Odfjell Drilling Ltd. · OSL:ODL

Odfjell Drilling — Investor Presentation (November 2025)

16 slides from Odfjell Drilling's investor presentation, Nov 21, 2025

  1. Slide 1: Odfjell Drilling – Company Presentation

    Odfjell Drilling – Company Presentation 21 November 2025 21/11/2025

  2. Slide 2: Important information

    Important information By reading this company presentation dated 21 November 2025 (the “Presentation”), or attending any meeting or presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been prepared by

  3. Slide 3: The harsh environment drilling specialist

    INTRODUCTION The harsh environment drilling specialist Key highlights Fleet overview3 USD 2.0bn USD 576m USD 2.3bn Deepsea Aberdeen Deepsea Atlantic Deepsea Bollsta3 Market capitalisation1 PF EBITDA Q3 2025 PF firm backlog2 as of run-rate Q3 2025 1.7x USD 244m 54% 2014, Tier 1 Owned fleet3 2009, Tie

  4. Slide 4: Acquiring a modern harsh environment semi-submersible rig contracted with Equinor

    ACQUISITION Acquiring a modern harsh environment semi-submersible rig contracted with Equinor Key rationale Rig overview Specifications Deepsea Bollsta Immediately expected to add USD ~100m in annual EBITDA and USD Year delivered 2019 ~355m in firm backlog2, with limited capex expected going forward

  5. Slide 5: Long-term capital structure secured

    REFINANCI NG Long-term capital structure secured Key highlights from the refinancing Pro forma capitalisation USDm Q3 2025 Adj. Pro forma Acquisition fully debt financed, while retaining a prudent debt and st Existing 1 lien bonds 310 (310) - leverage level with visibility on deleveraging Deepsea No

  6. Slide 6: Balance sheet remains robust

    BALANCE SHEET Balance sheet remains robust Net debt and leverage ratio incl. leases Total assets and equity ratio Available liquidity USDm NIBD (incl. leases) Leverage (x) USDbn Total assets Equity ratio USDm Cash Undrawn RCF 996 2.7 241 244 227 217 217 209 2.2 2.2 2.2 2.2 2.2 109 139 150 64% 64% 65

  7. Slide 7: No debt maturities until 2031

    REPAYMENT PROFILE No debt maturities until 2031 Pro forma debt repayment schedule USDm Bond Bank1 Reducing RCF 650 629 600 50 550 131 500 450 400 350 300 250 448 200 150 123 123 123 20 20 20 107 95 100 20 20 58 58 58 42 50 52 45 45 45 45 23 0 2026 2027 2028 2029 2030 2031 Note: Excluding lease commi

  8. Slide 8: USD 2.3bn firm backlog with solid counterparties

    BACKLOG USD 2.3bn firm backlog¹ with solid counterparties Contract overview by rig Completed work Firm contracts Priced options Unpriced options Transaction close Rig name Current client 2025 2026 2027 2028 2029 2030 Deepsea Atlantic (6G, UDW, HE) Deepsea Aberdeen Letter of Intent (“LOI”) with undis

  9. Slide 9: Backlog visibility at solid day rates

    BACKLOG Backlog visibility at solid day rates Backlog and average day rates by execution year1 USDm Completed work Firm contracts1 Priced options Unpriced options Avg. day rate in firm backlog Indicative opex per rig USDk/day 900 600 550 800 500 700 450 608 600 400 494 171 350 500 450 300 858 400 25

  10. Slide 10: Deepsea Bollsta acquisition and refinancing strengthens cash flow going forward

    CASH FLOW Deepsea Bollsta acquisition and refinancing strengthens cash flow going forward Illustrative pro forma cash flow bridge and deleveraging USDm 600 576 16 550 100 500 65-80 28 450 438 18-25 400 350 Average annual capex over Some build up in working 65-70 a 5-year period expected to capital,

  11. Slide 11: Maintaining production at current levels will require more drilling

    MARKET OUTLOOK Maintaining production at current levels will require more drilling Norwegian reserve replacement forecast Norwegian ambitions by operator million Sm3 o.e. Undiscovered resources Resources in fields Historical Operator Production Drilling 275 Resources in discoveries Reserves 250 241

  12. Slide 12: Global harsh environment semi-submersible market is tightening

    MARKET OUTLOOK Global harsh environment semi-submersible market is tightening Supply and demand balance for harsh environment semi-submersibles Rig years Norway demand Canada demand Norway marketed supply 50 UK demand Other demand Total marketed supply 45 40 -15 rigs 35 32 31 30 4 28 25 8 2 25 25 24

  13. Slide 13: Clear strategic priorities going forward

    STRATEGIC PRIORITIES Clear strategic priorities going forward Key focus points Dividend criteria Continued focus on operational excellence to deliver on existing contracts and to secure utilisation and new backlog LEVERAGE RATIO Additional scale and backlog at increasing dayrates provides visibility

  14. Slide 14: Appendix

    Appendix 14

  15. Slide 15: Summary of indicative terms of credit agreements

    CREDIT AGREEMENTS Summary of indicative terms of credit agreements USD 300m senior secured bank facility USD 250m senior secured bank facility USD 650m senior secured 1st lien bond Deepsea Stavanger Deepsea Bollsta Borrower: Odfjell Rig III Ltd Odfjell Invest Ltd Odfjell Drilling Malta Ltd Odfjell D

  16. Slide 16: For further information, please contact

    For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 16

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