Slide 1: Q1 2025 Results Presentation
Q1 2025 Results Presentation 16 May 2025 16.05.2025
Slide 2: Important Information
INTRODUCTION Important Information By reading this company presentation dated 16 May 2025 (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, the
Slide 3: Agenda
AGENDA 1. Q1 Highlights 2. Operational Review 3. Financial Review 4. Summary 3
Slide 4: 1. Q1 Highlights
Q1 2025 RESULTS PRESENTATION 1. Q1 Highlights 4
Slide 5: A Very Good Start to the Year
Q1 HIGHLIGHTS A Very Good Start to the Year TOTAL DIVIDEND (USDm) HIGHER DAY RATES RESULTING IN RECORD EBITDA 38.4 • Revenue of USD 204 million and EBITDA of USD 100 million 30 • 96% Financial Utilisation 14.2 14.4 14.4 DIVIDEND INCREASED AGAIN Q1 Q2 Q3 Q4 Q1 • Dividend increased to 16 cents per sha
Slide 6: 2. Operational Review
Q1 2025 RESULTS PRESENTATION 2. Operational Review 6
Slide 7: Clients and Fleet Locations
OPERATIONAL REVIEW Clients and Fleet Locations A time of change OWN FLEET Own Fleet Financial Utilisation 97% 98% 97% 96% 96% Deepsea Aberdeen Deepsea Atlantic Deepsea Nordkapp Deepsea Stavanger Breidablikk Field Various Projects Various Projects Yggdrasil Development Norway Norway Norway Norway EXT
Slide 8: SPS Update
OPERATIONAL REVIEW SPS Update Three down, one to go • Deepsea Stavanger SPS and upgrade project completed during early Q2 2025, on time and ahead of schedule • In total, the project resulted in just 9 days of net off hire time. • Deepsea Nordkapp also went through planned maintenance during Q1, resu
Slide 9: Excellent Firm Backlog Visibility…
ODFJELL DRILLING Excellent Firm Backlog Visibility… Contract Unpriced Options Priced Option ASSET 2023 2024 2025 2026 2027 2028 2029 2030 Deepsea Atlantic Awarded in (6G, UDW, HE) Q1 2025 Deepsea Aberdeen (6G, UDW, HE) Deepsea Stavanger (6G, UDW, HE) Deepsea Nordkapp (6G, UDW, HE) Timelines are indi
Slide 10: …At Continually Increasing Day Rates
GROW TH …At Continually Increasing Day Rates 800 USD 690m 700 Completed work USD 600m 82 600 Day rate and Opex - USDk Per day Firm Contract USD 494m 469 471 473 472 500 USD 450m 436 436 417 397 357 369 400 Priced Options 332 332 321 329 314 314 605 300 Average Day Rate per Rig 200 Indicative Opex 10
Slide 11: Market Outlook
MARKET OUTLOOK Market Outlook NORWAY MARKET POSITIVE FOR WORK IN 2027 AND BEYOND • Several clients are expressing direct interest in using our units • Ambitious client base with clear intention to address production decline • Low breakevens for clients mean macroeconomic impact less impactful in the
Slide 12: 3. Financial Review
Q1 2025 RESULTS PRESENTATION 3. Financial Review 12
Slide 13: Strong Financial Results
FINANCIAL REVIEW Strong Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 31 194 204 204 191 186 93 100 85 85 83 42 40 7 42 45 42 9 6 7 7 19 14 16 15 163 87 95 151 145 144 158 81 80 77 Q1 2024 Q2 Q3 Q4 Q1 2025 Q1 2024 Q2 Q3 Q4 Q1 2025 Q1 2024 Q2 Q3 Q4 Q1 2025 785 361 81 75 73 70 775 6
Slide 14: Balance Sheet and Liquidity Remains Strong
FINANCIAL REVIEW Balance Sheet and Liquidity Remains Strong Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 240 241 TOTAL 2.2 2.2 2.2 2.2 2.2 226 227 217 575 544 532 504 475 64% 115 109 139 145 99 63% UNDRAWN 62% 62% RCF 1.8 1.8 1.7 1.6 60% 1.4 111
Slide 15: Good Cash Flow from Operations
FINANCIAL REVIEW Good Cash Flow from Operations Q1 Cash Flow 241 217 104 -6 99 -4 212 -27 139 185 -53 132 -30 118 118 118 102 102 102 Total Available Available RCF Cash Position Cash Generated Net Interest Net Tax paid Cash flow from Financing Q4 Dividend Cash Position Available RCF Total Available
Slide 16: Dividend Increased
DIVIDEND Dividend Increased KEY DETAILS OF Q1 DIVIDEND Dividend criteria • [13]% implied annualised direct yield LEVERAGE RATIO • USD 38.4 million or 0.16 USD / share • Last day including right 2 June, payment on 12 June TOTAL CASH POSITION WELL-PLACED TO CONTINUE TO INCREASE DIVIDEND • Increased di
Slide 17: 4. Summary
Q1 2025 RESULTS PRESENTATION 4. Summary 17
Slide 18: Q1 2025 Summary
Q1 2025 Summary • Significant EBITDA milestone achieved Harsh environment market leader • Dividend increased again with the Company well placed to further increase shareholder distributions going forward Fully sold-out fleet, with • Exceptional performance in Deepsea Stavanger and strong counterpart
Slide 19: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 19