Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Q4 2025 Earnings Presentation
20 slides from Odfjell Drilling's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation 25 February 2026 24.02.2026
Slide 2: Important Information
INTRODUCTION Important Information By reading this company presentation dated 25 February 2026 (the forward-looking statements reflect the Company's beliefs, intentions and “Presentation”), or attending any meeting or presentation held in relation current expectations concerning, among other things,
Slide 3: Agenda
AGENDA 1. Q4 Highlights 2. Operational Review 3. Market Review 4. Financial Review 5. Summary 3
Slide 4: 1. Q4 Highlights
Q4 2025 RESULTS PRESENTATION 1. Q4 Highlights 4
Slide 5: A Busy End to the Year
Q4 HIGHLIGHTS A Busy End to the Year TOTAL DIVIDEND (USDm) SUCCESSFULLY COMPLETED RIG ACQUISITION AND REFINANCING 185 • Purchased Deepsea Bollsta for USD 480 million; effective date of 15 December 2025 48 55 38 43 • Refinanced debt facilities at lower cost, improving flexibility and extending final
Slide 6: Acquisition of Deepsea Bollsta
BOLLSTA ACQUISITION Acquisition of Deepsea Bollsta Total Cost of USD 480m, significantly below ODL implied value and newbuild cost • Added USD ~100m in annual EBITDA and USD ~355m in firm backlog, with limited capex expected going forward • Increase scale and fortify leading position in the high-end
Slide 7: 2. Operational Review
Q4 2025 RESULTS PRESENTATION 2. Operational Review 7
Slide 8: New Contract Announcements
OPERATIONS New Contract Announcements Deepsea Bollsta Own Fleet Financial Utilisation • 5-month extension to existing contract with Equinor for drilling on Johan Sverdrup Phase III • To begin in continuation of the initial 2 years firm term 99% 98% • Contract includes five one-year options following
Slide 9: No White Spaces, Complete Contract Coverage
ODFJELL DRILLING No White Spaces, Complete Contract Coverage USD 2.2 billion of firm contract backlog and USD 0.3 billion of priced options Under Management Contract Unpriced Options Priced Option 2024 2025 2026 2027 2028 2029 2030 Deepsea Atlantic (6G, UDW, HE) Built in 2009 Deepsea Aberdeen (6G, U
Slide 10: Higher Revenue Secured from Increasing Day Rates
GROW TH Higher Revenue Secured from Increasing Day Rates Backlog and average day rates by execution year1 USDm Completed work Firm contracts1 Priced options Unpriced options Avg. day rate in firm backlog Indicative opex per rig USDk/day 900 600 800 550 500 700 450 608 600 400 494 350 500 450 863 300
Slide 11: 3. Market Review
Q4 2025 RESULTS PRESENTATION 3. Market Review 11
Slide 12: Market Fundamentals Continue to Strengthen
MARKET OUTLOOK Market Fundamentals Continue to Strengthen NORWAY DEMAND STRONG • Three new contracts secured in Norway during the quarter with leading day rates secured for all three • Demand outlook is positive • Clients have noted their interest in drilling to arrest production decline but are bel
Slide 13: 4. Financial Review
Q4 2025 RESULTS PRESENTATION 4. Financial Review 13
Slide 14: Continually Increasing Financial Results
FINANCIAL REVIEW Continually Increasing Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 124 55 234 245 119 219 108 45 203 203 100 8 9 42 44 43 93 9 47 7 45 40 201 9 31 189 163 171 158 112 118 95 101 15 87 Q4 Q1 2025 Q2 Q3 Q4 Q4 Q1 2025 Q2 Q3 Q4 Q4 Q1 2025 Q2 Q3 Q4 451 173 901 732 77
Slide 15: Robust financial position following rig acquisition and refi
FINANCIAL REVIEW Robust financial position following rig acquisition and refi Repayment schedule 629 Pre refinancing Post refinancing 129 359 Amortisation 67 RCF Reductions 500 103 120 95 123 123 123 107 292 27 27 43 35 35 35 35 31 76 93 63 88 88 88 72 43 2026 2027 2028 2029 2026 2027 2028 2029 2030
Slide 16: Continued Capital Discipline
FINANCIAL REVIEW Continued Capital Discipline Q4 Cash Flow 700 442 600 500 400 300 180 283 140 209 111 200 -22 -4 -501 97 103 100 -48 0 16
Slide 17: Increased Dividend
DIVIDEND Increased Dividend KEY DETAILS OF Q4 DIVIDEND Dividend criteria • USD 55 million or 0.23 USD / share • Last day including right 3 March, payment on 19 March LEVERAGE RATIO ANOTHER DIVIDEND INCREASE TOTAL CASH POSITION • Based on the Group's strong outlook for free cash flow generation, the
Slide 18: 5. Summary
Q4 2025 RESULTS PRESENTATION 5. Summary 18
Slide 19: Q4 2025 Summary
Q4 2025 Summary • Very important and busy quarter for the business Harsh environment market leader • Acquisition and refinancing have further strengthened the business for the years ahead • Nearly 1 billion of firm order backlog added through acquisition and contract extensions Fully sold-out fleet,
Slide 20: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 20