVs, tooling, project personnel and engineering support.

During 2025, two new Omega Subsea ROVs have successfully been mobilized on one more CSV vessel, thereby enhancing the vessels’ revenue potential. Solstad Maritime is currently operating 10 Omega Subsea ROV systems on five of its CSVs.

Several additional Omega Subsea ROV systems are under construction and are planned to be mobilized on vessels during 2026. In addition, Solstad Maritime vessels have multiple ROVs from other ROV suppliers.

Solstad Maritime’s customer portfolio for its CSV fleet included a mix of energy companies, cable manufacturers, subsea construction companies, seismic companies and FPSO operators.

AHTS

AHTS vessels support oil and gas field operators as well as development and exploration activities.

The majority of the AHTS fleet’s operation takes place in the North Sea, Australia, Brazil and West Africa, with a mix of spot, medium and term contracts. Solstad Maritime’s local presence in the most important offshore hubs for offshore service vessels, combined with the size of the fleet, gives the Company flexibility and ability to locate and re-locate vessels between the geographical regions. Two large AHTS relocated from North Sea to Brazil in 2025, whilst one large AHTS relocated from Australia to Brazil. Activities within oil and gas remain the most important activity for AHTS vessels. The Company has also been involved in renewable energy and fish farming projects.

Some of the AHTS contracts also include offering of additional associated services.

Technical & Projects

Throughout the year, 12 scheduled dry-dockings, including several major upgrades and 14 maintenance stops were completed. Additionally, preparations began on three

Fleet Utilization - Owned Vessels

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

vessels for Brazil charters towards the end of the year. The fleet’s technical uptime for the year was 97.13% (98.06%).

HSE & HR

HSE results ended with a total recordable case frequency (TRCF) at 1.20 (0.73). This is above the 1.00 TRCF target for the year.

At year end, total number of full time equivalent seafarers was about 1,200. Retention rate per region / nationality is relatively stable and corporate retention was at 94% (95%).

The working environment, onshore and onboard the ships, is considered satisfactory. Sick leave onshore was 1.3% in 2025, slightly up from 1.2% in 2024.

The Company focuses on diversity and has equal opportunities for all employees, regardless of their gender, ethnic background, nationality, descent, color, language, religion and lifestyle.

Vessel Divestment

The AHTS vessel Normand Titan was sold in 2025.

3. The Market

Demand for offshore vessels and related services remained positive in most segments throughout most of the year. Energy companies have generally expanded their activity and awarded several medium-term contracts for offshore support vessels, particularly in Brazil. During certain periods of 2025, subsea vessel rates levelled off, and spot utilization in certain locations for AHTSs and CSVs was weaker than expected during second half of 2025. Reference is made to the Company’s update to its financial guidance for 2025 on 9 October 2025.

On the supply side, the number of vessels operating in the global offshore energy market has remained stable, with few new CSVs and AHTS vessels entering the market. Oil and gas activity continued to increase worldwide, and the current subsea backlog is high. Brazil stands out with high activity, driving strong demand for offshore services. Several long-term contracts have been awarded by Petrobras and other operators. Project-related markets have also experienced strong demand, driven by large volumes and complex operations in very deep water.

The global order book for new subsea vessels consists of approximately 25 vessels with crane capacities of up to 250 tonnes. Estimated deliveries are during 2026 to 2028. The annual attrition rate for CSVs is close to zero as shipowners tend to keep vessels until end of useful life. Thus, only a limited amount of CSVs are sold to other segments suchs as marine military operations. The AHTS segment shows no or very limited newbuilding activity. Subsea tendering pipelines remain positive, and offshore cable installation activity also remains positive.

Markets of promising activity includes Guyana, which continues substantial investments to produce oil from deepwater discoveries. Regions such as Suriname and Namibia have reported new oil and gas discoveries that could increase activity. In the North Sea, activity levels are expected to see a downward trend.

4. Corporate Particulars

As of 31 December 2025, the number of shareholders were 5,498 whereof total international shareholding was approximately 5%. The largest shareholders, Aker Capital AS, Solstad Offshore ASA and Kistefos AS, held 51.80%, 27.27% and 4.21% respectively.

5. Corporate Governance and Management

Solstad Maritime ASA’s governance and management adheres to the Company’s vision and values. The Company is listed on the Oslo Stock Exchange and is subject to the Norwegian companies act, accounting act and stock exchange listing and securities trading legislation. Solstad Maritime ASA seeks to comply with the Norwegian Code of Practice for Corporate Governance, which was last revised on 28 August 2025. More information on corporate governance is given in a separate chapter in the annual report and on www.solstad.com .

The directors and officers of Solstad Maritime ASA are covered under a “Director and Officer Liability Insurance”, up to a certain amount. The insurance covers personal legal liabilities including defense and legal expense. The officers and directors of the parent company and all subsidiaries globally are covered by the insurance. The cover also includes employees in managerial positions or employees who serves as directors in non-subsidiaries to safeguard the interest of the Company.

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6. Financial Position and Development

The financial statements for the Company for 2025 are prepared in accordance with IFRS® accounting standards as adopted by the EU.

Operating income from continued operations in 2025 was MUSD 590 compared to MUSD 563 in 2024. The increase from 2024 is mainly driven by higher day rates and stronger sales of additional services in line with the Company’s strategy towards the high-end vessel market.

Operating expenses in 2025 amounted to MUSD 316 compared to MUSD 290 in 2024. The increase from 2024 is mainly driven by the sales of additional services. Operating result before depreciations and impairment for the year was MUSD 275 compared to MUSD 274 in 2024. Operating result before financial items and tax was MUSD 196 compared to MUSD 253 in 2024, including net effect of depreciation and reversal of impairments of fixed assets of MUSD 79 compared to MUSD 21 in 2024.

Cash inflows from operating activities amounted to MUSD 287 (286). Operating result before depreciation and impairment amounted to MUSD 275 (274). The minor difference is mainly related to working capital timing. Cash outflow from investing activities amounted to MUSD 72 (6). Investments are mainly related to periodic maintenance and general upgrades of equipment on board vessels, partly offset by received Maximus lease payments of MUSD 30. Sale of vessels, interests on cash deposits and sale of shares in Reach Subsea ASA have further reduced the net cash outflow from investments by MUSD 10, MUSD 6 and MUSD 2, respectively. Cash outflow

from financing activities amounted to MUSD 318 (237). Cash outflow consists of ordinary loan repayments and interest payments during 2025. In addition, paid dividends amounted to MUSD 107 in 2025 (21).

Parent company net result for 2025 was MUSD 58.

Booked equity per year-end 2025 was MUSD 880 (MUSD 779) i.e. USD 1.89 per share (USD 1.84 per share). Interest-bearing liabilities per year-end 2025 was MUSD 582 (MUSD 754), whereof MUSD 92 (MUSD 135) is classified as current liabilities. The interest-bearing liabilities were in USD. Overview and details of amounts, interest rates, maturity and main covenants are included in the account notes 5 and 6. At year end, the Company held MUSD 78 in cash deposits (MUSD 177). The cash and debt at year-end excludes the available MNOK 600 revolving credit facility (NOK Facility).

7. Health, Environment, Safety and Quality Assurance

The Company operates in accordance with international regulations and standards and is certified to ISM, ISO 14001:2015, ISO 9001:2015, ISO 45001:2018, ISO 50001:2018, MLC (Maritime Labor Convention) and ISPS

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

(International Ship and Port Facility Security). The crews are trained according to the Company’s procedures and approved pursuant to the requirements of the STCW 10 (Seafarers Training, Certification and Watchkeeping Code).

Internal audits are carried out on all ships and offices on an annual basis. The common management system (Solstad Internal Management System – SIMS) establishes the Company’s overarching objectives and policies. Furthermore, SIMS defines the processes and activities to be undertaken, along with the corresponding roles and responsibilities assigned to each employee.

A vital part to understand and improve safety is to focus on preventative measures to avoid injuries and operational accidents or interruptions. In 2025, 15,891 HSE reports (16,307) were recorded and processed at different levels in the organization. Conclusions from analyses are used as basis for further preventative measures to avoid future accidents. Of the total of seven recordable cases, the Company had one work-related lost-time injury, which resulted in LTIF (lost time incident frequency per 1 million working hours) of 0.17 for 2025 (0.37). In 2025, Solstad Maritime reported a total recordable case frequency (TRCF) of 1.20 over the last 12 months, which is above the target of 1.0, and higher than 2024 (0.73).

The goal of maintaining zero lost-time incidents is carried forward into 2026. The Company continues to emphasize evaluation, facilitation, planning, and preventive measures to avoid all types of personnel-related injuries and incidents that could adversely affect the environment. Building on positive experiences, the Company is further developing and improving the safety-behavior culture program Solstad Incident Free Operations (SIFO). Since the program’s implementation in 2019, the number of incidents has been reduced by actively involving the crew and increasing their focus on safety in daily operations.

Solstad Green Operations (SGO) is the cornerstone of the Company’s fuel and emission reduction program. Crew support is still high, and the Company reached 26 green operations per vessel per month in 2025, above its target of 24. One Solstad Green Operation is an operational measure that may give a reduction of at least 500 liters of diesel per day (slower speed, green DP, less use of engines etc). The total Company GHG emissions were 525,673 tCO2eq in 2025 (all GHG scopes / market based method) (2024: 496,194 tCO2eq). This is an increase of 6%, due to high activity and increase in indirect supply chain emissions.

The fleet incurred 34 liters of oil spills to the environment during 2025 (11). This relates to four minor spill incidents. The goal is zero spill to the outer environment.

Technical Upgrade Projects

In 2025, two major green technical upgrade projects were completed. One project is part of the four-year EU-funded “NEMOSHIP” project where we have installed and tested a newly developed hybrid battery prototype on one of our largest anchor handlers; Normand Drott. The NEMOSHIP project aims to optimize the use of batteries on board ships. NEMOSHIP will investigate how batteries can be made cheaper and more customized by combining different battery types and the development of digital twins and other computer modelling tools. The second projects was to replace the underwater propulsion system on Normand Sentinel. A newly developed concept from Kongsberg Maritime called RIM-drive has successfully been installed and will be tested out over the coming years.

The Company has a program for sorting and reporting of all waste, covering both ship and onshore organizations. A program has been implemented to reduce the use of single use items such as plastic water bottles, cutlery, plastic cups etc..

8. Outlook

There could be very few changes to the global offshore fleet in 2026. However, the aforementioned 25 new CSVs have been ordered and are due for estimated deliveries from end of 2026 to 2028. This could impact the supply/ demand -balance in the market. In the large AHTS segment, no newbuildings orders have been registered.

The subsea contractors hold a certain backlog, the oil companies continue their E&P spending, and despite some uncertainties around offshore wind, the activity grows and contributes towards steady vessel demand.

Both AHTS and the CSV fleets are relevant for oil and gas as well as renewable energy activities. The AHTS vessels are relevant for floating wind, although commercial scale installations appear to be delayed.

Geopolitical uncertainty continues to influence global energy markets, including but not limited to recent events in the Middle East, creating possibilities for both upsides and downsides for offshore operations. Higher volatility than normal is to be expected, including fluctuating oil price representing a source of uncertainty.

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Several new offshore installations are expected in the coming years in Brazil, Guyana, Surinam, West African countries and other regions. These developments can create opportunities for vessel owners to support projects on moorings, pipelaying and other installations. This could also give opportunities to provide additional associated services such as ROVs, tooling, project personnel and engineering support.

9. Risk

The Company is exposed to market, operational, cyber security, safety and environmental, climate and regulatory, legal, tax and financial risks including refinancing risk, that affect the assets, liabilities, available liquidity, and future cash flows.

The risk mitigation framework is based on identifying, assessing, and managing risks that affect the Company (refer to note 5). The Board of Solstad Maritime monitors the overall risk factors for the Company.

Market and Operational Risks

Market and operational risks are changes in the demand, activity and prices of the services provided by the Company, and potential adverse effects of the provision of such services. In addition, the supply side can be negatively affected if too many newbuilt vessels are introduced to the market.

One of the key commercial risks for Solstad is the cyclical oil and gas markets that the Company operates in, with high volatility in charter rates, vessel values, and consequently profitability. Factors affecting this are mostly outside Solstad Maritime’s control and influence, but is partly mitigated by a blend of contract durations.

Operational risks such as technical breakdown, grounding, total loss of vessel, and malfunction of equipment are partly mitigated by insurance as well as the Company’s continous focus on HSE and the safety-behavior culture program Solstad Incident Free Operations (SIFO).

Procurement and logistic risk relate to pressure on the global supply chain. The lead time on a certain number of critical spares is long. Planning and evaluation of critical spares will therefore be an important factor to avoid down-time.

Related parties’ transactions is also a risk in terms of the close cooperation between Solstad Offshore and Solstad Maritime on both operational and management level. Related party service agreements are closely monitored to mitigate this risk.

Working capital is a risk in terms of the Company’s multiple cash flow streams such as operational cash flow, investing cash flow, financing cash flow and dividends cash flow. The Company closely monitors its cash flows and operates under working capital and liquidity covenants, which are intended to support monitoring of operational cash flow and the Company’s overall liquidity position. Liquidity pressure can limit dividend capacity.

Cyber Security Risk

Continues to evolve due to geopolitical instability, economic uncertainty, and the increasing sophistication of cyber threats through both AI and traditional methods. The prevailing geopolitical rivalries have contributed to a growing threat landscape, particularly for maritime operations. Ransomware, supply chain attacks, and state- sponsored cyber activities targeting critical infrastructure, including shipping and logistics, have intensified. Additionally, the increasing digitization of offshore shipping

operations, reliance on low orbit satellite communication (Starlink) introduce new vulnerabilities and attack vectors.

Safety and Environmental Risks

There are inherent safety and security risks related to operations at sea. As one of Solstad Maritime’s core values, safety is always in front of mind for all employees. The Company focuses on evaluation, facilitation, planning and preventive work to avoid all type of personnel related injuries and incidents that have an adverse effect on the environment.

The environmental risks mainly relate to the vessels and include risks such as oil spillage. Key performance indicators are therefore monitored, and cause analysis performed with mitigating responses if possible undesired events are identified.

Climate and Regulatory Risks

The Company’s business and results of operations could be adversely affected by climate change and the adoption of new climate change laws, policies, and regulations. Growing concerns about climate change and greenhouse gas emissions have led to the adoption of various regulations and policies.

Climate risk is part of the Company’s risk universe, and the Company is exposed to a variety of climate risks. Short and medium-term* climate change issues are not expected to have any significant effect on the Company’s operating expenditure. Higher fuel price due to CO2 levies or the cost of green fuels will for the most part be forwarded to the Company’s clients. Solstad Maritime focuses mainly on reduction of carbon emissions from its fleet and to grow and pursues new business opportunities within the

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SOLSTAD MARITIME ASA ANNUAL REPORT 2025

renewable segments. The Company’s own initiatives to improve energy efficiency and installation of battery hybrid and shore power systems are important steps towards a net zero target in 2050. At the same time, the Company must acknowledge that the targets require access to technology still under development, and extensive investments in both existing vessels and in fleet renewal. A fast decrease in the market demand for the existing type of vessels may pose a risk to Solstad, but as there are limited newbuilds or other alternatives available globally in the short and medium term, this risk is considered to be limited.

Legal Risk

The Company is subject to various legal risks, including potential litigation, contractual disputes, and compliance with evolving laws.

Interest & Tax Risks

The Company is exposed to interest rate and currency risk, primarily through financing and contracts. Interest rate risk is mainly due to long-term debt with floating interest.

There is also a risk exposure to new and rapid changes to tax regulations. Interest rate levels and tax regulations are monitored on an ongoing basis, but no financial hedging instruments are in place.

Financing Risk

The main portion of Solstad Maritime’s external debt will mature January 2029 and therefore it is a refinancing risk.

A refinancing is dependent on Solstad Maritime’s ability to continue to access capital from banks and other lenders, and how the OSV market and the oil and gas prices develop and other factors such as financing capacity for the OSV segment.

The Company expects to be able to refinance the secured debt of Solstad Maritime at market terms on maturity of the current financing in January 2029.

10. Finance - Parent Company

The result for Solstad Maritime in 2025 was MUSD 58 (MUSD -6). The parent company’s assets are mainly related to the value of shares in subsidiaries. Book equity at year-end was MUSD 505 (MUSD 554). The parent company has MUSD 33 (MUSD 10) in liabilities by 31 December 2025.

11. Going Concern

Pursuant to section 3-3a and section 4-5 of the Norwegian

Accounting Act, it is confirmed that the annual accounts have been prepared under the assumption that the Company is a going concern and that the conditions are present.

As such, the going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and conditions of the Refinancing agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of 31 December 2025. The main portion of the Solstad Maritime’s external debt matures in 2029.

The Company continues to maintain strong activity in Brazil, Australia, and other international regions. Furthermore, the long-term outlook for offshore energy services remains steady. The Company’s firm backlog provides a stable foundation for Solstad Maritime into 2026 and beyond.

12. Subsequent Events

Letter Of Intent

Letter of intent signed in February 2026 with with an international subsea contractor for the CSV Normand Navigator.

13. Profit & Loss Allocation

The Board proposed that the following distribution is made for the parent company:

* Refer to Sustainability Statement 2025 and ‘BP-2 – Disclosures in Relation to Specific Circumstances’ for CSRD climate time horizon definitions.

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Corporate Governance