Odfjell Drilling Ltd. · OSL:ODL
Odfjell Drilling — Q3 2026 Earnings Presentation
19 slides from Odfjell Drilling's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Results Presentation
Q3 2026 Results Presentation 3 November 2026
Slide 2: Important Information
Important Information By reading this company presentation dated 3 November 2026 (the “Presentation”), or attending any Company's beliefs, intentions and current expectations concerning, among other things, the Company's meeting or presentation held in relation thereto, you (the “Recipient”) agree t
Slide 3: Agenda
1. Q3 Highlights 2. Operational Review Agenda 3. Market Review 4. Financial Review 5. Summary 3
Slide 4: 1. Q3 Highlights
Q3 2026 RESULTS PRESENTATION 1. Q3 Highlights 4
Slide 5: Owned Fleet Back in Operation
Q3 HIGHLIGHTS Owned Fleet Back in Operation TOTAL DIVIDEND (USDm) GOOD FINANCIAL RESULTS BUT IMPACTED BY DOWNTIME • EBITDA of USD 130 million from Operating Revenue of USD 265 million 60 60 65 48 55 • Net profit of USD 56 million, including USD 5 million from discontinued operations • Financial util
Slide 6: 2. Operational Review
Q3 2026 RESULTS PRESENTATION 2. Operational Review
Slide 7: Own Fleet - Additional Firm Backlog Secured
OPERATIONS Own Fleet - Additional Firm Backlog Secured Deepsea Nordkapp • One-year extension • Rate to be set by two independent rig brokers before year end 2026 • Firm backlog extended until the end of 2028 • Unpriced options going forward Deepsea Bergen • Three-year firm contract with Vår Energi •
Slide 8: Management Fleet – New Contracts Secured
OPERATIONS Management Fleet – New Contracts Secured Deepsea Yantai • Two firm wells with Okea • Estimated duration of 80 days • Unit secured with firm backlog until Q4 2027 Deepsea Mira • New contract secured with Shell in Trinidad and Tobago • Estimated duration of 150 days with one-year option fol
Slide 9: Own Fleet Fully Booked at Strong Rates
ODFJELL DRILLING Own Fleet Fully Booked at Strong Rates Own Fleet Financial USD 2.5 billion of firm contract backlog Utilisation Under Management Contract Unpriced Options Priced Option 99% 98% 96% 89% 2025 2026 2027 2028 2029 2030 2031 82% Deepsea Atlantic (6G, UDW, HE) Built in 2009 Deepsea Aberde
Slide 10: 3. Market Review
Q3 2026 RESULTS PRESENTATION 3. Market Review
Slide 11: Supply & Demand Tightened Further
MARKET OUTLOOK Supply & Demand Tightened Further SUPPLY • Harsh environment market continues to tighten, with supply heavily constrained following multiple contract awards in the sector • Tier 1 harsh environment market now almost entirely booked for 2027, with limited availability in 2028 • Average
Slide 12: 4. Financial Review
Q3 2026 RESULTS PRESENTATION 4. Financial Review
Slide 13: Good Financial Results, Impacted by Utilisation
FINANCIAL REVIEW Good Financial Results, Impacted by Utilisation Operating Revenue (USDm) Ebitda (USDm) Net Profit (USDm) 284 73 265 162 245 251 154 234 30 31 5 130 254 29 119 124 6 55 57 44 43 235 51 221 9 6 45 201 8 189 150 160 112 118 127 Q3 Q4 Q1 2026 Q2 Q3 Q3 Q4 Q1 2026 Q2 Q3 Q3 Q4 Q1 2026 Q2 Q
Slide 14: Debt Continues to Reduce
FINANCIAL REVIEW Debt Continues to Reduce Net debt (USDm) and Leverage Ratio* Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 308 TOTAL 908 295 883 863 283 857 2.7 261 2.6 2.6 2.6 209 180 227 248 UNDRAWN 2.2 RCF 459 112 216 1.7 65% 1.6 1.6 1.6 56% 54% 55% 55% 1.2 97 103 CASH 68 60 4
Slide 15: Cashflow Impacted by Downtime and Tax Refund Received in Q4
FINANCIAL REVIEW Cashflow Impacted by Downtime and Tax Refund Received in Q4 Q3 Cash Flow 350 308 300 216 261 250 200 123 0 150 -29 -38 100 -11 60 50 -248 248 45 -60 0 15
Slide 16: Q3 Dividend
DIVIDEND Q3 Dividend KEY DETAILS Dividend criteria • USD 64.7 million or 0.27 USD / share • Last day including right: 11 November 2026 LEVERAGE RATIO • Payment date: 25 November 2026 DIVIDEND STRATEGY TOTAL AVAILABLE CASH • With a robust balance sheet and backlog coverage, the Company remains confid
Slide 17: 5. Summary
Q3 2026 RESULTS PRESENTATION 5. Summary 17
Slide 18: Q3 2026 Summary
Q3 2026 Summary • Back in action across the fleet, closing Q3 with all owned units operational • Results are good, but impacted by lower utilisation • Market continues to tighten, with most of the Tier 1 Market now booked for 2027 and 2028 • Balance sheet is good, with additional positive cash impac
Slide 19: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com