Odfjell Technology

Investor Presentation • Nov 7, 2025

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

3

Overview of Odfjell Technology

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

KEY INFORMATION GLOBAL PRESENCE

50+ yrs Experience

30+ Countries

13 Workshops

2,440 Employees

350 Engineers

1,400 Rig/Offshore

34% of revenue Well Services

48% of revenue Operations

14% of revenue Projects & Engineering

Q3 2025 highlights

• 1 Reelwell string set for mobilisation in November
• 2 USD 20m Kuwait contract extension secured, reinforcing regional strength and backlog visibility
• 3 Active M&A pipeline with ongoing initiatives to expand capabilities and market reach
• 4 Performance Improvement Programme progressing, contributing to efficiency gains with limited restructuring costs in Q3

Q3 key financials

Stable quarter with strong execution and readiness for changing market conditions

1.43bn

Revenue Q3

7

Contract portfolio resilience and growth focus

Growth remains a goal, but optimising organisation, cost and investments will be the main priority ahead

MARKET VIEW

• Oil price volatility reinforces a disciplined investment approach across the industry
• Operators long term demand remain strong
• Tender activity remains high, but award timing is more uncertain

STRATEGIC POSITION / DIRECTION

• Strong foothold in Norway, where political priorities and production targets sustain high activity
• Performance Improvement Programme progressing, focus on operational and cost efficiency
• Positioning for strategic P&A opportunities

GROWTH AND INVESTMENT FOCUS

• OTL prioritises selective international growth in Brazil, Suriname, Guyana and GoM
• Powered Wired Drill Pipe remains strategic priority
• Capex moderation from 2026, focus on disciplined spending
• Evaluating strategic margin accretive M&As

Strong customer base with 12.4 billion NOK order backlog

Lasting partnerships with major energy players provides resilience and predictability across cycles

Attractive shareholder return

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

DIVIDEND DISTRIBUTED LAST TWELVE MONTHS (LTM) (mNOK)

MAIN ACHIEVEMENTS 2022-2025

Established dividend program with consistent payouts

505 mNOK distributed to shareholders since listing in 2022

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

157% total return** per share since listing

10

^* Based on the share price per 22nd October 2025

^** Includes share price appreciation since listing

Performance Improvement Programme

Progress and outlook

KEY ACTIONS

• Streamlining operational resources
• More efficient cost base
• Improved utilisation of assets
• Cash management optimisation

IMPACTS SO FAR

• NOK 18m restructuring cost YTD Q3-2025
• Reduction of ~80 FTEs YTD
• Efficiency gains visible from Q3 2025

EXPECTED RESULTS

• More flexible cost base
• Improved competitive edge
• Stronger cash flow

Group financials

Steady activity level with underlying margin improvements

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

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

• Overall activity level remained stable across all business areas
• EBITDA improved quarter-on-quarter, reflecting stronger operational delivery and efficiency gains
• Restructuring cost of NOK 2.4m in Q3 (vs. NOK 11.3m in Q2) reflects progress in the improvement programme and underlying EBITDA growth
• Cash flow impacted by high capex and changes in working capital

Well Services

Product mix shift and product sales delivering higher margins

Q3 2025 Revenue by Region Q3 2024 Revenue by Region

• Strong activity in Norway and Europe, softer markets in the Middle East and Asia
• EBITDA margin level up due to product mix improvements and cost efficiency
• Contract extensions secured in Kuwait and Turkmenistan

Operations

EBITDA improvement due bonus achievements

Revenue (mNOK) EBITDA (mNOK)

• Solid operational and financial performance across all assets
• EBITDA margin increase is mainly due to bonus achievements
• Efficiency programme is contributing to gradual margin improvement
• Rig mix stability supporting predictable earnings

Projects & Engineering

EBITDA drop due to seasonal effects

Revenue (mNOK) EBITDA (mNOK)

• Q3 activity was seasonally lower due to the vacation period
• Main workload related to ODL SPS close-out, Heidrun B modification, and Mariner 5-year inspection
• EBITDA margin reflects lower utilisation following completion of major SPS project

Revenue and EBITDA historical development

Revenue (NOKm)

EBITDA including and excluding restructuring costs (NOKm)

Key takeaways

Focused execution, financial discipline, and resilience through uncertainty

STRONG BACKLOG

Limited impact by market fluctuations

ATTRACTIVE YIELD

Dividend of 60mNOK equal to a direct yield of 11%

OPTIMISATION FOCUS

Performance Improvement Programme efficiency gains

SELECTIVE GROWTH FOCUS

Maintaining ambition with disciplined execution

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 repayment to ell rillin t
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	( )	( )	( )	( )
(pai ) et interest receive	( )	( )	( )	( )
et income ta pai	( )	( )	( )	( )
ects o e c an e rate c an es on cas an cas e uivalents	( )	( )
( ecrease) et increase in cas an cas e uivalents	( )		( )	( )

Please refer to the Quarterly report for further details

Cash position

Financial position remains solid

Comments

Net Cash Position of 459mNOK

• Cash balance is reduced mainly by high capex spending
• Cash flow generated from operations is 169 million (74.3 million in Q2)
• An additional bond tap of 600mNOK is available

Capex of 131mNOK

– High capex in 2025 due to Powered Wired Drill Pipe investment for Vår Energi contract, higher activity and contract wins

Working Capital increase on balance sheet of 75mNOK

– Expect improvements in Q4

NIBD and Liquidity (mNOK)

Capex (mNOK) Working Capital (mNOK)

Operations contract overview

Recent contract awards and extensions over the past year have improved revenue visibility

Operations contract overview

Comments

• The number of rigs in active drilling mode in Q3-2025 was 8
• The number of rigs in maintenance mode Q3-2025 was 5
• 3 rigs not active in Q3-2025
• 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