Slide 1: Q3 2025 Quarterly Results
Odfjell Technology Investor Presentation Q3 2025 Quarterly Results 06.11.2025 06/11/2025
Slide 2: Important Notice
Important Notice • By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 3: Agenda
• Highlights of the quarter • Market outlook • Backlog and order intake • Dividend • Performance improvement programme • Financial information • Summary • Appendix 06/11/2025 3
Slide 4: Overview of Odfjell Technology
Overview of Odfjell Technology An oil service company providing expert services, advanced technology, and skilled professionals KEY INFORMATION GLOBAL PRESENCE 50+ 30+ 13 yrs Experience Countries Workshops 2,440 350 1,400 Employees Engineers Rig/Offshore 34% of revenue 48% of revenue 14% of revenue
Slide 5: Highlights of the quarter and key financials
Highlights of the quarter and key financials 5
Slide 6: Q3 2025 highlights
Q3 2025 highlights 1 Reelwell string set for mobilisation in November USD 20m Kuwait contract extension secured, reinforcing 2 regional strength and backlog visibility Active M&A pipeline with ongoing initiatives to expand 3 capabilities and market reach Performance Improvement Programme progressing
Slide 7: Q3 key financials
Q3 key financials Stable quarter with strong execution and readiness for changing market conditions Revenue (bnNOK) EBITDA (mNOK) Order Backlog (bnNOK) Dividends (mNOK) uste net o restruturin an one o s NOK NOK NOK NOK NOK share share share share share 1.43bn 202m 12.4bn 60m Revenue Q3 EBITDA Q3 Bac
Slide 8: Contract portfolio resilience and growth focus
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 • Ten
Slide 9: Strong customer base with 12.4 billion NOK order backlog
Strong customer base with 12.4 billion NOK order backlog Lasting partnerships with major energy players provides resilience and predictability across cycles HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT (bnNOK) ORDER INTAKE LAST 12 MONTHS irm ptions 9
Slide 10: Attractive shareholder return
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 202
Slide 11: Performance Improvement Programme
Performance Improvement Programme Progress and outlook 2024 2025-H1 2025-H2 2026 Programme initiated Majority of 2025 Efficiency gains starting Full run-rate effect one-offs expensed KEY ACTIONS IMPACTS SO FAR EXPECTED RESULTS • Streamlining operational resources • NOK 18m restructuring cost YTD Q3-
Slide 12: Financial information
*Sodfjell technology Financial information 12
Slide 13: Group financials
Group financials Steady activity level with underlying margin improvements Revenue (mNOK) EBITDA (mNOK) Key KPIs (mNOK) peratin revenue peratin pro it ( ) et pro it (loss) et cas lo rom investin activities ( ) ( ) ( ) ( ) ( ) vaila le i ui ity Highlights • Overall activity level remained stable acro
Slide 14: Well Services
Well Services Product mix shift and product sales delivering higher margins Revenue (mNOK) EBITDA (mNOK) Q3 2025 Revenue by Region Q3 2024 Revenue by Region lo al Continental urope rica Highlights • Strong activity in Norway and Europe, softer markets in the Middle East and Asia • EBITDA margin leve
Slide 15: Operations
Operations EBITDA improvement due bonus achievements Revenue (mNOK) EBITDA (mNOK) Highlights • 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 sta
Slide 16: Projects & Engineering
Projects & Engineering EBITDA drop due to seasonal effects Revenue (mNOK) EBITDA (mNOK) Highlights • 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 utilisat
Slide 17: Revenue and EBITDA historical development
Revenue and EBITDA historical development Revenue (NOKm) EBITDA including and excluding restructuring costs (NOKm) ustment or Per ormance mprovement Pro ram restructurin an one o e penses 17
Slide 18: Summary
Summary 18
Slide 19: Key takeaways
Key takeaways Focused execution, financial discipline, and resilience through uncertainty STRONG BACKLOG ATTRACTIVE YIELD Limited impact by market Dividend of 60mNOK equal to fluctuations a direct yield of 11% OPTIMISATION FOCUS SELECTIVE GROWTH FOCUS Performance Improvement Maintaining ambition wit
Slide 20: Appendix
sodfjell technology
Slide 21: Summary income statement
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 ( ) ( ) ( ) 21
Slide 22: Balance Sheet
Balance Sheet ssets (m ) uity an lia ilities (m ) Property plant an e uipment Pai in capital ntan i le assets t er e uity e erre ta asset on current interest earin orro in s on current ta asset on current lease lia ilities nvestments in oint ventures an associates t er non current lia ilities t er n
Slide 23: Summary statement of cash flows
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 ( ) ( ) ( ) ( ) ects o e c an e rate c an es on cas an cas e uivalents ( ) ( ) et in
Slide 24: Cash position
Cash position Financial position remains solid Comments NIBD and Liquidity (mNOK) Net Cash Position of 459mNOK vaila le li ui ity evera e ratio – 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 o
Slide 25: Operations contract overview
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 uinor o an ver rup – The number of rigs in maintenance uinor isun mode Q3-2025 wa
Slide 26: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 26