Slide 1: Q2 2025 Results Presentation
Q2 2025 Results Presentation 19 August 2025 18.08.2025
Slide 2: Important Information
INTRODUCTION Important Information By reading this company presentation dated 19 August 2025 (the forward-looking statements reflect the Company's beliefs, intentions and “Presentation”), or attending any meeting or presentation held in relation current expectations concerning, among other things, t
Slide 3: Agenda
AGENDA 1. Q2 Highlights 2. Operational Review 3. Financial Review 4. Summary 3
Slide 4: 1. Q2 Highlights
Q2 2025 RESULTS PRESENTATION 1. Q2 Highlights 4
Slide 5: Another Record Quarter
Q2 HIGHLIGHTS Another Record Quarter TOTAL DIVIDEND (USDm) QUARTERLY FINANCIAL RECORDS SET 43.2 38.4 30 • Revenue of USD 219 million and EBITDA of USD 108 million • Net Profit of USD 42 million 14.4 14.4 • 92% Financial Utilisation, reflecting downtime due to SPS on Deepsea Aberdeen Q2 Q3 Q4 Q1 Q2 I
Slide 6: 2. Operational Review
Q2 2025 RESULTS PRESENTATION 2. Operational Review 6
Slide 7: Clients and Fleet Locations
OPERATIONAL REVIEW Clients and Fleet Locations A time of change OWN FLEET Own Fleet Financial Utilisation Deepsea Aberdeen Deepsea Atlantic Deepsea Nordkapp Deepsea Stavanger 98% 97% 96% 96% Breidablikk Field Various Projects Various Projects Yggdrasil Development 92% Norway Norway Norway Norway EXT
Slide 8: SPS Schedule Completed
OPERATIONAL REVIEW SPS Schedule Completed Ready for What’s Next • Deepsea Stavanger SPS and upgrade project completed during early Q2 2025 on time and ahead of schedule • Deepsea Aberdeen SPS completed in mid Q2, on time and on budget • Deepsea Nordkapp also went through planned maintenance during Q
Slide 9: Strong Firm Backlog Visibility…
ODFJELL DRILLING Strong Firm Backlog Visibility… Contract Unpriced Options Priced Option ASSET 2023 2024 2025 2026 2027 2028 2029 2030 Deepsea Atlantic (6G, UDW, HE) Deepsea Aberdeen (6G, UDW, HE) Deepsea Stavanger (6G, UDW, HE) Deepsea Nordkapp (6G, UDW, HE) Timelines are indicative and are based o
Slide 10: …At Continually Increasing Day Rates
GROW TH …At Continually Increasing Day Rates 800 USD 666m 700 Completed work USD 600m USD 90m 600 Day rate and Opex - USDk Per day Firm Contract USD 494m 471 473 472 500 USD 450m 469 436 440 417 397 Priced Options 357 369 400 321 332 332 329 314 314 USD 593m 300 Average Day Rate per Rig 200 Indicati
Slide 11: Balanced Market Outlook
MARKET OUTLOOK Balanced Market Outlook NORWAY MARKET POSITIVE FOR WORK IN 2027 AND BEYOND • Several clients are expressing direct interest in contracting our high-performing rigs and services • Client base maintains intention to address production decline • Smaller and more complicated infield devel
Slide 12: 3. Financial Review
Q2 2025 RESULTS PRESENTATION 3. Financial Review 12
Slide 13: Strong Financial Results
FINANCIAL REVIEW Strong Financial Results Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 219 42 203 203 100 108 190 186 93 47 85 9 45 40 83 7 31 45 42 9 171 7 7 158 163 145 144 19 16 95 101 15 80 77 87 Q2 Q3 Q4 Q1 2025 Q2 Q2 Q3 Q4 Q1 2025 Q2 Q2 Q3 Q4 Q1 2025 Q2 384 107 811 361 81 75 73 785 65 775 34
Slide 14: Financial Position Further Strengthened
FINANCIAL REVIEW Financial Position Further Strengthened Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 2.2 2.2 2.2 2.2 2.2 241 226 227 217 TOTAL 544 217 532 504 475 458 64% 64% 115 109 99 139 113 UNDRAWN 63% 63% RCF 1.8 1.7 1.6 62% 1.4 1.3 111 11
Slide 15: Good Cash Flow from Operations
FINANCIAL REVIEW Good Cash Flow from Operations Q2 Cash Flow 241 139 127 -21 217 -4 204 -52 113 152 -11 141 -38 102 102 102 103 104 104 Total Available Available RCF Q1 Cash Position Q1 Cash Generated Net Interest Paid Net Tax paid Cash flow from Financing Q1 Dividend Cash Position Q2 Available RCF
Slide 16: Dividend Increased
DIVIDEND Dividend Increased KEY DETAILS OF Q2 DIVIDEND Dividend criteria • USD 43.2 million or 0.18 USD / share LEVERAGE RATIO • Last day including right 2 September, payment on 17 September WELL-PLACED TO CONTINUE TO INCREASE DIVIDEND TOTAL CASH POSITION • Increased dividend supported by higher ear
Slide 17: 4. Summary
Q2 2025 RESULTS PRESENTATION 4. Summary 17
Slide 18: Q2 2025 Summary
Q2 2025 Summary • Record financial results Harsh environment market leader • Exceptional performance in SPS projects, with all projects now completed Fully sold-out fleet, with strong counterparties • Dividend increased again with the Company well placed to further increase shareholder distributions
Slide 19: For further information, please contact:
For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com 19