Odfjell Technology Ltd. · OSL:OTL
Odfjell Technology — DNB Energy Conference 2026
20 slides from Odfjell Technology's conference presentation, Mar 3, 2026
Slide 1: DNB Energy Conference 2026
Odfjell Technology Investor Presentation DNB Energy Conference 2026 03.03.2026 03/03/2026
Slide 2: Executing a Structural Upgrade of OTL's Earnings Profile
Executing a Structural Upgrade of OTL's Earnings Profile From strong 2025 execution to higher-quality earnings Revenue 2025 EBITDA 2025 1 Strong 2025 financial performance 5.5bn 827m 2 Structural expansion into intervention & P&A Dividend Leverage ratio 3 Margin mix shifting toward high-return activ
Slide 3: Executing a Multi-Year Strategy in Smart Drilling & P&A
Executing a Multi-Year Strategy in Smart Drilling & P&A Positioned for Structural Growth in a Stable Near-Term Market Market Outlook 2026 H2 2026 → 2027+ Stable activity • Disciplined spend • Slower awards Improving fundamentals • Stronger P&A demand Structural Market Drivers OTL Strategic Response
Slide 4: Building the Platform: Three complementary investments
Building the Platform: Three complementary investments One coherent direction – higher margin, higher growth potential Smart Drilling Technology Drill Pipe P&A Capability Lightweight Intervention ▪ Investment in Reelwell ▪ Acquisition of McGarian ▪ Investment in Kaseum & Razor ▪ Power Wired Drill Pi
Slide 5: Kaseum & Razor – Technology platform & scalable service model
Kaseum & Razor – Technology platform & scalable service model Building a differentiated lightweight intervention & P&A platform Proprietary wireline intervention technology Platform Intervention and P&A services deploying proprietary Kaseum technology Business model Business model ▪ Develops and man
Slide 6: Growing EBITDA in a Flat Market
Growing EBITDA in a Flat Market Multiple structural drivers support continued EBITDA expansion Kaseum & Razor – High-Growth, Expanding-Margin EBITDA growth drivers TDA TDA argin Organic growth in CAGR +69% 2 Strong Organic Kaseum & Razor 7 Growth outpacing the underlying market OTL's global Scaling
Slide 7: Structural Free Cash Flow Expansion
Structural Free Cash Flow Expansion Stronger cash generation driven by Kaseum & Razor and normalized capex level Kaseum & Razor; Accelerating Free Cash Flow and Conversion Structural Drivers of Cash Improvement ree cash flo ash con ersion Organic growth in CAGR +247% Improving OTL Kaseum & Razor 2 C
Slide 8: Key takeaways
Key takeaways Strong execution. Strategic margin shift. Disciplined capital framework Operational Strength Margin Upgrade Disciplined Capital Allocation ▪ Solid EBITDA ▪ Higher quality earnings mix ▪ Leverage controlled ▪ Strong Cash generation ▪ Intervention and P&A ▪ Growth investments within ▪ Ba
Slide 9: At a glance
At a glance Odfjell Technology – the preferred partner for the energy industry Covering the global energy value chain Revenue and EBITDA development (NOKm) Revenue EBITDA EBITDA margin 5,799 5,427 5,533 5,021 3,885 +50 years +30 13 2,948 Experience Countries Workshops 2,470 16% 17% 17% 16% 15% 14% 1
Slide 10: What we do
What we do Rig expertise: Platform drilling, Global equipment slot recovery, inventories and • Jack-up operation P&A, operational bases • Compliance maintenance, Management modifications, and Serving onshore • Asset Integrity upgrades and offshore Management segments • Periodic surveys (SPS) • Emiss
Slide 11: Integrated provider of offshore operations
Integrated provider of offshore operations Delivers mission-critical services, equipment and competence through three main segments Well Services Operations Projects & Engineering +700 NOK 4.3bn NOK 3.2bn +1,130 13 NOK 7.7bn +260 ~50 NOK 0.6bn Key stats employees equipment pool backlog(1) employees
Slide 12: Customer relationships and order backlog
Customer relationships and order backlog Lasting partnerships with major energy players provides resilience and predictability across cycles Backlog development (NOKbn) Key highlights Razor(1) Options Firm Stable customer base provides resiliency and consistent sales 14.2 13.4 13.7 13.3 13.1 12.9 Si
Slide 13: Revenue and EBITDA historical development
Revenue and EBITDA historical development Revenue (NOKm) 0 2 0 7 2 27 2 22 6 2022 2 2022 2022 2022 202 2 202 202 202 202 2 202 202 202 202 2 202 202 202 EBITDA including and excluding restructuring costs (NOKm) Ad ust ent for erfor ance pro e ent rogra restructuring and one off e penses 22 22 222 2
Slide 14: Financial highlights
Financial highlights Cash from Operations LTM (NOKm) Free cash flow LTM (NOKm) 996 526 493 879 867 855 894 444 427 741 747 775 707 654 646 624 637 620 293 248 272 548 224 211 189 179 168 387 294 45 -10 -81 -96 -68 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PF 2022 2022 2022 2022 2023 2023 2023
Slide 15: Capital allocation framework
Capital allocation framework Focused on delivering long-term value while preserving financial flexibility and strength Pillars for value creation STRATEGIC Strong balance sheet Capex investment M&A investments Dividends PRIORITIES ▪ Conservative debt level ▪ Optimise investment allocation ▪ Clear st
Slide 16: Summary income statement
Summary income statement L( O ) perating revenue 7 0 26 Other gains and losses ersonnel e penses ( ) ( ) ( ) ( ) ( ) Other operating e penses ( ) ( ) ( ) ( ) ( ) I A 2 20 0 00 6 2 Depreciation and a ortisation ( ) ( ) ( ) ( ) ( ) perating profit I 2 6 7 0 6 0 0 Share of profit (loss) fro oint enture
Slide 17: Summary statement of cash flows
Summary statement of cash flows ash flo ( O ) rofit/(loss) before ta Ad ust ent for pro isions and other non cash ele ents hanges in or ing capital ( ) ( ) as generated from operations 6 6 26 77 706 et interest (paid) / recei ed ( ) ( ) ( ) ( ) ( ) et inco e ta paid ( ) ( ) ( ) ( ) ( ) et as flo fro
Slide 18: Balance sheet
Balance sheet Assets ( O ) quity and liabilities ( O ) roperty, plant and equip ent aid in capital ntangible assets Other equity otal e uit 26 2 7 Deferred ta asset on current interest bearing borro ings on current ta asset on current lease liabilities n est ents in oint entures and associates Other
Slide 19: Important Notice
Important Notice • By reading this company presentation (the “ resentation”), or attending any meeting or presentation held in relation there to, you (the “ ecipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 20: Thank you for your attention
Thank your for your attention