Important Information

By reading this company presentation dated 6 November 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 third quarter of 2025 and may not be reproduced or redistributed, in whole or in part, to any other person.

The Presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on the Presentation or any of its contents. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.

No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions in this Presentation. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice.

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 result, performance or achievements that may be expressed or implied by statements and information in the Presentation.

The Presentation speaks as of 6 November 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. Q3 Highlights
1. Operational Review
1. Financial Review
1. Summary

Sustained Growth Through Improved Day Rates

STRONG FINANCIAL RESULTS

Revenue of USD 234 million and EBITDA of USD 119 million
Net Profit of USD 55 million

EXCEPTIONAL OPERATIONAL PERFORMANCE

99% Financial Utilisation, adding to the Company's 10-year average of 97% financial utilisation
Deepsea Stavanger achieved a new industry milestone, drilling over 45,000 metres and completing the longest exploration well ever
Four owned rigs awarded DNV's Abate (Power+) notation, reflecting best industry practices in greenhouse gas abatement for offshore units

INCREASED DIVIDENDS TO SHAREHOLDERS WHILST DELEVERAGING

Dividend increased to 20 cents per share from 18 cents per share
Total Q3 dividend of USD 48 million
Leverage ratio of 1.2x
Equity Ratio of 65%
Available liquidity of USD 209 million

FLEET SOLD OUT UNTIL END OF 2026, POSITIVE MARKET VIEW MAINTAINED

Harsh environment market remains well balanced
Total order backlog of USD 1.5bn with all units sold out until at least the end of 2026
Advanced discussions ongoing with several clients to add backlog in near future

TOTAL DIVIDEND (USDm)

REVENUE (USDm)

EBITDA (USDm)

Clients and Fleet Locations

High Quality Customer Base

OWN FLEET

Norway

Deepsea Aberdeen Breidablikk Field Deepsea Atlantic Various Projects Norway

Deepsea Nordkapp Various Projects Norway

Deepsea Stavanger Yggdrasil Development Norway

EXTERNAL FLEET

Deepsea Yantai

Norway

Deepsea Bollsta Norway

Deepsea Mira Namibia

Hercules Warm Stacked Norway

Own Fleet Financial Utilisation

Own Fleet Awarded Abate Power+ Class Notation

Going Beyond Regulatory Requirements

All Four owned units awarded DNV's Abate Power+ notation,
Odfjell Drilling is the first drilling contractor with an entire owned fleet with this recognition
The ABATE Power+ notation is awarded to units which:
implement technologies and management systems to improve energy efficiency and reduce greenhouse gas (GHG) emissions from power generation, and
implement a comprehensive energy and emission management system aligned with ISO 50001 standards

Nearly 9 Years of Cumulative Work Secured

Higher Revenue Secured from 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 Remains Well Balanced

MARKET VIEW UNCHANGED

Company in active dialogue with clients regarding potential extensions, with the Company anticipating securing contract backlog in the near future
Deepsea Nordkapp and Deepsea Aberdeen are currently the first two units available, both of which have unpriced options with Aker BP and Equinor respectively
Several clients are expressing direct interest in contracting our high-performing rigs and services
Tenders outstanding with demand for rigs expected to increase in the coming years

INTERNATIONAL DEMAND MIXED

Current contracting environment remains dominated by short term exploration work
Recent discoveries in Namibia continue to emphasise potential of the basin to be a driver of demand in the future, with longer term contracts expected to mature in the coming years
Additional demand likely to come from areas such as Namibia, Canada, South Africa, Australia and the UK

SUPPLY LIKELY TO REDUCE

Some retirement of stacked units is expected
No newbuilds planned, with limited stacked or inactive capacity which could be costly for clients to upgrade
Entry barriers to Norwegian Continental Shelf remain high, further limiting supply side capacity

Continually Increasing Financial Results

LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3

Own Fleet Contribution External Fleet Contribution

LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3

Further Deleveraging and Balance Sheet Strengthening

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

^*Net debt has increased marginally in Q3 2025 due to higher accrued unpaid interest compared to Q2 2025

Total Available Cash Q2 2025

Available RCF Q2 2025

Cash Position Q2 2025

Cash Generated from operations

Continued Capital Discipline

USD 10 million of the Q3 2025 "Cashflow from investing activities" were client-specific upgrades covered by lump-sum payments from customers in this or adjacent quarters

Net Interest Paid Net Tax paid Cash flow from

investing activities

Financing Activities & Fx adj

Q2 Dividend Cash Position Q3

2025

Available RCF Q3 2025

Total Available Cash Q3 2025

Increased Dividend

KEY DETAILS OF Q3 DIVIDEND

USD 48 million or 0.20 USD / share
Last day including right 11 November, payment on 26 November

DIVIDEND INCREASED WHILST FURTHER DELEVERAGING

Increased dividend supported by higher earnings and future free cash flow
Leverage ratio continues to decrease

Dividend criteria

LEVERAGE RATIO	$\bigcirc$
TOTAL CASH POSITION	$\bigcirc$
OTHER COVENANTS	$\bigcirc$
12-MONTHS CASH FORECAST	$\bigcirc$
CONTRACT BACKLOG	$\bigcirc$
MARKET POSITION	$\bigcirc$

Q3 2025 RESULTS PRESENTATION

4. Summary

Q3 2025 Summary

Strong financial results from higher day rates
Exceptional operational performance
Continued strong Capital Discipline with dividends increased and leverage ratio reducing
Fleet fully sold out until end of 2026, advanced discussions ongoing with several clients to add backlog in near future

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 [email protected]

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Odfjell Drilling

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