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_{¹ Our founder, Bob Robotti, has been active in the energy sector as an investor and director of industry-defining companies over a nearly fifty-year career, including as director of Tidewater Inc., of which we are among the largest shareholders; Pulse Seismic Inc., which he chairs; PHX Minerals (formerly Panhandle Oil & Gas), where we were the largest outside owner; AMREP Corporation; PrairieSky Royalty Ltd.; and Builders FirstSource (formerly BMC). Bob personally first invested in offshore oil services in 1976. Most relevant, Robotti has been an investor in major industry participant Subsea 7 (and its predecessor companies) since 1995.
² See, e.g., Robotti & Co. Advisors, LLC v. Bldg. Prods., LLC, Verified Compl., C.A. No. 4900 (Del. Ch. Sept. 16, 2009) and Stipulation of Settlement, C.A. No. 4900 (Del. Ch. Nov. 5, 2009).
³ $28.40 trading price as of the close of business on July 9, 2026. Figures have been updated from original letter (dated July 7, 2026).
⁴ Rights Offering Memorandum and Preemptive Rights Notice dated June 24, 2026, Exhibit C, Risk Factors, pp. 18-19.
⁵ Id. at p. 17.
⁶ Id. at p. 16.
⁷ Id. (emphasis added)}