Northern Ocean Ltd. · OSL:NOL
Northern Ocean — DNB Energy and Shipping Conference 2025
12 slides from Northern Ocean's conference presentation, Mar 5, 2025
Slide 1: DNB Energy and Shipping Conference
DNB Energy and Shipping Conference 5 March 2025
Slide 2: Important information and disclaimer
Important information and disclaimer IMPORTANT INFORMATION. THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY
Slide 3: Two of the newest and most capable harsh environment semi-submersibles in the world
Two of the newest and most capable harsh environment semi-submersibles in the world: 2 number of rigs Listed on Oslo DEEPSEA BOLLSTA (2019) Stock Exchange 6y average age 7ybacklog including options DEEPSEA MIRA (2018) 3
Slide 4: Positioned for value realization
Positioned for value realization Two of the youngest and most advanced harsh-environment semi-submersibles in the market, capable of drilling in all basins and built for long-term demand Pure asset-driven operating model with major capex lifts completed, supported by experienced commercial and opera
Slide 5: Assets
Assets Premium assets: Two of the newest and most capable harsh environment ▪semi-submersibles in the world Two of the newest and most capable Semi-submersible 1 Efficient operation and solid manager, resulting inDEEPSEA the world. BOLLSTA DEEPSEA MIRA in high earned day-rate ▪ Nice picture – highli
Slide 6: Capable of working in all basins
Capable of working in all basins Semi-Submersibles are the preferred year-round solution for Namibia and other harsh environment countries Higher uptime: ~50% less weather downtime vs drill ships Year-round operations: Designed for extreme conditions during winter. Production: Production drilling re
Slide 7: Ageing fleet with few premium assets
Ageing fleet with few premium assets Harsh Environment Semi-submersibles by year delivered ▪ Large part of the fleet is outdated, with high reactivation costs, expensive maintenance and limited 6 Older rigs are expensive to With 25 year design life, more maintain and are likely rigs will reach scrap
Slide 8: Commercially driven organization
Commercially driven organization Management team • Reorganized and refocused: Consolidated and co- located resources, ensuring seamless collaboration and key focus on contracts and cost optimization. • Leadership: Built a team with deep commercial and operational expertise in drilling, driving effic
Slide 9: NOL leading the market in contract wins
NOL leading the market in contract wins Secured additional backlog of – Strong momentum for future growth USD ~600m during 2024 NOL’s strategic organizational changes are New firm contracts in harsh environment countries last 6 months delivering results. By strengthening our Harsh environment semi-s
Slide 10: Significant upside in market valuation
Significant upside in market valuation • Upside potential in asset valuation. Implicit share price on different market-based asset valuations • Industry transactions and 50 comparable assets show higher Bollsta Newbuild cost valuations. 40 NOL share price (NOK/share) 30 • Newbuild costs far exceed m
Slide 11: Preparing for long-term value creation
Preparing for long-term value creation Attractively positioned with premium assets Near-term opportunities for value creation Two of the world’s newest and most capable Secure contract coverage for Mira on harsh environment semi-submersibles attractive terms Upside potential demonstrated by recent C
Slide 12: Northern Ocean
NORTHERN OCEAN
Northern Ocean — DNB Energy and Shipping Conference 2025 on 6ix