Slide 1: Q2 2025 Quarterly Results
Odfjell Technology Investor Presentation Q2 2025 Quarterly Results 20.08.2025 20/08/2025
Slide 2: Important Notice
Important Notice • By reading this company presentation (the “Presentation”), or attending any meeting or presentation held in relation there to, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. • The Presentation has been prepared by Odfjell Technology Ltd
Slide 3: Agenda
• Highlights of the quarter • Market outlook • Backlog and order intake • Dividend • Performance improvement programme • Financial information • Summary • Appendix 20/08/2025 3
Slide 4: Odfjell Technology at a glance
Odfjell Technology at a glance An oil service company providing expert services, advanced technology, and skilled professionals Revenue by Year (bnNOK) Global presence 50+ 30+ 13 Years Countries Workshops Experience 2,440 350 1,400 Employees Engineers EBITDA by Year (mNOK) Revenue and margin by Busi
Slide 5: Highlights of the quarter and key financials
Highlights of the quarter and key financials 5
Slide 6: Highlights and key financials
Highlights and key financials Steady operational delivery with clear momentum building for coming quarters Revenue (bnNOK) EBITDA (mNOK) Order Backlog (bnNOK) Dividends (mNOK) ustment or Per ormance mprovement Pro ram restructurin an one o e penses NOK NOK NOK NOK share share share share NOK share 1
Slide 7: Market outlook
Market outlook Resilient in a softening market, positioned for H2 growth through combination of improvements and targeted expansion Capex for Growth Market Activity • Elevated 2025 capex front-loaded to enable growth Tender Pipeline ~ 8 bnNOK • Stable production-related activity gives resilience • F
Slide 8: Order backlog of 12.9 billion NOK
Order backlog of 12.9 billion NOK Stable and robust Historic backlog values and backlog by segment (bnNOK) Order intake last 12 months irm ptions a or ery ar e ar e u stantial i ea le mall 8
Slide 9: Attractive shareholder return
Attractive shareholder return 10th consecutive quarter with dividend distribution Dividend distributed Last Twelve Months (LTM) (mNOK) Main achievements 2022-2025 Established dividend programme with consistent payouts 444 mNOK distributed to shareholders since listing in 2022 ~11% implied annual dir
Slide 10: Performance Improvement Program Progress & outlook
Performance Improvement Program Progress & outlook 2024 2025-H1 2025-H2 2026 Program initiated Majority of one-offs Efficiency gains Full run-rate effect expensed starting Key Actions Cost impact Expected benefits • Streamlining Operational resource base • NOK 15m restructuring cost YTD Q2- • Effici
Slide 11: Financial information
*Sodfjell technology Financial information 11
Slide 12: Group financials
Group financials Steady activity level with underlying margin improvements Revenue (mNOK) EBITDA (mNOK) Key KPIs (mNOK) peratin revenue peratin pro it ( ) et pro it (loss) et cas lo rom investin activities ( ) ( ) ( ) ( ) ( ) vaila le i ui ity Highlights • The overall activity level remains consiste
Slide 13: Well Services
Well Services Product mix shift delivering higher margins Revenue (mNOK) EBITDA (mNOK) Q2 2025 Revenue by Region Q2 2024 Revenue by Region or ay Continental urope rica Highlights • Strong activity level in Norway and European market. Middle East and Asia slightly down in activity compared to previou
Slide 14: Operations
Operations Stable with gradual margin gains due to improvement programme Revenue (mNOK) EBITDA (mNOK) Highlights • Stable operational and financial performance from all assets • Rig mix stability supports predictable earnings • Operations remain focused on optimising operational structure and cost l
Slide 15: Projects & Engineering
Projects & Engineering Diverse contract portfolio ensures consistent activity level. Revenue (mNOK) EBITDA (mNOK) Highlights • Special Periodic Survey (SPS) for Deepsea Stavanger and Deepsea Aberdeen completed successfully, driving the Q2 increase in activity level • EBITDA margin remains strong wit
Slide 16: Revenue and EBITDA historical development
Revenue and EBITDA historical development Revenue (NOKm) EBITDA including and excluding restructuring costs (NOKm) ustment or Per ormance mprovement Pro ram restructurin an one o e penses 16
Slide 17: Summary
Summary 17
Slide 18: Key takeaways: Focus on delivering long-term value
Key takeaways: Focus on delivering long-term value Stable operations with margin improvements excl. one-off effects Dividend of 60mNOK equal to a direct yield of 11% Elevated 2025 capex front-loaded for Wired Drill Pipe and growth projects Strong cost discipline approach and on track with our perfor
Slide 19: Appendix
sodfjell technology
Slide 20: Summary income statement
Summary income statement P (m ) t er ains an losses Personnel e penses ( ) ( ) ( ) ( ) t er operatin e penses ( ) ( ) ( ) ( ) epreciation an amortisation ( ) ( ) ( ) ( ) are o pro it (loss) rom oint ventures an associates ( ) ( ) et inancial items ( ) ( ) ( ) ( ) ncome ta e pense ( ) ( ) ( ) ( ) 20
Slide 21: Balance Sheet
Balance Sheet ssets (m ) uity an lia ilities (m ) Property plant an e uipment Pai in capital ntan i le assets t er e uity e erre ta asset on current interest earin orro in s on current ta asset on current lease lia ilities nvestments in oint ventures an associates t er non current lia ilities t er n
Slide 22: Summary statement of cash flows
Summary statement of cash flows Cas lo (m ) Pro it (loss) e ore ta ustment or provisions an ot er non cas elements C an es in or in capital ( ) ( ) ( ) ( ) et interest (pai ) receive ( ) ( ) ( ) ( ) et income ta pai ( ) ( ) ( ) ( ) ects o e c an e rate c an es on cas an cas e uivalents ( ) ( ) ( ) e
Slide 23: Cash position
Cash position Solid financial position Comments NIBD and Liquidity (mNOK) Net Cash Position of 565mNOK vaila le li ui ity evera e ratio – High capex and working capital build up reducing cash balance – In Q2 there was a drawdown on the RCF of 30mUSD – An additional bond tap of 600mNOK is available C
Slide 24: Operations contract overview
Operations contract overview Recent contract awards and extensions over the past year have improved revenue visibility Operations contract overview Comments – The number of rigs in active drilling mode in Q2-2025 was 8 uinor o an ver rup uinor isun – The number of rigs in maintenance uinor rane mode
Slide 25: For further information, please contact
For further information, please contact Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com 25