Odfjell Technology

Investor Presentation • Aug 21, 2025

Odfjell Technology Investor Presentation

Q2 2025 Quarterly Results

Important Notice

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• This Presentation includes "forward looking statements". Forward looking statements are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc . These 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 results, performance or achievements that may be expressed or implied by statements and information in the Presentation.
• 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.

2

• Highlights of the quarter
• Market outlook
• Backlog and order intake
• Dividend
• Performance improvement programme
• Financial information
• Summary
• Appendix

3

Odfjell Technology at a glance

An oil service company providing expert services, advanced technology, and skilled professionals

EBITDA by Year (mNOK)

Revenue by Year (bnNOK) Global presence

Revenue and margin by Business Areas 2024 (mNOK)

4

1. Value of equipment pool based on accumulated cost of active tools 2. Leverage ratio as of Q2 2025

Highlights of the quarter and key financials

Highlights and key financials

Steady operational delivery with clear momentum building for coming quarters

1.37bn Revenue Q2

12.9bn Backlog Q2

5.5bnNOK Revenue LTM 778mNOK EBITDA LTM 766mNOK Contract awards Q2 11% implied annualised direct yield

60m Dividend Q2

6

Market outlook

Resilient in a softening market, positioned for H2 growth through combination of improvements and targeted expansion

Tender Pipeline ~ 8 bnNOK

• Healthy tender pipeline across regions and services
• Selective on contracts: only pursuing opportunities with the right profitability levels
• Contract awards and ramp-up timing in certain areas are now less predictable

Market Activity

• Stable production-related activity gives resilience
• Softening market, but cost/efficiency gains underpin margin improvements
• Targeted growth in underrepresented markets like Brazil and GOM
• Strategic partnership with OSP accelerates Americas market entry with lower overhead and startup costs

Capex for Growth

• Elevated 2025 capex front-loaded to enable growth
• Focus on Wired Drill Pipe and strategic projects
• Balancing growth ambition with dividend priority

Order backlog of 12.9 billion NOK

Stable and robust

Historic backlog values and backlog by segment (bnNOK) Order intake last 12 months

8

Attractive shareholder return

10th consecutive quarter with dividend distribution

Dividend distributed Last Twelve Months (LTM) (mNOK)

Main achievements 2022-2025

Established dividend programme with consistent payouts

~11% implied annual direct yield* based on current quarterly dividend level

139% total return** per share since listing

9

* Based on the share price per 20th August 2025

** Includes share price appreciation since listing

Performance Improvement Program Progress & outlook

2026 2024 2025-H1 2025-H2 Efficiency gains starting Majority of one-offs expensed Program initiated Full run-rate effect

Key Actions

• Streamlining Operational resource base
• Cost reductions and efficiency improvements in support functions
• Improved utilisation of assets
• Enhancing pricing, risk evaluation and staff commercial competence

• Cash management optimisation.

• NOK 15m restructuring cost YTD Q2- 2025 (NOK 11m in Q2)

• Mainly cost related to headcount reductions (headcount reduction ~80 FTEs YTD)
• Majority of one-offs expenses now behind us
• Further limited adjustments expect in H2-2025

Cost impact Expected benefits

• Efficiency gains starting H2-2025
• Margin expansion from 2026 as efficiency gains take full effect
• Stronger cash flow

On track for delivering leaner cost based, improved competitiveness, and strong margins going forward

Financial information

Group financials

Steady activity level with underlying margin improvements

Revenue (mNOK) EBITDA (mNOK) Key KPIs (mNOK)

peratin revenue
peratin pro it ( )
et pro it (loss)
et cas lo rom investin activities	( )	( )	( )	( )	( )
vaila le i ui ity

• The overall activity level remains consistent in all business areas
• Restructuring cost of 11m included in Q2 vs 4m in Q1, reflecting development in our improvement programme and underlying EBITDA growth
• Cash flow affected by high capex and working capital build-up
• Available liquidity remains strong

Well Services

Product mix shift delivering higher margins

• Strong activity level in Norway and European market. Middle East and Asia slightly down in activity compared to previous year
• EBITDA margin level up due to product mix improvements
• Contract extensions won in Kuwait and Turkmenistan
• Wired Drill Pipe contracts prolonged

Operations

Stable with gradual margin gains due to improvement programme

Revenue (mNOK) EBITDA (mNOK)

• Stable operational and financial performance from all assets
• Rig mix stability supports predictable earnings
• Operations remain focused on optimising operational structure and cost level
• Efficiency programme delivering gradual margin gains
• High ongoing tender activity for both drilling operations and P&A projects

Projects & Engineering

Diverse contract portfolio ensures consistent activity level.

• Special Periodic Survey (SPS) for Deepsea Stavanger and Deepsea Aberdeen completed successfully, driving the Q2 increase in activity level
• EBITDA margin remains strong with a slight drop due to elevated passthrough charges

Revenue and EBITDA historical development

Revenue (NOKm)

EBITDA including and excluding restructuring costs (NOKm)

Summary

Key takeaways: Focus on delivering long-term value

• Stable operations with margin improvements excl. one-off effects
• Dividend of 60mNOK equal to a direct yield of 11%
• Elevated 2025 capex front-loaded for Wired Drill Pipe and growth projects
• Strong cost discipline approach and on track with our performance improvement programme
• Positioning for a stronger H2, driven by contract ramp-ups, better Well Services mix, and ongoing cost efficiency initiatives

Appendix

Summary income statement

P (m )
t er ains an losses
Personnel e penses	( )	( )	( )	( )
t er operatin e penses	( )	( )	( )	( )
epreciation an amortisation	( )	( )	( )	( )
are o pro it (loss) rom oint an associates ventures	( )	( )
et inancial items	( )	( )	( )	( )
ncome ta e pense	( )	( )	( )	( )

Balance Sheet

ssets (m )
Property plant an e uipment
ntan i le assets
e erre ta asset
on current ta asset
nvestments in oint ventures an associates
t er non current assets
ra e receiva les
t er current receiva les an assets
Cas an cas e uivalents

Summary statement of cash flows

Cas lo (m )
Pro it (loss) e ore ta
ustment or provisions an ot er non cas elements
C an es in or in capital	( )	( )	( )	( )
et interest (pai ) receive	( )	( )	( )	( )
et income ta pai	( )	( )	( )	( )
o e c an e ects rate c an es on cas an cas e uivalents	( )	( )	( )
et increase ( ecrease) in cas an cas e uivalents		( )	( )	( )

Please refer to the Quarterly report for further details

Cash position

Comments

Net Cash Position of 565mNOK

• High capex and working capital build up reducing cash balance
• In Q2 there was a drawdown on the RCF of 30mUSD
• An additional bond tap of 600mNOK is available

Capex of 99mNOK

• High capex expected in 2025 due to Power Wired Drill Pipe investment for Vår Energi contract, higher activity and contract wins
• Steep reduction in capex spending expected in Q4

Working Capital increase on balance sheet of 90mNOK

– Expected decrease in Q3/Q4

23

NIBD and Liquidity (mNOK)

Capex (mNOK) Working Capital (mNOK)

Working capital defined as current assets net of cash, and current liabilities net of current interest-bearing debt and current lease liabilities.

Operations contract overview

Operations contract overview

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uinor isun
uinor rane
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ConocoP illips o is
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ConocoP illips inus Ri mt
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P Clair Ri e
P Clair P ase
P n re
uinor ariner
a a ort Cormorant
a a ar in
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Comments

• The number of rigs in active drilling mode in Q2-2025 was 8
• The number of rigs in maintenance mode Q2-2025 was 5
• 3 rigs not active in Q2-2025
• Operational activity mix expected to remain stable, with shorter maintenance periods for certain rigs

For further information, please contact

Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com

www.odfjelltechnology.com