Odfjell Drilling

Investor Presentation • May 16, 2025

Q1 2025 Results Presentation

16.05.2025

16 May 2025

Important Information

By reading this company presentation dated 16 May 2025 (the "Presentation"), or attending any meeting or presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations.

The Presentation has been prepared by Odfjell Drilling Ltd. (the "Company") solely for information purposes in connection with publication of the Company's results for the fourth quarter of 2024 and may not be reproduced or redistributed, in whole or in part, to any other person.

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forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. These statements involve risks and uncertainties because they relate to future events and depend on future circumstances that may or may not occur. Forward looking statements are not guarantees of future performance and no representation that any such statements or forecasts will be achieved are made.

The Company uses certain financial information calculated on a basis other than in accordance with IFRS, including EBITDA and EBITDA margin, as supplemental financial measures in this Presentation. These non-IFRS financial measures are provided as additional insight into the Company's ongoing financial performance and to enhance the user's overall understanding of the Company's financial results and the potential impact of any corporate development activities.

An investment in the Company involves significant risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements that may be expressed or implied by statements and information in the Presentation.

The Presentation speaks as of 16 May 2025. The Company disclaims any obligation to update or revise any information set out in this Presentation, including the forward-looking statements, whether as a result of new information, future events or otherwise.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

AGENDA

1. Q1 Highlights 2. Operational Review 3. Financial Review 4. Summary

Q1 2025 RESULTS PRESENTATION

4

A Very Good Start to the Year

HIGHER DAY RATES RESULTING IN RECORD EBITDA

• Revenue of USD 204 million and EBITDA of USD 100 million
• 96% Financial Utilisation

DIVIDEND INCREASED AGAIN

• Dividend increased to 16 cents per share from 12.5 cents per share
• Well placed to continue to increase shareholder distributions

THREE DOWN, ONE TO GO - EXCELLENT PROGRESS ON SPS PROGRAMMES

• Deepsea Stavanger SPS on budget and ahead of schedule with net off hire time of 9 days
• Deepsea Nordkapp planned maintenance completed in 6 days of off hire time

NEW CONTRACT AWARD AGREED DURING PERIOD

• Extension of existing contract on Deepsea Atlantic by nearly twelve months
• Total order backlog of USD 1.8 billion of firm contracts and USD 0.1 billion of priced options

BALANCE SHEET AND LIQUIDITY REMAIN STRONG

• Leverage ratio of 1.4x and Equity Ratio of 64%
• Available Liquidity of USD 241 million

TOTAL DIVIDEND (USDm)

5

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Q1 2025 RESULTS PRESENTATION

2. Operational Review

Clients and Fleet Locations

A time of change

Own Fleet Financial Utilisation

EXTERNAL FLEET

Deepsea Yantai Norway

Deepsea Mira Demobilising Namibia

Deepsea Bollsta

Norway

Hercules Warm Stacked Norway

SPS Update

Three down, one to go

• Deepsea Stavanger SPS and upgrade project completed during early Q2 2025, on time and ahead of schedule
  • In total, the project resulted in just 9 days of net off hire time.
• Deepsea Nordkapp also went through planned maintenance during Q1, resulting in 6 days of off hire time
  • Maintenance included upgrades across the vessel as well as replacement of two of the unit's thrusters
• Deepsea Aberdeen is now planned to start its SPS in Q2 2025 and will be the final SPS for the Group until December 2028

SPS schedule

Deepsea Nordkapp Deepsea Stavanger Deepsea Atlantic Deepsea Aberdeen

COMPLETED

Q2 2025

Excellent Firm Backlog Visibility…

Contract Unpriced Options Priced Option

…At Continually Increasing Day Rates

Revenue backlog shown does not include bonuses, fuel incentives or add-ons. Day rates are subject to fluctuations in exchange rate as contract values use a mix of NOK, GBP and USD and assume a modest assumption on price escalation. Timelines are indicative and are based on normal well progress. Rates on Deepsea Stavanger assumes ceiling price on 5-year Aker BP contract is met.

Market Outlook

NORWAY MARKET POSITIVE FOR WORK IN 2027 AND BEYOND

• Several clients are expressing direct interest in using our units
• Ambitious client base with clear intention to address production decline
• Low breakevens for clients mean macroeconomic impact less impactful in the basin
• Tenders outstanding with demand for rigs expected to increase in the coming years, particularly from 2026

INTERNATIONAL DEMAND MIXED

• Short term contracts available for work in 2025
• Longer term contracts expected to increase as new exploration projects mature into development in the coming years
• Demand in areas such as Namibia, Canada, UK and Falkland Islands continues to be considered by operators

SUPPLY LIKELY TO REDUCE

• Some retirement of stacked units is expected
• No newbuilds planned

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Q1 2025 RESULTS PRESENTATION

3. Financial Review

Strong Financial Results

LTM Q1 LTM Q2 LTM Q3 LTM Q4 LTM Q1

763

Own Fleet Contribution External Fleet Contribution

*Net profit during Q3 2023 was USD 184 million following a reversal of an impairment loss of USD 163 million. For this graph, the aforementioned impairment loss reversal has been removed from the net profit calculation.

Balance Sheet and Liquidity Remains Strong

Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm)

Good Cash Flow from Operations

Q1 Cash Flow

Dividend Increased

KEY DETAILS OF Q1 DIVIDEND

• [13]% implied annualised direct yield
• USD 38.4 million or 0.16 USD / share
• Last day including right 2 June, payment on 12 June

WELL-PLACED TO CONTINUE TO INCREASE DIVIDEND

• Increased dividend supported by higher earnings and future free cash flow
  • SPS programs set to finish by Q2 2025, reducing capex payments materially in the second half of this year
  • All rigs are moving to higher day rates this year
  • Company has strong backlog visibility
  • Reduced amortisation schedule

Dividend criteria
LEVERAGE RATIO
TOTAL CASH POSITION
OTHER COVENANTS
12-MONTHS CASH FORECAST
CONTRACT BACKLOG
MARKET POSITION

Q1 2025 RESULTS PRESENTATION

Q1 2025 Summary

• Significant EBITDA milestone achieved
• Dividend increased again with the Company well placed to further increase shareholder distributions going forward
• Exceptional performance in Deepsea Stavanger and Deepsea Nordkapp upgrade / SPS projects
• Capex programs set to end in Q2, which will result in more open debt covenants, allowing increased flexibility for shareholder distributions
• Further strengthened balance sheet

Harsh environment market leader

Fully sold-out fleet, with strong counterparties

Supply and demand well balanced

Dividend paying, with strong platform to continue to increase

For further information, please contact:

James Crothers, Investor Relations Officer jchu@odfjelldrilling.com

www.odfjelldrilling.com