Slide 1: Q2 2026 Results Presentation
Q2 2026 Results Presentation 18 August 2026
Slide 2: Important Information
Important Information By reading this company presentation dated 18 August 2026 (the “Presentation”), or attending any meeting Company's beliefs, intentions and current expectations concerning, among other things, the Company's or presentation held in relation thereto, you (the “Recipient”) agree to
Slide 3: Agenda
1. Q2 Highlights 2. Operational Review Agenda 3. Market Review 4. Financial Review 5. Summary 3
Slide 4: 1. Q2 Highlights
Q2 2026 RESULTS PRESENTATION 1. Q2 Highlights 4
Slide 5: Solid Operations and Recovery
Q2 HIGHLIGHTS Solid Operations and Recovery TOTAL DIVIDEND (USDm) GOOD OPERATING QUARTER, WITH FINANCIAL IMPACTS FROM OFF-HIRE TIME AND INSURANCE • EBITDA of USD 162 million from Operating Revenue of USD 251 million 60 60 48 55 • Net profit of USD 57 million 43 • Insurance proceeds of USD 82 million
Slide 6: 2. Operational Review
Q2 2026 RESULTS PRESENTATION 2. Operational Review
Slide 7: Deepsea Atlantic Update
OPERATIONS Deepsea Atlantic Update SINCE THE INCIDENT • Rig was successfully returned to operations following incident on 18 April 2026 – In total the rig was off-hire for a total of 106 days, within guidance • After finding the Blowout preventer (“BOP”), the rig was used to recover the dropped BOP
Slide 8: Firm Contract Coverage Increased
ODFJELL DRILLING Firm Contract Coverage Increased USD 2.1 billion of firm contract backlog Under Management Contract Unpriced Options Priced Option 2025 2026 2027 2028 2029 2030 Own Fleet Financial Deepsea Atlantic (6G, UDW, HE) Utilisation Built in 2009 99% 98% 96% 92% Deepsea Aberdeen 82% (6G, UDW
Slide 9: 3. Market Review
Q2 2026 RESULTS PRESENTATION 3. Market Review
Slide 10: Market Strengthening
MARKET OUTLOOK Market Strengthening SUPPLY • Average age of the global harsh environment fleet continues to increase whilst limited new supply is being added or is likely to materialise in the near-future • Newbuilds remain unlikely • High-spec unit market is particularly tight, with utilisation rat
Slide 11: 4. Financial Review
Q2 2026 RESULTS PRESENTATION 4. Financial Review
Slide 12: Strong Financial Results
FINANCIAL REVIEW Strong Financial Results Operating Revenue (USDm) Ebitda (USDm) Net Profit (USDm) 284 162 73 245 251 154 234 30 219 5 254 29 119 124 6 55 57 44 43 108 47 221 9 45 201 8 42 189 9 171 150 160 101 112 118 Q2 Q3 Q4 Q1 2026 Q2 Q2 Q3 Q4 Q1 2026 Q2 Q2 Q3 Q4 Q1 2026 Q2 559 230 1014 505 215
Slide 13: Balance Sheet Remains Solid
FINANCIAL REVIEW Balance Sheet Remains Solid Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 308 TOTAL 908 295 883 863 283 2.7 2.6 2.6 217 209 64% 65% 180 54% 55% 55% 227 248 UNDRAWN 2.2 2.2 113 RCF 458 459 112 1.7 1.6 1.5 1.3 1.2 104 97 103 CASH 6
Slide 14: Robust Available Cash
FINANCIAL REVIEW Robust Available Cash Q2 Cash Flow 350 248 308 300 295 250 200 128 -6 -6 -20 150 -44 100 68 -227 60 227 -60 50 0 14
Slide 15: Q2 Dividend
DIVIDEND Q2 Dividend KEY DETAILS Dividend criteria • USD 60 million or 0.25 USD / share • Last day including right 2 September 2026 LEVERAGE RATIO • Payment date: 17 September 2026 DIVIDEND STRATEGY TOTAL CASH POSITION • With a robust balance sheet and backlog coverage, the Company remains confident
Slide 16: 5. Summary
Q2 2026 RESULTS PRESENTATION 5. Summary 16
Slide 17: Q2 2026 Summary
Q2 2026 Summary • Solid response and recovery from Deepsea Atlantic incident • Great performance from the rest of the fleet • Further deleveraging and balance sheet strengthening • Market remains strong, new contract secured and fleet fully sold out • Strong cash generation secured 17
Slide 18: For further information, please contact
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com