Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Q1 2026 Earnings Presentation
18 slides from Odfjell Drilling's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation 12 May 2026
Slide 2: Important Information
Important Information By reading this company presentation dated 12 May 2026 (the “Presentation”), or attending any meeting or Company's beliefs, intentions and current expectations concerning, among other things, the Company's presentation held in relation thereto, you (the “Recipient”) agree to be
Slide 3: Agenda
1. Q1 Highlights 2. Operational Review Agenda 3. Market Review 4. Financial Review 5. Summary 3
Slide 4: 1. Q1 Highlights
Q1 2026 RESULTS PRESENTATION 1. Q1 Highlights 4
Slide 5: Excellent Financial Results
Q1 HIGHLIGHTS Excellent Financial Results TOTAL DIVIDEND (USDm) 55 60 43 48 38 Increased revenue and EBITDA, driven by operational performance • Revenue of USD 284 million and EBITDA of USD 154 million • Net Profit of USD 73 million • Financial utilisation of 96% Q1 Q2 Q3 Q4 Q1 2025 2026 Further inc
Slide 6: 2. Operational Review
Q1 2026 RESULTS PRESENTATION 2. Operational Review
Slide 7: Deepsea Atlantic Status
OPERATIONS Deepsea Atlantic Status Equipment handling incident - 18 April 2026 • Incident resulted in dropping of Blowout preventer (“BOP”) as well as some damage to equipment onboard the rig • The BOP and part of riser string landed on the seafloor at 1,100 metres water depth • No personnel were in
Slide 8: Full Contract Coverage on Own Fleet
ODFJELL DRILLING Full Contract Coverage on Own Fleet USD 2 billion of firm contract backlog and USD 0.3 billion of priced options Under Management Contract Unpriced Options Priced Option 2025 2026 2027 2028 2029 2030 Deepsea Atlantic* (6G, UDW, HE) Own Fleet Financial Utilisation Built in 2009 Deeps
Slide 9: 3. Market Review
Q1 2026 RESULTS PRESENTATION 3. Market Review
Slide 10: Harsh Environment Remains Tight
MARKET OUTLOOK Harsh Environment Remains Tight NORWEGIAN MARKET • Supply remains tight • No changes to supply for Norwegian harsh environment since last report, most units in the sector are either fully contracted, overseas or in need of significant investment to allow them to operate on the NCS • O
Slide 11: 4. Financial Review
Q1 2026 RESULTS PRESENTATION 4. Financial Review
Slide 12: Excellent Financial Results
FINANCIAL REVIEW Excellent Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 284 154 73 234 245 30 219 204 254 124 6 55 43 119 44 100 108 47 8 9 42 45 40 201 189 7 9 163 171 31 150 101 112 118 95 Q1 2025 Q2 Q3 Q4 Q1 2026 Q1 2025 Q2 Q3 Q4 Q1 2026 Q1 2025 Q2 Q3 Q4 Q1 2026 505 215 982 85
Slide 13: Robust Balance Sheet
FINANCIAL REVIEW Robust Balance Sheet Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 908 295 883 283 2.7 241 TOTAL 2.6 217 209 64% 64% 65% 180 54% 55% 227 UNDRAWN 139 RCF 475 2.2 2.2 2.2 113 458 459 112 1.7 1.6 1.4 1.3 1.2 102 104 97 103 CASH 68 Q
Slide 14: Focused on Capital Discipline
FINANCIAL REVIEW Focused on Capital Discipline Q1 Cash Flow 350 300 227 295 283 250 123 200 -20 -8 -14 150 -61 103 100 -180 180 68 -55 50 0 14
Slide 15: Dividend Increased
DIVIDEND Dividend Increased KEY DETAILS OF Q1 DIVIDEND Dividend criteria • USD 60 million or 0.25 USD / share • Last day including right 26 May 2026 LEVERAGE RATIO • Payment date: 9 June 2026 Capital return strategy TOTAL CASH POSITION • With its robust balance sheet and backlog coverage, the Compan
Slide 16: 5. Summary
Q1 2026 RESULTS PRESENTATION 5. Summary 16
Slide 17: Q1 2026 Summary
Q1 2026 Summary • Excellent financial results • Market continues to be tight • Fleet remains sold out • Dividend increased • Company focused on operational performance 17
Slide 18: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com