Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Q4 2025 Earnings Presentation
25 slides from Odfjell Drilling's earnings presentation, Feb 25, 2026
Slide 1: 4Q25 Presentation
4Q25 Presentation | Odfjell SE | February 12, 2026
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 3: Quarterly highlights
Quarterly highlights Key figures Highlights - 4Q25 USD million, unaudited 1Q25 2Q25 3Q25 4Q25 4Q24 FY25 • Odfjell's strong safety performance continued in 4Q25. Time charter earnings 167.7 174.2 173.3 168.2 183.1 683.3 Total opex, TC, G&A (77.5) (77.6) (78.6) (81.1) (74.8) (314.8) • Time charter ear
Slide 4: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 5: Income statement, Odfjell Group
Income statement, Odfjell Group Developments and key take-aways Income statement A. TCE of USD 168 million, a decrease of USD 5 million, or 3%, compared to 3Q25. USD million, unaudited 2Q25 3Q25 4Q25 A i. TCE per day and achieved freight rate per tonne were stable compared to the Net Timecharter Ear
Slide 6: Stable development for TCE per day and cash-break even per day in 4Q25
Stable development for TCE per day and cash-break even per day in 4Q25 Odfjell Tankers break-even vs. TCE per day USD/day § Our TCE per day ended at USD 27,978 in 4Q25, down 38,000 TCE/day from USD 28,174 in the previous quarter. Cash break-even/day (12m rolling avg.) 36,000 § Cash break-even per da
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 2Q25 3Q25 4Q25 A Ships and newbuilding contracts 1,301.4 1,310.2 1,277.3 Right of use assets 274.7 229.6 227.0 Developments and key take-aways B Investment in associates and JVs 181.1 173.0 182.9 A. During the quarter we sold Bow Cedar for r
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Cash flow Developments and key take-aways A. Operating cash flow was USD 74 million in 4Q25, an increase of 7 million from USD million, unaudited 2Q25 3Q25 4Q25 3Q25. This was mainly due to stable working capital in this quarter compared to Net result 40.1 42.8 38,0 an incre
Slide 9: Improved cash flow in 4Q25, despite softer time charter earnings
Improved cash flow in 4Q25, despite softer time charter earnings Odfjell free cash flow per quarter Comments Cash flow from Cash flow from Free cash flow Free Cash flow after USD operations investments (12mo rolling) debt right of use assets • Operating cash flow in 4Q25 was USD 74.0 million, up fro
Slide 10: Financing secured for upcoming maturities
Financing secured for upcoming maturities Scheduled repayments interest–bearing-debt*, USD million 120 108 100 80 71 § As of 4Q25, nominal interest-bearing debt stood at USD 709 million 60 Balloons excluding Debt, right-of-use (“ROU”) 40 30 assets. Total interest-bearing debt 20 19 20 23 17 Loan ins
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options § Bow Hercules was acquired early 1Q26. This was the final operational lease USD million, 1Q26 2026 2027 Total vessel where we had declared purchase option. Declared purchase option 35.5 35.5 35.5 § The vessel was acquired with cash, and is set
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Stable volumes and contract coverage in 4Q25
Stable volumes and contract coverage in 4Q25 § Odfjell’s volumes were 3.4m mt in 4Q25 compared to 3.5m mt in 3Q25 – overall volumes in 2025 ended at 13.4m mt, up 0.2m mt from 2024. § Stable volumes the last three quarters, although slight decrease 4Q25, partly due to fewer commercial revenue days. §
Slide 14: Average TCE stable in 4Q25
Average TCE stable in 4Q25 Slight decrease in volumes and commercial days in 4Q25 compared to previous quarter, rates stable Odfix vs. Clarksons Chemical Tanker Spot Index Change in cargo segment volumes 230 220 ODFIX index 210 Clarksons Chemical Tanker Spot earnings 200 Specialty chemicals Commodit
Slide 15: Odfjell maintained record low carbon intensity level in 4Q25
Odfjell maintained record low carbon intensity level in 4Q25 Odfjell | Carbon Intensity Indicator (CII) Comments -54.7% § AER* in 4Q25 ended at 6.8 for our controlled fleet, same as previous 15.0 15 quarter and full-year 2025. 14 § The fourth quarter usually sees 13 tougher weather conditions, leadi
Slide 16: The World's first operational Green Corridor
The World's first operational Green Corridor § Corridor on the Brazil – Europe trade – Based on an MUO between Norway and Brazil – 5,000 nautical miles; Voyages of around 40 days – 12-15 voyages per year § Biofuel offtake in Rio Grande, Brazil – The World's second largest producer of biofuel – Odfje
Slide 17: Tank Terminals
Tank Terminals Strong underlying performance in 2025, weaker results due to one-off items Total capacity at Odfjell Terminals (1,000 cbm) Performance Existing capacity Cap. added in 2025 Capacity under construction § Our terminals continue to deliver stable performance, with commercial occupancy at
Slide 18: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 19: Chemical tanker spot rates saw positive development towards year-end
Chemical tanker spot rates saw positive development towards year-end Continued firm product tanker earnings finally lent support to chemical tanker spot markets West of Suez – chemical freight rates, bunker adjusted East of Suez – chemical freight rates, bunker adjusted 150 300 USD/tonne USD/tonne U
Slide 20: Swing tonnage remain at minimal levels
Swing tonnage remain at minimal levels Continued strong momentum in crude and product tanker segments, swing tonnage remain low Average MR earnings Seaborne chemical volume lifted on core chemical tankers and product tankers Share of product tankers lifting chems/veg Percent of product Mill. tons Es
Slide 21: Core orderbook at 22% of existing fleet
Core orderbook at 22% of existing fleet Chemical tanker fleet set for growth in 2026-2027, but the picture varies between segments Fleet and orderbook (core, deep-sea chemical tankers) Net fleet growth Medium stainless steel Delivered Orderbook Deliveries Recycling Net fleet growth (%) 14% DWT mill.
Slide 22: Odfjell fleet development
Odfjell fleet development Our fleet will grow over the next years with flexibility to adjust the scale Odfjell fleet deliveries and flexibility By number of vessels By million dwt +31% +14% +29% +14% 92 3.19 2 1 0.08 0.04 12 0.38 2.81 9 80 0.32 10 2.47 0.28 70 2025 fleet 2026 2027 2028 2029 2030 fle
Slide 23: Geopolitics continue to disrupt and create uncertainty
Geopolitics continue to disrupt and create uncertainty EXTERNAL FACTORS’ IMPACT GOING FORWARD MACROECONOMIC • Uncertain market sentiment led to an estimated slight decrease in global • Despite an aging fleet profile, a strong delivery pipeline and low recycling seaborne chemical trade in 2025, but b
Slide 24: Summary
Summary Our results § A net result of USD 38 million in 4Q25, compared to USD 43 million the previous quarter. § Marginal reduction in TCE per day, while total time charter earnings were down 3% from last quarter. Odfjell Tankers § Slight decrease in volumes with fewer commercial revenue days due to
Slide 25: Contact
Contact Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E-mail: nils.jorgen.selvik@odfjell.com Media Anngun Dybsland | Tel: +47 415 48 854 | E-mail: media@odfjell.com ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E-mail: mail@odfjell.com