Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Q3 2025 Earnings Presentation
19 slides from Odfjell Drilling's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation 6 November 2025 06.11.2025
Slide 2: Important Information
INTRODUCTION Important Information By reading this company presentation dated 6 November 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,
Slide 3: Agenda
AGENDA 1. Q3 Highlights 2. Operational Review 3. Financial Review 4. Summary 3
Slide 4: Q3 Highlights
Q3 2025 RESULTS PRESENTATION 1. Q3 Highlights 4
Slide 5: Sustained Growth Through Improved Day Rates
Q3 HIGHLIGHTS Sustained Growth Through Improved Day Rates TOTAL DIVIDEND (USDm) STRONG FINANCIAL RESULTS 48.0 • Revenue of USD 234 million and EBITDA of USD 119 million 38.4 43.2 30.0 • Net Profit of USD 55 million 14.4 EXCEPTIONAL OPERATIONAL PERFORMANCE • 99% Financial Utilisation, adding to the C
Slide 6: Operational Review
Q3 2025 RESULTS PRESENTATION 2. Operational Review 6
Slide 7: Clients and Fleet Locations
OPERATIONAL REVIEW Clients and Fleet Locations High Quality Customer Base OWN FLEET Own Fleet Financial Utilisation 99% 97% 96% 96% Deepsea Aberdeen Deepsea Atlantic Deepsea Nordkapp Deepsea Stavanger 92% Breidablikk Field Various Projects Various Projects Yggdrasil Development Norway Norway Norway
Slide 8: Own Fleet Awarded Abate Power+ Class Notation
OPERATIONS Own Fleet Awarded Abate Power+ Class Notation Going Beyond Regulatory Requirements • All Four owned units awarded DNV’s Abate Power+ notation, • Odfjell Drilling is the first drilling contractor with an entire owned fleet with this recognition • The ABATE Power+ notation is awarded to uni
Slide 9: Nearly 9 Years of Cumulative Work Secured
ODFJELL DRILLING Nearly 9 Years of Cumulative Work Secured Contract Unpriced Options Priced Option Strong backlog and well positioned for extensions ASSET 2023 2024 2025 2026 2027 2028 2029 2030 Deepsea Atlantic (6G, UDW, HE) Deepsea Aberdeen (6G, UDW, HE) Deepsea Stavanger (6G, UDW, HE) Deepsea Nor
Slide 10: Higher Revenue Secured from Increasing Day Rates
GROW TH Higher Revenue Secured from Increasing Day Rates 800 Completed work USD 662m 700 USD 600m USD 90m 600 Day rate and Opex - USDk Per day Firm Contract USD 494m 469 471 473 472 500 USD 450m 436 440 417 397 357 369 400 Priced Options 332 332 329 314 314 321 USD 573m 300 Average Day Rate per Rig
Slide 11: Market Remains Well Balanced
MARKET OUTLOOK Market Remains Well Balanced MARKET VIEW UNCHANGED • Company in active dialogue with clients regarding potential extensions, with the Company anticipating securing contract backlog in the near future • Deepsea Nordkapp and Deepsea Aberdeen are currently the first two units available,
Slide 12: Financial Review
Q3 2025 RESULTS PRESENTATION 3. Financial Review 12
Slide 13: Continually Increasing Financial Results
FINANCIAL REVIEW Continually Increasing Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 234 55 219 119 203 203 108 186 44 100 8 42 47 93 45 40 9 42 189 83 7 31 171 9 158 163 7 144 101 112 19 87 95 15 77 Q3 Q4 Q1 2025 Q2 Q3 Q3 Q4 Q1 2025 Q2 Q3 Q3 Q4 Q1 2025 Q2 Q3 859 420 143 384 345
Slide 14: Further Deleveraging and Balance Sheet Strengthening
FINANCIAL REVIEW Further Deleveraging and Balance Sheet Strengthening Net debt (USDm) and Leverage Ratio * Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 2.2 2.2 2.2 2.2 2.2 241 227 217 217 209 TOTAL 532 504 475 458 459 65% 109 99 139 113 UNDRAWN 1.7 112 1.6 64% 64% RCF 1.4 1.3 1.2
Slide 15: Continued Capital Discipline
FINANCIAL REVIEW Continued Capital Discipline Q3 Cash Flow 217 113 95 -5 209 0 193.7 -37 112 156.7 -16 140.7 -43 104 104 97.7 97 104 97 Total Available Available RCF Q2 Cash Position Q2 Cash Generated Net Interest Paid Net Tax paid Cash flow from Financing Activities Q2 Dividend Cash Position Q3 Ava
Slide 16: Increased Dividend
DIVIDEND Increased Dividend KEY DETAILS OF Q3 DIVIDEND Dividend criteria • USD 48 million or 0.20 USD / share LEVERAGE RATIO • Last day including right 11 November, payment on 26 November DIVIDEND INCREASED WHILST FURTHER DELEVERAGING TOTAL CASH POSITION • Increased dividend supported by higher earn
Slide 17: Summary
Q3 2025 RESULTS PRESENTATION 4. Summary 17
Slide 18: Q3 2025 Summary
Q3 2025 Summary • Strong financial results from higher day rates Harsh environment market leader • Exceptional operational performance • Continued strong Capital Discipline with dividends Fully sold-out fleet, with strong counterparties increased and leverage ratio reducing • Fleet fully sold out un
Slide 19: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 19