Odfjell Drilling

Investor Presentation • Aug 19, 2025

Q2 2025 Results Presentation

18.08.2025

19 August 2025

Important Information

By reading this company presentation dated 19 August 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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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 19 August 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. Q2 Highlights 2. Operational Review 3. Financial Review

2. Summary

Q2 2025 RESULTS PRESENTATION

1. Q2 Highlights

Another Record Quarter

QUARTERLY FINANCIAL RECORDS SET

• Revenue of USD 219 million and EBITDA of USD 108 million
• Net Profit of USD 42 million
• 92% Financial Utilisation, reflecting downtime due to SPS on Deepsea Aberdeen

INCREASING DIVIDENDS TO SHAREHOLDERS

• Dividend increased to 18 cents per share from 16 cents per share
• Well placed to continue to increase shareholder distributions

ALL SPS PROGRAMS NOW COMPLETED

• Both Deepsea Aberdeen and Deepsea Stavanger SPS completed on budget and on time
• Next SPS is the Deepsea Nordkapp in late 2028.

CREDIT RATING IMPROVED

• Moody's increased its credit rating for the Company to B1, reflecting the Company's earnings visibility, declining capital spending and debt amortisation

FINANCIAL POSITION STRENGTHENED

• Leverage ratio of 1.3x
• Equity ratio of 64%
• Available liquidity of USD 217 million

REVENUE (USDm)

TOTAL DIVIDEND (USDm)

5

Q2 2025 RESULTS PRESENTATION

2. Operational Review

Clients and Fleet Locations

A time of change

OWN FLEET Deepsea Aberdeen Breidablikk Field Norway Deepsea Stavanger Yggdrasil Development Norway Deepsea Atlantic Various Projects Norway Deepsea Nordkapp Various Projects Norway

Own Fleet Financial Utilisation

EXTERNAL FLEET

Deepsea Yantai Norway

Deepsea Bollsta

Norway

Deepsea Mira Demobilising Namibia

Hercules Warm Stacked Norway

SPS Schedule Completed

Ready for What's Next

• Deepsea Stavanger SPS and upgrade project completed during early Q2 2025 on time and ahead of schedule
• Deepsea Aberdeen SPS completed in mid Q2, on time and on budget
• 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

SPS schedule

Deepsea Nordkapp Deepsea Stavanger Deepsea Atlantic Deepsea Aberdeen

COMPLETED

Strong 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.

Balanced Market Outlook

NORWAY MARKET POSITIVE FOR WORK IN 2027 AND BEYOND

• Several clients are expressing direct interest in contracting our high-performing rigs and services
• Client base maintains intention to address production decline
• Smaller and more complicated infield developments will continue to drive demand going forward, likely increasing the number of wells required
• Tenders outstanding with demand for rigs expected to increase in the coming years, particularly from 2027

INTERNATIONAL DEMAND MIXED

• Current contracting environment dominated by short term exploration work
• Longer term contracts expected to increase as new exploration projects mature into development in the coming years
• Demand in areas such as Namibia, Canada, South Africa, Australia and the UK continues to be considered by operators, and projects are anticipated to be matured from 2027 and onwards

SUPPLY LIKELY TO REDUCE

• Some retirement of stacked units is expected
• No newbuilds planned
• Costly entry barriers to NCS for limited side capacity

Q2 2025 RESULTS PRESENTATION

3. Financial Review

Strong Financial Results

Revenue (USDm) EBITDA (USDm) Net Profit (USDm) ^{144 158 163 171} 42 ^{40 47} 186 203 Q2 Q3 Q4 Q1 2025 Q2

Financial Position Further Strengthened

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

Good Cash Flow from Operations

Q2 Cash Flow

USD 25 million of the Q2 2025 "Cashflow from investing activities" were client-specific upgrades covered by lump-sum payments from customers in this or adjacent quarters

Dividend Increased

KEY DETAILS OF Q2 DIVIDEND

• USD 43.2 million or 0.18 USD / share
• Last day including right 2 September, payment on 17 September

WELL-PLACED TO CONTINUE TO INCREASE DIVIDEND

• Increased dividend supported by higher earnings and future free cash flow
  • SPS programs now completed, 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

Q2 2025 RESULTS PRESENTATION

Q2 2025 Summary

• Record financial results
• Exceptional performance in SPS projects, with all projects now completed
• Dividend increased again with the Company well placed to further increase shareholder distributions going forward
• Financial position further strengthened

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