Total Revenue

$10,002,008

Base: $3,800,694 | Projects: $6,201,314

Gross Profit

$3,717,108

Margin: 37.2%

Net Profit

$1,940,620

Margin: 19.4%

EBITDA

$2,175,616

21.8% of Rev

OpEx

$1,776,488

17.8% of Rev

CAPEX

$385,297

BEST Case

Revenue$10,331,319

GP$3,770,388

Net Profit$1,993,900

Margin19.3%

BASE Case

Revenue$10,002,008

GP$3,717,108

Net Profit$1,940,620

Margin19.4%

WORST Case

Revenue$8,071,822

GP$2,929,397

Net Profit$1,152,909

Margin14.3%

Revenue by Vessel — Base vs Projects

Vessel	Base Revenue	Base COGS	Base GP	Base Margin	Project Revenue	Project COGS	Project GP	Proj Margin	Total Revenue	Total GP
DESTINY	$785,986	$472,213	$313,773	39.9%	$4,675,573	$2,785,856	$1,889,717	40.4%	$5,461,559	$2,203,490
UNITY	$958,271	$607,007	$351,264	36.7%	$67,980	$48,266	$19,714	29.0%	$1,026,251	$370,978
PROSPERITY	$969,400	$607,700	$361,700	37.3%	$1,410,698	$1,023,476	$387,222	27.4%	$2,380,098	$748,922
ONE GUYANA	$993,248	$656,280	$336,967	33.9%	$3,543	$2,516	$1,028	29.0%	$996,791	$337,995
ERREA WITTU	$77,916	$44,853	$33,063	42.4%	—	—	—	0.0%	$77,916	$33,063
ONSHORE	$15,874	$9,852	$6,021	37.9%	$43,519	$26,881	$16,638	38.2%	$59,392	$22,659
PIPELINE	—	—	—	—	—	—	—	—	—	—
TOTAL	$3,800,694	$2,397,905	$1,402,789	36.9%	$6,201,314	$3,886,995	$2,314,319	37.3%	$10,002,008	$3,717,108

DESTINY

Proj $4,675,573

$5,461,559

UNITY

Base $958,271

$1,026,251

PROSPERITY

Base $969,400

Proj $1,410,698

$2,380,098

ONE GUYANA

Base $993,248

$996,791

ERREA WITTU

$77,916

ONSHORE

38.2%

$59,392

PIPELINE

—

Monthly Revenue

JAN

$443,322

FEB

$843,562

MAR

$778,803

APR

$944,354

MAY

$799,918

JUN

$1,078,991

JUL

$930,079

AUG

$1,090,327

SEP

$889,253

OCT

$775,700

NOV

$775,700

DEC

$652,000

P&L Summary

Item	Amount	% Rev
Revenue	$10,002,008	100%
COGS	($6,284,900)	62.8%
Gross Profit	$3,717,108	37.2%
OpEx	($1,776,488)	17.8%
Net Profit	$1,940,620	19.4%
+ Depreciation	$234,996
EBITDA	$2,175,616	21.8%

Project Timeline — 2026

Project	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Revenue
DESTINY — Base Scope													$785,986
ERREA WITTU — Base Scope													$77,916
ONE GUYANA — Base Scope													$993,248
ONSHORE — Base Scope													$59,392
PROSPERITY — Base Scope													$969,400
UNITY — Base Scope													$958,271
DESTINY — Painting Campaign - Local Labour													$824,063
DESTINY — Painting Campaign - Expat Labour													$1,910,751
DESTINY — Painting Campaign - Equipment													$953,216
DESTINY — SS Lines Passivation Batch 1													$35,292
DESTINY — Scaffold for Lifting AOGV Tool													$29,673
DESTINY — WI Scope O&M Scaffolding													$289,147
DESTINY — SWOBL P2 & MOC2 Scaffolding													$234,295
DESTINY — Pressurized Habitat Rental													$18,533
DESTINY — Belzona - DA Tower Nozzle Repair													$37,026
DESTINY — Riser Balcony Drain Tank FM													$18,579
DESTINY — Touch-Up SWOBL P2 MOC2													$122,012
DESTINY — Touch-Up WISPR Lines													$105,094
DESTINY — Touch-Up WI Outage O&M SWOBL													$97,893
ONE GUYANA — Annual Inventory Count													$3,543
ONSHORE — Halliburton LMD													$43,519
PROSPERITY — SWOBL 30in Line Equip & MP													$51,753
PROSPERITY — SWOBL Replacement MP (63d)													$114,168
PROSPERITY — SWOBL Replacement MP (74d)													$130,909
PROSPERITY — Lift Beams Sale to SBM													$80,000
PROSPERITY — DA Tower Internal Lining													$253,809
PROSPERITY — Hydrophore Repair - Blasting													$9,854
PROSPERITY — Hydrophore Repair - Power Tool													$12,687
PROSPERITY — WBT3 Surface Prep & Coating													$15,320
PROSPERITY — SWOBL 36-20in WI Outage 1500													$258,767
PROSPERITY — SWOBL 36-20in WI Outage 1501													$130,909
PROSPERITY — WCN-1500 Bypass - Labour													$234,094
PROSPERITY — WCN-1501 Bypass - Labour													$118,428
UNITY — SWLP Discharge Lines Spool													$47,868
UNITY — WIRD Scaffolding SOW													$16,568
UNITY — Annual Inventory Count													$3,543
MONTHLY TOTAL	443K	844K	779K	944K	800K	1079K	930K	1090K	889K	776K	776K	652K	$10,002,008

DESTINY UNITY PROSPERITY ONE GUYANA ERREA WITTU ONSHORE

Total Revenue

$5,461,559

Gross Profit

$2,203,490

Margin

40.3%

Base Rev

$785,986

Project Rev

$4,675,573

DESTINY — Base Labour

SBM Offshore

Role	COGS%	Revenue	COGS	GP
	%	$271,705	$192,910	$78,794
	%	$361,000	$256,310	$104,690
SUBTOTAL		$632,705	$449,220	$183,484

DESTINY — Equipment & Consumables

Item	Qty	Unit	Rate	COGS%	Revenue	COGS
		Annual		%	$153,281	$22,992
SUBTOTAL					$153,281	$22,992
Item	Qty	Unit	Rate	COGS%	Revenue	COGS

Start: End: 11 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$824,063	$585,085	$238,978
SUBTOTAL					$824,063	$585,085	$238,978

Start: End: 11 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$1,910,751	$1,356,633	$554,118
SUBTOTAL					$1,910,751	$1,356,633	$554,118

Start: End: 11 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
SUBTOTAL					—	—	—

Item	Qty	Unit	Rate	COGS%	Revenue	COGS
		Campaign		%	$953,216	$142,982
SUBTOTAL					$953,216	$142,982

Start: End: 1 month

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$35,292	$25,057	$10,235
SUBTOTAL					$35,292	$25,057	$10,235

Start: End: 1 month

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$37,026	$26,289	$10,738
SUBTOTAL					$37,026	$26,289	$10,738

Start: End: 1 month

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$29,673	$21,068	$8,605
SUBTOTAL					$29,673	$21,068	$8,605

Start: End: 4 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$289,147	$205,294	$83,853
SUBTOTAL					$289,147	$205,294	$83,853

Start: End: 4 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$234,295	$166,349	$67,946
SUBTOTAL					$234,295	$166,349	$67,946

Start: End: 1 month

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$18,579	$13,191	$5,388
SUBTOTAL					$18,579	$13,191	$5,388

Start: End: 2 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$122,012	$86,629	$35,384
SUBTOTAL					$122,012	$86,629	$35,384

Start: End: 2 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$105,094	$74,617	$30,477
SUBTOTAL					$105,094	$74,617	$30,477

Start: End: 1 month

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$97,893	$69,504	$28,389
SUBTOTAL					$97,893	$69,504	$28,389

Start: End: 3 months

Role	HC	Days	Rate	COGS%	Revenue	COGS	GP
				%	$18,533	$13,159	$5,375
SUBTOTAL					$18,533	$13,159	$5,375

VESSEL TOTAL

TOTAL

$5,461,559

COGS: $3,258,069

GP: $2,203,490

Margin: 40.3%

Onshore Revenue

$59,392

Gross Profit

$22,659

Margin

38.2%

Onshore Base Labour

Role	COGS%	Revenue	COGS	GP
	%	$802	$481	$321
	%	$868	$521	$347
	%	$1,816	$1,089	$726
	%	$7,468	$4,481	$2,987
	%	$4,920	$3,280	$1,640
SUBTOTAL		$15,874	$9,852	$6,021

Start: End: 4 months

Role	COGS%	Revenue	COGS	GP
	%	$7,040	$4,160	$2,880
	%	$21,120	$12,480	$8,640
	%	$15,359	$10,241	$5,117
SUBTOTAL		$43,519	$26,881	$16,638

ONSHORE TOTAL

TOTAL

$59,392

COGS: $36,733

GP: $22,659

Global COGS Rates

Change here to update all lines

Labour COGS %

Current: 71.0%

Equipment COGS %

Current: 15.0%

Materials COGS %

Current: 90.0%

Blended COGS

62.8%

Target: 54% for 21% NP

Apply updates SBM/custom lines (skips MODEC). Sync MODEC pulls from Rate Card tab.

Project COGS Register

Source	Base Rev	Project Rev	Total Rev	COGS	GP	Margin
DESTINY	$785,986	$4,675,573	$5,461,559	$3,258,069	$2,203,490	40.3%
UNITY	$958,271	$67,980	$1,026,251	$655,273	$370,978	36.1%
PROSPERITY	$969,400	$1,410,698	$2,380,098	$1,631,176	$748,922	31.5%
ONE GUYANA	$993,248	$3,543	$996,791	$658,796	$337,995	33.9%
ERREA WITTU	$77,916	—	$77,916	$44,853	$33,063	42.4%
ONSHORE	$15,874	$43,519	$59,392	$36,733	$22,659	38.2%
PIPELINE	—	—	—	—	—	—
TOTAL			$10,002,008	$6,284,900	$3,717,108	37.2%

Total Overhead

$1,776,488

$148,041/mo avg

Personnel

$413,116

10 positions

Other Costs

$1,363,372

17 items

Personnel Costs

$413,116 Apply rise to all:

Position	Rise %	New Rate	Mths	Annual Cost	Rise Cost
	%	$10,200	12	$122,400	$2,400
	%	$13,356	4	$53,424	$2,544
	%	$3,252	12	$39,022	$3,547
	%	$3,252	12	$39,022	$3,547
	%	$2,482	12	$29,788	$2,708
	%	$1,373	12	$16,474	$1,498
	%	$1,016	12	$12,197	$1,109
	%	$1,983	12	$23,790	$5,490
	%	$2,750	10	$27,500	$2,500
	%	$5,500	9	$49,500	—
PERSONNEL TOTAL				$413,116	$25,343

Other Operating Costs

$1,363,372

Category	Months	Annual Cost
	12	$98,004
	12	$165,984
	12	$100,200
	12	$29,448
	4	$33,400
	12	$57,756
	12	$40,800
	12	$108,000
	12	$32,796
	12	$59,496
	12	$18,996
	12	$1,404
	12	$234,996
	12	$214,200
	12	$96,720
	12	$20,004
	12	$51,168
OTHER COSTS TOTAL		$1,363,372

OVERHEAD GRAND TOTAL

Personnel	$413,116	23.3%
Other Costs	$1,363,372	76.7%
TOTAL OVERHEAD & OpEx	$1,776,488	100%

Capital Expenditure 2026

#	Item	Amount
1
2
3
4
5
6
	TOTAL	$385,297

Speculative Pipeline

Probability Weighted

#	Opportunity	Value	Prob%	Weighted
	TOTAL	—		—

Opening Balance

$500,000

Closing Balance

$2,316,127

Min Balance

$500,000

Distributions

$850,000

F&M: $433,500 | Crosbie: $416,500

CAPEX

$385,297

1. Key Inputs

Payment Terms (days)	→ 2 months delay	Opening Cash Balance
Feb AR Collection		Prior Dec Revenue
Prior Nov Revenue		Prior Oct Revenue

2. CAPEX Schedule

$385,297

Item	Amount	Month	Status
TARSCO Painting Plant	$70,000	MAR	Pending	Edit in CAPEX tab
Scaffolding 40T	$150,000	MAY	Pending	Edit in CAPEX tab
Office Equipment	$15,297	JAN	Pending	Edit in CAPEX tab
DA Tower Dehumidifier	$70,000	APR	Pending	Edit in CAPEX tab
DA Tower Coating Equip	$50,000	MAY	Pending	Edit in CAPEX tab
EX Tablets	$30,000	FEB	Pending	Edit in CAPEX tab
TOTAL	$385,297

3. Shareholder Distributions

$850,000

Total Distribution

F&M (51%)

$433,500

Crosbie (49%)

$416,500

Payment	Shareholder	Amount	Month
Payment 1
Payment 1
Payment 2
Payment 2
Payment 3
Payment 3

4. Monthly Operating Data

Category	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
Revenue Earned	$443,322	$843,562	$778,803	$944,354	$799,918	$1,078,991	$930,079	$1,090,327	$889,253	$775,700	$775,700	$652,000	$10,002,008
Direct Costs (COGS)	$289,710	$525,353	$478,369	$603,111	$493,361	$696,396	$591,673	$705,450	$557,793	$477,170	$477,170	$389,344	$6,284,900
													$438,368
													$12,000
													$24,000
													$206,556
													$46,800
													$19,500
													$310,920
													$18,000
													$59,496
													$18,996
													$32,796
													$250,552
													$100,000
													—
CAPEX (from schedule)	$15,297	$30,000	$70,000	$70,000	$200,000	—	—	—	—	—	—	—	$385,297
F&M Distribution	—	—	—	—	—	—	$144,500	—	$144,500	—	$144,500	—	$433,500
Crosbie Distribution	—	—	—	—	—	—	$138,833	—	$138,833	—	$138,834	—	$416,500

5. Cash Flow Statement

Category	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
Opening Cash Balance	$500,000	$595,882	$1,737,419	$1,529,510	$1,567,601	$1,553,381	$1,702,578	$1,507,729	$1,786,509	$1,776,701	$2,270,097	$2,304,084
CASH INFLOWS
Revenue Received	$500,000	$500,000	$443,322	$843,562	$778,803	$944,354	$799,918	$1,078,991	$930,079	$1,090,327	$889,253	$775,700	$9,574,308
AR Collection (One-time)	—	$1,300,000	—	—	—	—	—	—	—	—	—	—	$1,300,000
Total Cash Inflows	$500,000	$1,800,000	$443,322	$843,562	$778,803	$944,354	$799,918	$1,078,991	$930,079	$1,090,327	$889,253	$775,700	$10,874,308
CASH OUTFLOWS
Direct Costs (COGS)	$289,710	$525,353	$478,369	$603,111	$493,361	$696,396	$591,673	$705,450	$557,793	$477,170	$477,170	$389,344	$6,284,900
Staff Salaries	$36,914	$36,914	$39,664	$45,164	$34,964	$34,964	$34,964	$34,964	$34,964	$34,964	$34,964	$34,964	$438,368
Expat Costs (AD)	$2,400	$2,400	$2,400	$2,400	$2,400	—	—	—	—	—	—	—	$12,000
TT Costs (Vehicle)	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$24,000
Fixed Admin	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$17,213	$206,556
TT Per Diem & Rent	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$3,900	$46,800
Flights (AD + TT)	—	$4,000	$1,000	—	$2,500	$4,000	—	—	$4,000	—	—	$4,000	$19,500
Trade Training	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$25,910	$310,920
Staff Benefits & Burdens	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$1,500	$18,000
Travel & Entertainment	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$4,958	$59,496
Subscriptions & Prof Fees	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$1,583	$18,996
Advertising & Promo	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$2,733	$32,796
Bonuses	—	—	—	—	—	—	—	—	—	—	—	$250,552	$250,552
Tax Payments	—	—	—	$25,000	—	—	$25,000	—	—	$25,000	—	$25,000	$100,000
Other	—	—	—	—	—	—	—	—	—	—	—	—	—
CAPEX	$15,297	$30,000	$70,000	$70,000	$200,000	—	—	—	—	—	—	—	$385,297
F&M Distribution	—	—	—	—	—	—	$144,500	—	$144,500	—	$144,500	—	$433,500
Crosbie Distribution	—	—	—	—	—	—	$138,833	—	$138,833	—	$138,834	—	$416,500
Total Cash Outflows	$404,118	$658,464	$651,230	$805,472	$793,022	$795,157	$994,767	$800,211	$939,887	$596,931	$855,265	$763,657	$9,058,181

NET CASH FLOW	$95,882	$1,141,536	-$207,908	$38,090	-$14,219	$149,197	-$194,850	$278,780	-$9,808	$493,396	$33,987	$12,043	$1,816,127

CLOSING CASH BALANCE	$595,882	$1,737,419	$1,529,510	$1,567,601	$1,553,381	$1,702,578	$1,507,729	$1,786,509	$1,776,701	$2,270,097	$2,304,084	$2,316,127	$2,316,127

Budget Reconciliation

Annual Revenue (from Budget)	$10,002,008	Annual COGS (from Budget)	$6,284,900
GP Margin	37.2%	Net Cash Change	$1,816,127

Monthly Revenue Allocation

Category	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
Allocation %	4.4%	8.4%	7.8%	9.4%	8.0%	10.8%	9.3%	10.9%	8.9%	7.8%	7.8%	6.5%	100.0%
Budget Revenue	$443,322	$843,562	$778,803	$944,354	$799,918	$1,078,991	$930,079	$1,090,327	$889,253	$775,700	$775,700	$652,000	$10,002,008
Budget COGS	$289,710	$525,353	$478,369	$603,111	$493,361	$696,396	$591,673	$705,450	$557,793	$477,170	$477,170	$389,344	$6,284,900

Target

$171,000

Current

$181,999

Variance

-$10,999

Wage Cost

$44,669

Training Budget

Course	$/Sess	Sess	Pax	Days	Total
					$6,000
					$30,800
					$14,142
					$19,860
					$14,400
					$24,390
					$5,850
					$8,775
					$30,400
					$1,110
					$10,800
					$2,800
					$8,672
					$4,000
TOTAL					$181,999

Labour Rates (SBM + MODEC)

MODEC rates are editable — sync to Errea Wittu

Role	Rate	COGS%	Margin	Cat
Supervisor Expat - Regular	$712	66.4%	33.6%	SBM
Supervisor Expat - Ad-hoc	$746	66.4%	33.6%	SBM
Scaffold Foreman Expat - Regular	$638	66.4%	33.6%	SBM
Scaffold Foreman Expat - Ad-hoc	$671	66.4%	33.6%	SBM
Scaffold Foreman National - Regular	$373	66.4%	33.6%	SBM
OMT (RA L1/Scaffolder) National - Regular	$218	74.9%	25.1%	SBM
OMT (RA L1/Scaffolder) National - Ad-hoc	$259	74.9%	25.1%	SBM
Rope Access Tech L2 National - Regular	$283	74.9%	25.1%	SBM
Rope Access Tech L2 Expat - Regular	$553	74.9%	25.1%	SBM
Rope Access Tech L3 Expat - Regular	$712	74.9%	25.1%	SBM
IRATA L3 Expat (Painting Lead) - Regular	$766	74.9%	25.1%	SBM
Painter IRATA L1 National - Regular	$244	74.9%	25.1%	SBM
Painter IRATA L2 Expat - Regular	$661	74.9%	25.1%	SBM
Senior Painter Expat	$745	85.7%	14.3%	SBM
NACE Level II Inspector - Regular	$686	74.9%	25.1%	SBM
Helideck Inspector Offshore CAP437	$1,769	23.5%	76.5%	SBM
Drone Pilot - Offshore	$1,375	23.5%	76.5%	SBM
Lead Engineer	$1,369	23.5%	76.5%	SBM
MODEC - Scaffold Supervisor Expat L3		%	33.3%	MODEC
MODEC - Scaffold Supervisor National		%	33.3%	MODEC
MODEC - Scaffolder National IRATA L1		%	33.2%	MODEC
MODEC - Habitat Technician		%	33.3%	MODEC
Workshop Supervisor (Onshore)	$350	51.1%	48.9%	Onshore
Scaffolder (Onshore)	$180	51.1%	48.9%	Onshore
Painter/Blaster (Onshore)	$200	51.1%	48.9%	Onshore
General Labourer (Onshore)	$120	51.1%	48.9%	Onshore
Scaffold Lead (Onshore)	$250	51.1%	48.9%	Onshore
Edit MODEC rates above, then sync to update Errea Wittu vessel budget

Equipment Rates

Item	Rate	COGS%	Margin
Scaffolding Package (Daily)	$676	26.5%	73.5%
Scaffold (≤90 days) per MT	$15	26.5%	73.5%
Scaffold (>90 days) per MT	$4	26.5%	73.5%
Rope Access Kit (3 person)	$132	26.5%	73.5%
Blast Pot (Wet/Dry Slurry)	$134	26.5%	73.5%
Breathing Air Source Cart	$149	26.5%	73.5%
Pressure Washer	$160	26.5%	73.5%
MBX Bristle Blaster Kit	$37	26.5%	73.5%
Airless Spray Pump	$40	26.5%	73.5%
Paint QC Kit	$30	26.5%	73.5%
Painting Equipment Package	$500	26.5%	73.5%
Lift Beams (set)	$240	11.3%	88.7%
MODEC - Material/Equipment Rental		%	83.5%
Pressurized Habitat	$732	26.5%	73.5%
Mobilization	$2,065	26.5%	73.5%

YTD Revenue

$595,792

Budget: $10,002,008 | Var: -$9,406,216

YTD Gross Profit

$269,167

Budget: $3,717,108 | Var: -$3,447,941

YTD Net Profit

$167,701

Budget: $1,940,620 | Var: -$1,772,919

GP Margin (Actual)

45.2%

Budget: 37.2%

Months Entered

1/12

1. Monthly Performance Snapshots

JAN 2026

Vessel	Budget	Actual	Var %
DESTINY	$455,130	$342,151	-24.8%
UNITY	$85,521	$80,212	-6.2%
PROSPERITY	$198,342	$72,960	-63.2%
ONE GUYANA	$83,066	$69,536	-16.3%
ERREA WITTU	$6,493	—	—
ONSHORE	$4,949	$11,399	130.3%
TOTAL	$833,501	$576,258	-30.9%

YTD Summary — Actual vs Budget

Vessel	Revenue			COGS			Gross Profit			GP %
Vessel	Actual	Budget	Var %	Actual	Budget	Var %	Actual	Budget	Var %	GP %
DESTINY	$342,151	$455,130	-24.8%	$187,552	$271,506	-30.9%	$154,599	$183,624	-15.8%	45.2%
UNITY	$80,212	$85,521	-6.2%	$43,969	$54,606	-19.5%	$36,243	$30,915	17.2%	45.2%
PROSPERITY	$72,960	$198,342	-63.2%	$39,994	$135,931	-70.6%	$32,966	$62,410	-47.2%	45.2%
ONE GUYANA	$69,536	$83,066	-16.3%	$38,117	$54,900	-30.6%	$31,419	$28,166	11.5%	45.2%
ERREA WITTU	—	$6,493	—	—	$3,738	—	—	$2,755	—	—
ONSHORE	$11,399	$4,949	130.3%	$6,249	$3,061	104.1%	$5,150	$1,888	172.7%	45.2%
TOTAL	$576,258	$833,501	-30.9%	$315,881	$523,742	-39.7%	$260,377	$309,759	-15.9%	45.2%

2. Monthly Revenue Entry by Vessel

Enter vessel revenue as invoiced

Vessel	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	YTD
DESTINY													$342,151
UNITY													$80,212
PROSPERITY													$72,960
ONE GUYANA													$69,536
ERREA WITTU													—
ONSHORE													$11,399
TOTAL	$576,258	—	—	—	—	—	—	—	—	—	—	—	$595,792
Budget	$443,322	$843,562	$778,803	$944,354	$799,918	$1,078,991	$930,079	$1,090,327	$889,253	$775,700	$775,700	$652,000	$10,002,008

3. Monthly COGS Entry by Vessel

Vessel	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	YTD
DESTINY													$187,552
UNITY													$43,969
PROSPERITY													$39,994
ONE GUYANA													$38,117
ERREA WITTU													—
ONSHORE													$6,249
TOTAL	$315,881	—	—	—	—	—	—	—	—	—	—	—	$326,625
Budget	$289,710	$525,353	$478,369	$603,111	$493,361	$696,396	$591,673	$705,450	$557,793	$477,170	$477,170	$389,344	$6,284,900

4. OpEx & CAPEX — Actuals vs Budget

Month	OpEx Budget	OpEx Actual	OpEx Var	CAPEX Budget	CAPEX Actual	CAPEX Var
JAN	$156,095		-$54,629	$15,297		-$6,306
FEB	$156,095		—	$30,000		—
MAR	$158,845		—	$70,000		—
APR	$164,345		—	$70,000		—
MAY	$142,639		—	$200,000		—
JUN	$142,639		—	—		—
JUL	$142,639		—	—		—
AUG	$142,639		—	—		—
SEP	$142,639		—	—		—
OCT	$142,639		—	—		—
NOV	$142,639		—	—		—
DEC	$142,639		—	—		—
YTD	$1,776,488	$101,466	-$1,675,022	$385,297	$8,991	-$376,306

5. Extraordinary / Unallocated Items

Items that don't tie to a specific vessel or need clarification. Reallocate to a vessel once confirmed.

Description	Month	Revenue	COGS	GP	Allocate To	Status	Notes
				$8,790
TOTAL EXTRAORDINARY		$19,534	$10,744	$8,790

6. P&L — Full Year Budget vs YTD Actuals

Item	Full Year Budget	YTD Budget	YTD Actual	Variance ($)	Variance (%)	Forecast
Revenue	$10,002,008	$10,002,008	$595,792	-$9,406,216	-94.0%	$595,792
COGS	$6,284,900	$6,284,900	$326,625	-$5,958,275	-94.8%	$326,625
Gross Profit	$3,717,108	$3,717,108	$269,167	-$3,447,941	-92.8%	$269,167
OpEx	$1,776,488	$1,776,488	$101,466	-$1,675,022	-94.3%	$101,466
Net Profit	$1,940,620	$1,940,620	$167,701	-$1,772,919	-91.4%	$167,701
GP Margin	37.2%	37.2%	45.2%			45.2%
Net Margin	19.4%	19.4%	28.1%			28.1%

7. Full Year Forecast

YTD Actual + Remaining Budget

Forecast Revenue	$595,792	Forecast GP	$269,167	Forecast NP	$167,701
vs Budget Rev	-$9,406,216	vs Budget GP	-$3,447,941	vs Budget NP	-$1,772,919

Headcount by Vessel & Month

DESTINY — Base Scope

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	1	1	1	1	1	1	1	1	1	1
	4	4	4	4	4	4	4	4	4	4	4	4
Expat	2	2	2	2	2	2	2	2	2	2	2	2
National	4	4	4	4	4	4	4	4	4	4	4	4
Total DESTINY — Base Scope	6	6	6	6	6	6	6	6	6	6	6	6

DESTINY — Painting Campaign

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	—	—	—	—	—
	1	1	1	1	1	1	1	—	—	—	—	—
	2	2	2	2	2	2	2	—	—	—	—	—
	8	8	8	8	8	8	8	—	—	—	—	—
Expat	4	4	4	4	4	4	4	—	—	—	—	—
National	8	8	8	8	8	8	8	—	—	—	—	—
Total DESTINY — Painting Campaign	12	12	12	12	12	12	12	—	—	—	—	—

DESTINY — WI Scope O&M

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	2	2	2	2	—	—	—	—	—	—
	—	—	1	1	1	1	—	—	—	—	—	—
Expat	—	—	1	1	1	1	—	—	—	—	—	—
National	—	—	2	2	2	2	—	—	—	—	—	—
Total DESTINY — WI Scope O&M	—	—	3	3	3	3	—	—	—	—	—	—

DESTINY — SWOBL P2/MOC2

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	2	2	2	2	—	—	—	—	—
Expat	—	—	—	—	—	—	—	—	—	—	—	—
National	—	—	—	2	2	2	2	—	—	—	—	—
Total DESTINY — SWOBL P2/MOC2	—	—	—	2	2	2	2	—	—	—	—	—

DESTINY — Touch-Up Painting (Aug)

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	—	—	—	—	4	4	—	—	—
	—	—	—	—	—	—	—	1	1	—	—	—
Expat	—	—	—	—	—	—	—	1	1	—	—	—
National	—	—	—	—	—	—	—	4	4	—	—	—
Total DESTINY — Touch-Up Painting (Aug)	—	—	—	—	—	—	—	5	5	—	—	—

UNITY — Base Scope

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	3	3	3	3	3	3	3	3	3	3	3	3
Expat	1	1	1	1	1	1	1	1	1	1	1	1
National	3	3	3	3	3	3	3	3	3	3	3	3
Total UNITY — Base Scope	4	4	4	4	4	4	4	4	4	4	4	4

UNITY — SWLP Spool Replacement

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	2	—	—	—	—	—	—	—	—
Expat	—	—	—	—	—	—	—	—	—	—	—	—
National	—	—	—	2	—	—	—	—	—	—	—	—
Total UNITY — SWLP Spool Replacement	—	—	—	2	—	—	—	—	—	—	—	—

PROSPERITY — Base Scope

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	3	3	3	3	3	3	3	3	3	3	3	3
Expat	1	1	1	1	1	1	1	1	1	1	1	1
National	3	3	3	3	3	3	3	3	3	3	3	3
Total PROSPERITY — Base Scope	4	4	4	4	4	4	4	4	4	4	4	4

PROSPERITY — SWOBL 30in/63d/74d

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	3	3	3	—	—	—	—	—	—	—	—	—
Expat	—	—	—	—	—	—	—	—	—	—	—	—
National	3	3	3	—	—	—	—	—	—	—	—	—
Total PROSPERITY — SWOBL 30in/63d/74d	3	3	3	—	—	—	—	—	—	—	—	—

PROSPERITY — SWOBL/WCN Bypass (H2)

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	—	—	4	4	4	4	4	4	—
	—	—	—	—	—	1	1	1	1	1	1	—
Expat	—	—	—	—	—	1	1	1	1	1	1	—
National	—	—	—	—	—	4	4	4	4	4	4	—
Total PROSPERITY — SWOBL/WCN Bypass (H2)	—	—	—	—	—	5	5	5	5	5	5	—

PROSPERITY — DA Tower Lining

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	—	—	3	3	3	—	—	—	—
	—	—	—	—	—	1	1	1	—	—	—	—
Expat	—	—	—	—	—	1	1	1	—	—	—	—
National	—	—	—	—	—	3	3	3	—	—	—	—
Total PROSPERITY — DA Tower Lining	—	—	—	—	—	4	4	4	—	—	—	—

ONE GUYANA — Base Scope

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	3	3	3	3	3	3	3	3	3	3	3	3
Expat	1	1	1	1	1	1	1	1	1	1	1	1
National	3	3	3	3	3	3	3	3	3	3	3	3
Total ONE GUYANA — Base Scope	4	4	4	4	4	4	4	4	4	4	4	4

ERREA WITTU — Base Scope

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	1	1	1	1	1	1	1	1	1	1
Expat	1	1	1	1	1	1	1	1	1	1	1	1
National	2	2	2	2	2	2	2	2	2	2	2	2
Total ERREA WITTU — Base Scope	3	3	3	3	3	3	3	3	3	3	3	3

ERREA WITTU — TARSCO Scaffolding

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	—	—	3	3	3	3	—	—	—
	—	—	—	—	—	1	1	1	1	—	—	—
Expat	—	—	—	—	—	1	1	1	1	—	—	—
National	—	—	—	—	—	3	3	3	3	—	—	—
Total ERREA WITTU — TARSCO Scaffolding	—	—	—	—	—	4	4	4	4	—	—	—

ERREA WITTU — TARSCO Painting

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	—	—	—	—	—	6	6	6	6	—	—	—
	—	—	—	—	—	1	1	1	1	—	—	—
Expat	—	—	—	—	—	1	1	1	1	—	—	—
National	—	—	—	—	—	6	6	6	6	—	—	—
Total ERREA WITTU — TARSCO Painting	—	—	—	—	—	7	7	7	7	—	—	—

ONSHORE / MANAGEMENT

Role	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	1	1	1	1	1	1	1	1	1	1
	2	2	2	2	2	2	2	2	2	2	2	2
	1	1	1	1	1	1	1	1	1	1	1	1
Expat	2	2	2	2	2	2	2	2	2	2	2	2
National	4	4	4	4	4	4	4	4	4	4	4	4
Total ONSHORE / MANAGEMENT	6	6	6	6	6	6	6	6	6	6	6	6

Peak Headcount

Month: JUN

Peak Expats

Month: JUN

Peak Nationals

Month: JUN

Local Content %

73.4%

At peak month

Manning Profile — 2026

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Expats Nationals

Manning by Vessel / Project

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

DESTINY — Base Scope DESTINY — Painting Campaign DESTINY — WI Scope O&M DESTINY — SWOBL P2/MOC2 DESTINY — Touch-Up Painting (Aug) UNITY — Base Scope UNITY — SWLP Spool Replacement PROSPERITY — Base Scope PROSPERITY — SWOBL 30in/63d/74d PROSPERITY — SWOBL/WCN Bypass (H2) PROSPERITY — DA Tower Lining ONE GUYANA — Base Scope ERREA WITTU — Base Scope ERREA WITTU — TARSCO Scaffolding ERREA WITTU — TARSCO Painting ONSHORE / MANAGEMENT

Consolidated Headcount Summary

Category	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
Expats	12	12	13	13	13	17	16	13	12	9	9	8
Nationals	30	30	32	33	31	47	45	39	36	23	23	19
TOTAL	42	42	45	46	44	64	61	52	48	32	32	27
Local Content %	71.4%	71.4%	71.1%	71.7%	70.5%	73.4%	73.8%	75.0%	75.0%	71.9%	71.9%	70.4%

Total Outstanding

$576,258

5 invoices

0-30 Days

$576,258

31-60 Days

—

61-90 Days

—

90+ Days

—

Collected YTD

—

Outstanding by Client

Client	Outstanding	% of Total
SBM Offshore	$415,111	72.0%
GDO	$149,748	26.0%
Various	$11,399	2.0%

Invoice Register

Invoice Ref	Client	Vessel	Amount	Invoice Date	Due Date	Bucket	Status	Notes

Active Contracts

$14,037,478 annual value

At Risk

$3,688,029 value

Pending / New

Renewal Due ≤90d

Contract Timeline — 2026

Contract	Client	Vessel	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	Annual Value
Scaffolding & FM Services - Master Contract	SBM Offshore	ALL FPSOs (Destiny, Unity, Prosperity, One Guyana)									⟳			●	$10,245,952
Painting Campaign (FM) — Full Year	SBM Offshore	DESTINY	●	●	●	●	●	●	⟳	●	●	●	●	●	$3,688,029
Scaffolding & Habitat Services	MODEC	ERREA WITTU							●	⟳	●	●	●	●	$103,497
Rope Access (New)	MODEC	ERREA WITTU													TBD
Insulation & Fire Protection (New)	MODEC	ERREA WITTU													TBD
TARSCO Tanks Coating	GTE/TARSCO	Onshore (Wales)					●	●	●	●	●	●			$1,317,243

● Active ● At Risk ● Pending ⟳ Renewal Due

Contract Register

Scope	Client	Vessel	Type	Annual Value	Start	End	Renewal Due	Status	Notes
							214d
							152d
							184d

Best Case NP

$1,993,900

19.3% margin

Base Case NP

$1,940,620

19.4% margin

Worst Case NP

$1,152,909

14.3% margin

Revenue at Risk

$1,930,186

Painting SOW + DA Tower

1. Scenario Comparison

Metric	BEST CASE	BASE CASE	WORST CASE	Best-Worst Δ
Revenue	$10,331,319	$10,002,008	$8,071,822	$2,259,496
COGS	$6,560,931	$6,284,900	$5,142,425	$1,418,506
Gross Profit	$3,770,388	$3,717,108	$2,929,397	$840,991
GP Margin	36.5%	37.2%	36.3%	0.2%
OpEx	$1,776,488	$1,776,488	$1,776,488	—
Net Profit	$1,993,900	$1,940,620	$1,152,909	$840,991
Net Margin	19.3%	19.4%	14.3%	5.0%
CAPEX	$385,297	$385,297	$195,297	$190,000

2. Revenue at Risk — Worst Case Removals

Item	Revenue	COGS	GP Impact	Trigger

FM Local Labour (5/11 of $824,063)	$374,574	$265,948	$108,626
FM Expat Labour (5/11 of $1,910,751)	$868,523	$616,651	$251,872
FM Equipment (5/11 of $953,216)	$433,280	$64,992	$368,288
Painting Suspension Subtotal (5/11)	$1,676,377	$947,591	$728,786

DA Tower Internal Lining — Labour	$79,601	$56,517	$23,084
DA Tower Internal Lining — Equipment	$42,165	$6,325	$35,840
DA Tower Internal Lining — Materials	$132,043	$132,043	—
DA Tower Subtotal	$253,809	$194,884	$58,924

TARSCO Painting Plant	$70,000
DA Tower Dehumidifier	$70,000
DA Tower Coating Equip	$50,000
TOTAL AT RISK	$1,930,186	$1,142,475	$787,710	CAPEX: $190,000

3. Opportunities & Tracked Items

Opportunity	Client	Vessel/Location	Revenue	GP	Margin	Prob	Status
	TARSCO/GTE	Onshore (Wales)	$1,317,243	$213,120	16.2%	25.0%	Submitted - Under Review
Note:
	MODEC	ERREA WITTU	TBD	TBD	TBD	90.0%	Awarded — Draft Contract Pending
Note:
	MODEC	ERREA WITTU	TBD	TBD	TBD	95.0%	Awarded — Contract Signed
Note:
	SBM Offshore	PROSPERITY	TBD	TBD	TBD	30.0%	Under Review - No Response
Note:

4. Strategic Commentary & Notes

2026-02-27 — TT

2026-03-02 — TT

PANTHERA SOLUTIONS INC. — 2026 Budget Summary

Generated: 28 February 2026

Revenue

$10,110,582

Gross Profit

$3,763,198

37.2%

Net Profit

$1,986,710

19.6%

EBITDA

$2,221,706

Revenue by Vessel / Source

Source	Base	Projects	Total	COGS	GP	Margin
DESTINY	$785,986	$4,675,573	$5,461,559	$3,258,069	$2,203,490	40.3%
UNITY	$958,271	$67,980	$1,026,251	$655,273	$370,978	36.1%
PROSPERITY	$969,400	$1,410,698	$2,380,098	$1,631,176	$748,922	31.5%
ONE GUYANA	$993,248	$3,543	$996,791	$658,796	$337,995	33.9%
ERREA WITTU	$186,491	—	$186,491	$107,337	$79,154	42.4%
ONSHORE	$15,874	$43,519	$59,392	$36,733	$22,659	38.2%
PIPELINE	—	—	—	—	—	—
TOTAL			$10,110,582	$6,347,385	$3,763,198	37.2%

Profit & Loss

Item	Amount	% Rev
Revenue	$10,110,582	100%
Cost of Goods Sold	($6,347,385)	62.8%
Gross Profit	$3,763,198	37.2%
Operating Expenses	($1,776,488)	17.6%
Net Profit	$1,986,710	19.6%
+ Depreciation	$234,996
EBITDA	$2,221,706	22.0%

Scenario Analysis

Best Case (Budget + TARSCO weighted)

Revenue$10,110,582

GP$3,763,198

Net Profit$1,986,710

Net Margin19.6%

Base Case (Current Budget)

Revenue$10,110,582

GP$3,763,198

Net Profit$1,986,710

Net Margin19.6%

Worst Case (Painting suspended end of Jul + no DA Tower)

Revenue$8,434,205

GP$3,034,412

Net Profit$1,257,924

Net Margin14.9%

Revenue at Risk — Worst Case Detail

Painting Campaign (Destiny FPSO): The full painting SOW is budgeted Feb–Dec 2026 (11 months, $3,688,030 total revenue). Work commences February with the full budgeted value running through to December. The risk scenario is that SBM suspends the painting SOW at the end of July while a formal tender process takes place. In this event, Panthera retains Feb–Jul revenue (6 months, $2,011,653) but loses Aug–Dec (5 months, $1,676,377). The Feb–Jul period is considered secure as Panthera is the incumbent contractor and work will be underway.

Item	Revenue	COGS	GP Impact	Trigger
If SBM suspends Painting SOW at end of July (lose Aug–Dec — 5 of 11 months):
FM Local Labour (5/11 of $824,063)	$374,574	$265,948	$108,626	SOW suspension
FM Expat Labour (5/11 of $1,910,751)	$868,523	$616,651	$251,872	SOW suspension
FM Equipment (5/11 of $953,216)	$433,280	$64,992	$368,288	SOW suspension
Painting Subtotal (5/11)	$1,676,377	$947,591	$728,786	Retained (Feb-Jul): $2,011,653
DA Tower Internal Lining (Prosperity) — no client response:
DA Tower Internal Lining	$79,601	$56,517	$23,084	Under review
CAPEX that drops out:
TARSCO Painting Plant	$70,000			Linked
DA Tower Dehumidifier	$70,000			Linked
DA Tower Coating Equip	$50,000			Linked
TOTAL AT RISK	$1,798,143	$1,010,432	$787,710	CAPEX: $190,000

Cash Flow & Distribution Summary

	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
Closing Balance	$680,560	$1,888,400	$1,498,833	$1,368,532	$1,410,133	$1,663,891	$1,516,519	$1,799,140	$1,793,173	$2,290,410	$2,328,238	$2,344,122
F&M Distribution	—	—	—	—	—	—	$144,500	—	$144,500	—	$144,500	—	$433,500
Crosbie Distribution	—	—	—	—	—	—	$138,833	—	$138,833	—	$138,834	—	$416,500
Bonus Payouts	—	—	—	—	—	—	—	—	—	—	—	$250,552	$250,552
CAPEX	$15,297	$30,000	$70,000	$70,000	$200,000	—	—	—	—	—	—	—	$385,297

Distribution Schedule: Total $850K — three equal payments in Feb, Mar, Apr (F&M 51%: $144,500 × 3 / Crosbie 49%: $138,833 × 3). Schedule revised from Q4-only to avoid overlap with December bonus payouts ($251K) and Q4 tax obligations. CAPEX programme ($385K) completes by May, ensuring distributions commence after capital commitments are met. Minimum projected cash balance: $680,560 (January — pre-AR collection). H2 floor maintained above $1,516,519.

Strategic Commentary

SBM Painting SOW Risk 2026-02-27 — TT

The Destiny painting campaign is budgeted at the full value from February through December 2026 (11 months). Work commences in February with the full budgeted crew (local labour, expat labour, and equipment) running through to year-end. The risk is that SBM suspends the painting SOW at the end of July to conduct a formal tender process. In this scenario, Panthera retains Feb-Jul revenue (6 months) as the incumbent contractor with work already underway. The at-risk portion is Aug-Dec (5 months), representing 5/11 of the total painting campaign value. This is the single largest revenue risk in the 2026 budget.

TARSCO Tanks Coating 2026-02-27 — TT

Full project value $1.32M with 16.2% NP margin. 100 day duration, 17 crew coating team. Client believes we are 25% too high - low likelihood of award at current pricing. Logged for tracking. If won, would require TARSCO Painting Plant CAPEX ($70K).

DA Tower Internal Lining - No Response 2026-02-27 — TT

Prosperity DA Tower refurbishment scope (Internal Lining using Plastite 4100, $79.6K) was submitted to SBM but no response received. Under review status. If this work does not materialise, the DA Tower CAPEX items (Dehumidifier $70K + Coating Equipment $50K) would also be removed.

MODEC Errea Wittu — Contracts Awarded 2026-03-02 — TT

Both new MODEC contracts for Errea Wittu have been awarded. The Insulation & Fire Protection contract is signed. The Rope Access contract has a notification of award and we are awaiting the draft contract from MODEC. We are pressing MODEC to arrange a meeting to gather detailed information on the scope and requirements for both contracts. No budget values have been included yet as the scope is not yet fully defined — once we have clarity from MODEC, these will be built into the forecast and will significantly increase Errea Wittu revenue beyond the current scaffolding base scope. This represents a major growth opportunity for the MODEC relationship.

Shareholder Distribution Timing — Feb/Mar/Apr Schedule 2026-03-02 — TT

Shareholder distributions of $850K (F&M 51%: $433.5K / Crosbie 49%: $416.5K) restructured to three equal payments in Feb, Mar, and Apr (~$283K per month). Rationale: (1) Early distributions allow shareholders to receive returns in Q1 while cash position is strong from H2 2025 carryover and January revenue. (2) Clears distributions before the CAPEX programme ramps up mid-year. (3) Separates distributions from the $251K year-end bonus payout in December. Board approval requested for revised schedule.

Bonus Provisions — Cash Flow Treatment 2026-03-02 — TT

Three bonus provisions accrue monthly in the P&L: Admin Bonus ($13,832/mo = $166K/yr), FMCG Bonus ($8,350/mo x 4 months Jan-Apr = $33K), and Tech Bonus ($4,264/mo = $51K/yr). Total provisions: $251K. These are accruals for P&L purposes. The actual cash payout is scheduled as a single lump sum in December. This has been reflected in the cash flow model under the Bonuses line. The revised distribution schedule (Feb/Mar/Apr) clears shareholder payments early in the year, keeping December clear for this bonus payment plus Q4 tax obligations ($25K).

Tracked Opportunities

Opportunity	Client	Revenue	Prob	Status
TARSCO Tanks Coating Project	TARSCO/GTE	$1,317,243	25.0%	Submitted - Under Review
Client thinks we are 25% too high. Full scope: 11,911m² sweep blast + cherry pickers. Revenue $1.32M, NP 16.2%. Low likelihood unless client negotiates down.
MODEC Errea Wittu - Rope Access Contract	MODEC	TBD	90.0%	Awarded — Draft Contract Pending
Notification of award received. Awaiting draft contract from MODEC. We are pressing MODEC to arrange a meeting to gather detailed scope and requirements. No budget value yet until scope is confirmed.
MODEC Errea Wittu - Insulation & Fire Protection Contract	MODEC	TBD	95.0%	Awarded — Contract Signed
Contract signed with MODEC. We are pressing MODEC to arrange a meeting to gather detailed scope requirements and mobilisation timelines. No budget value yet until scope is fully defined.
DA Tower Internal Lining - Plastite 4100 (SBM Prosperity)	SBM Offshore	TBD	30.0%	Under Review - No Response
Prosperity DA Tower refurbishment using Plastite 4100. Was submitted, no feedback received. If lost, DA Tower CAPEX items ($120K dehumidifier + coating equip) also drop out.

CAPEX Summary — $385,297

Item	Amount	Timing	Status
TARSCO Painting Plant	$70,000	undefined	Pending
Scaffolding 40T	$150,000	undefined	Pending
Office Equipment	$15,297	undefined	Pending
DA Tower Dehumidifier	$70,000	undefined	Pending
DA Tower Coating Equip	$50,000	undefined	Pending
EX Tablets	$30,000	undefined	Pending
TOTAL	$385,297

Pipeline — Weighted: —

Opportunity	Value	Prob	Weighted

Key Metrics

Total Overhead	$1,776,488	CAPEX	$385,297
Training Budget	$181,999	Distributions (Feb/Mar/Apr)	$850,000
Bonus Provisions (Dec payout)	$250,552	Opening Cash Balance	$500,000

BEST Case

BASE Case

WORST Case

Revenue by Vessel — Base vs Projects

Monthly Revenue

P&L Summary

Project Timeline — 2026

DESTINY — Base Labour

DESTINY — Equipment & Consumables

VESSEL TOTAL

Onshore Base Labour

ONSHORE TOTAL

Global COGS Rates

Project COGS Register

Personnel Costs

Other Operating Costs

OVERHEAD GRAND TOTAL

Capital Expenditure 2026

Speculative Pipeline

1. Key Inputs

2. CAPEX Schedule

3. Shareholder Distributions

4. Monthly Operating Data

5. Cash Flow Statement

Budget Reconciliation

Monthly Revenue Allocation

Training Budget

Labour Rates (SBM + MODEC)

Equipment Rates

1. Monthly Performance Snapshots

JAN 2026

YTD Summary — Actual vs Budget

2. Monthly Revenue Entry by Vessel

3. Monthly COGS Entry by Vessel

4. OpEx & CAPEX — Actuals vs Budget

5. Extraordinary / Unallocated Items

6. P&L — Full Year Budget vs YTD Actuals

7. Full Year Forecast

Headcount by Vessel & Month

DESTINY — Base Scope

DESTINY — Painting Campaign

DESTINY — WI Scope O&M

DESTINY — SWOBL P2/MOC2

DESTINY — Touch-Up Painting (Aug)

UNITY — Base Scope

UNITY — SWLP Spool Replacement

PROSPERITY — Base Scope

PROSPERITY — SWOBL 30in/63d/74d

PROSPERITY — SWOBL/WCN Bypass (H2)

PROSPERITY — DA Tower Lining

ONE GUYANA — Base Scope

ERREA WITTU — Base Scope

ERREA WITTU — TARSCO Scaffolding

ERREA WITTU — TARSCO Painting

ONSHORE / MANAGEMENT

Manning Profile — 2026

Manning by Vessel / Project

Consolidated Headcount Summary

Outstanding by Client

Invoice Register

Contract Timeline — 2026

Contract Register

1. Scenario Comparison

2. Revenue at Risk — Worst Case Removals

3. Opportunities & Tracked Items

4. Strategic Commentary & Notes

Add New Project

Labour Lines

Equipment Lines

Materials & Consumables

PANTHERA SOLUTIONS INC. — 2026 Budget Summary

Revenue by Vessel / Source

Profit & Loss

Scenario Analysis

Best Case (Budget + TARSCO weighted)

Base Case (Current Budget)

Worst Case (Painting suspended end of Jul + no DA Tower)

Revenue at Risk — Worst Case Detail

Cash Flow & Distribution Summary

Strategic Commentary