Odfjell Technology

Investor Presentation • May 16, 2025

Odfjell Technology Investor Presentation

Q1 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 .
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2

• Highlights of the quarter
• Market outlook
• Backlog and order intake
• Our priorities
• 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 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 Q1 2025

Highlights of the quarter and key financials

Highlights and key financials

A steady start to the year with margin improvements. Progressing with improvement initiatives and our main priorities.

6

LTM – Last Twelve Months

Market outlook

Robust long-term fundamentals

Healthy tender pipeline valued at a total of 8.1 billion NOK¹ Outlook comments

7

• Solid backlog and strong contract portfolio
• Expect higher activity from Q3 2025
• Well positioned for growth in existing and new regions with high tender activity in South-America, Western-Africa, Middle East and Asia
• Stable markets expected in Norway and UK

• Growth opportunities in the P&A market

• Tender value based on weighted value for opportunities with expected startup in 2025-2026

Order backlog of 13.1 billion NOK

Stable and robust

Historic backlog values and backlog by segment (bnNOK)

Order intake last 12 months (mNOK)

Attractive shareholder return

Focused on shareholder returns, supported by strong cash flow and low leverage

9

Dividend distributed Last Twelve Months (LTM) (mNOK)

Main achievements 2022-2025

Established dividend program with consistent payouts

325 mNOK distributed to shareholders since listing in 2022

14% implied annual direct yield* based on current quarterly dividend level

100% total return** per share since listing

* Based on the share price per 12th May 2025

** Includes share price appreciation since listing

Our priorities

Delivering profitable growth and long-term value for shareholders

Financial information

Group financials

Steady activity level and margin improvements

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

• Stable activity level in all business areas
• EBITDA in line with previous quarter while EBITDA % improved due to less recharges and improved margins in Operations and Projects & Engineering

Well Services

Stable operational activity while product mix changes affect margin level

• Lower activity in UK, Europe and Namibia, offset by higher activity in the Middle East
• Negative EBITDA trend due to activity shift from higher profitable product lines to lower profitable product lines
• Won TRS contract for Conoco Phillips on Ekofisk
• Secured additional Powered Wired Drill Pipe allowing for earlier start-up of Vår Energi contract

Operations

Progressing positively due to a new contract portfolio and efforts to enhance margins

• Revenue in line with previous quarter's run-rate
• EBITDA improved due to bonus achievements and changes in contract portfolio
• First full quarter with new contracts, the main focus is on establishing safe and efficient operations on the new assets
• Brunei workover contract termination will have limited financial impact on 2025

Projects & Engineering

Diverse contract portfolio ensures consistent activity level.

• Stable and predictable activity level
• EBITDA improved due to higher-margin projects and Q1 being a quarter with fewer holidays
• Continuous high utilisation
• Special Periodic Survey (SPS) for Deepsea Stavanger is in April, SPS for Deepsea Aberdeen is scheduled for May

Q1 2025 cash flow analysis

Cash flow impacted by investments related to recent contract wins and preparations for growth

Cash flow bridge (mNOK) Comments

General comments

• Cash flow generated from operations is 131 million
• 73 million in seasonal increase of working capital impacting cash flow
• 60 million in dividend payout, in line with 2 previous quarters

Non regular cash effects

– 40 million investment in Reelwell

Other

• Other adjustments for provisions and noncash elements
• Effect of exchange rate mainly due to weaker USD negatively affecting cash balance and available liquidity

Revenue and EBITDA last twelve months (LTM) figures

Revenue (NOKm)

EBITDA (NOKm)

17

Summary

Key takeaways: Focused on delivering long-term value

Order backlog remains robust with good revenue visibility

• Expect improved financial performance in second half of 2025
• Strong cost discipline approach and on track on our performance improvement program
• Strong commitment to shareholders with consistent dividend payouts, delivering high direct yield

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 ventures an associates	( )		( )
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

(m ) uity an lia ilities
Pai in capital
t er e uity
on current interest earin orro in s
on current lease lia ilities
t er lia ilities non current
ia ility ell rillin t repayment to
Current interest earin orro in s
Current lease lia ilities
ra e paya les
Current income ta
t er lia ilities current

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

Solid financial position – expect reduced capex in H2

Comments

Net Cash Position of 413m

• As anticipated, high capex and working capital build up reducing cash balance
• RCF of 50mUSD remains un-utilised, with an additional bond tap of 600mNOK available

Capex of 114m

• High capex expected in 2025 due to Power Wired Drill Pipe investment for Vår Energi contract and increased activity in general
• Major part of capex spending is expected in Q2 2025 with reduction in the following quarters

Working Capital increase on balance sheet of 31m

– Seasonal effect in Q1 with expected reversal in Q3/Q4

NIBD and Liquidity (mNOK)

Capex (mNOK) Working Capital (mNOK)

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

Operation contract overview

Comments

• The number of rigs in active drilling mode in Q1-2025 was 8
• The number of rigs in maintenance mode Q1-2025 was 6
• 3 rigs not active in Q1-2025
• 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