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18.08.2025 18.08.2025 Q2 2025 Results Presentation 19 August 2025
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Important Information 2 INTRODUCTION By reading this company presentation dated 19 August 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 Odfjell Drilling Ltd. (the "Company") solely for information purposes in connection with publication of the Company's results for the fourth quarter of 2024 and may not be reproduced or redistributed, in whole or in part, to any other person. The Presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on the Presentation or any of its contents. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions in this Presentation. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice. This Presentation includes "forward looking statements". Forward looking statements are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. These statements involve risks and uncertainties because they relate to future events and depend on future circumstances that may or may not occur. Forward looking statements are not guarantees of future performance and no representation that any such statements or forecasts will be achieved are made. The Company uses certain financial information calculated on a basis other than in accordance with IFRS, including EBITDA and EBITDA margin, as supplemental financial measures in this Presentation. These non-IFRS financial measures are provided as additional insight into the Company’s ongoing financial performance and to enhance the user’s overall understanding of the Company’s financial results and the potential impact of any corporate development activities. An investment in the Company involves significant risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements that may be expressed or implied by statements and information in the Presentation. The Presentation speaks as of 19 August 2025. The Company disclaims any obligation to update or revise any information set out in this Presentation, including the forward-looking statements, whether as a result of new information, future events or otherwise. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts. 2
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1. Q2 Highlights 2. Operational Review 3. Financial Review 4. Summary AGENDA 3
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1. Q2 Highlights Q2 2025 RESULTS PRESENTATION 4
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TOTAL DIVIDEND (USDm) 14.4 14.4 30 38.4 43.2 Q2 Q3 Q4 Q1 2025 Q2 Another Record Quarter 5 Q2 HIGHLIGHTS REVENUE (USDm) EBITDA (USDm) QUARTERLY FINANCIAL RECORDS SET • Revenue of USD 219 million and EBITDA of USD 108 million • Net Profit of USD 42 million • 92% Financial Utilisation, reflecting downtime due to SPS on Deepsea Aberdeen INCREASING DIVIDENDS TO SHAREHOLDERS • Dividend increased to 18 cents per share from 16 cents per share • Well placed to continue to increase shareholder distributions ALL SPS PROGRAMS NOW COMPLETED • Both Deepsea Aberdeen and Deepsea Stavanger SPS completed on budget and on time • Next SPS is the Deepsea Nordkapp in late 2028. CREDIT RATING IMPROVED • Moody’s increased its credit rating for the Company to B1, reflecting the Company’s earnings visibility, declining capital spending and debt amortisation FINANCIAL POSITION STRENGTHENED • Leverage ratio of 1.3x • Equity ratio of 64% • Available liquidity of USD 217 million 85 83 93 100 108 Q2 Q3 Q4 Q1 2025 Q2 190 186 203 203 219 Q2 Q3 Q4 Q1 2025 Q2
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2. Operational Review 6 Q2 2025 RESULTS PRESENTATION
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OPERATIONAL REVIEW EXTERNAL FLEET Deepsea Bollsta Norway Deepsea Mira Demobilising Namibia Hercules Warm Stacked Norway A time of change Clients and Fleet Locations 7 OWN FLEET Deepsea Aberdeen Breidablikk Field Norway Deepsea Stavanger Yggdrasil Development Norway Deepsea Atlantic Various Projects Norway Deepsea Nordkapp Various Projects Norway Deepsea Yantai Norway 98% 97% 96% 96% 92% Q2 Q3 Q4 Q1 2025 Q2 Own Fleet Financial Utilisation
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Deepsea Nordkapp Deepsea Stavanger SPS Schedule Completed 8 OPERATIONAL REVIEW 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 Q1, resulting in 6 days of off hire time • Maintenance included upgrades across the vessel as well as replacement of two of the unit’s thrusters SPS schedule Deepsea AberdeenDeepsea Atlantic 8
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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) Strong Firm Backlog Visibility… 9 ODFJELL DRILLING Contract Unpriced Options Priced Option Timelines are indicative and are based on normal well progress.
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USD 450m USD 494m USD 277m USD 600m USD 666m USD 593m USD 90m 0 100 200 300 400 500 600 700 800 2023 2024 2025 2026 2027 - 2030 Day rate and Opex - USDk Per day Completed work Firm Contract Priced Options Average Day Rate per Rig Indicative Opex Per Rig …At Continually Increasing Day Rates 10 GROWTH Revenue backlog shown does not include bonuses, fuel incentives or add-ons. Day rates are subject to fluctuations in exchange rate as contract values use a mix of NOK, GBP and USD and assume a modest assumption on price escalation. Timelines are indicative and are based on normal well progress. Rates on Deepsea Stavanger assumes ceiling price on 5-year Aker BP contract is met. 314 314 321 332 332 329 357 369 397 417 436 440 469 471 473 472
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11 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 developments will continue to drive demand going forward, likely increasing the number of wells required • Tenders outstanding with demand for rigs expected to increase in the coming years, particularly from 2027 INTERNATIONAL DEMAND MIXED 11 • Current contracting environment dominated by short term exploration work • Longer term contracts expected to increase as new exploration projects mature into development in the coming years • Demand in areas such as Namibia, Canada, South Africa, Australia and the UK continues to be considered by operators, and projects are anticipated to be matured from 2027 and onwards Balanced Market Outlook SUPPLY LIKELY TO REDUCE • Some retirement of stacked units is expected • No newbuilds planned • Costly entry barriers to NCS for limited side capacity
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3. Financial Review 12 Q2 2025 RESULTS PRESENTATION
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Strong Financial Results 13 FINANCIAL REVIEW Own Fleet Contribution External Fleet Contribution Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 80 77 87 95 101 7 7 9 7 985 83 93 100 108 Q2 Q3 Q4 Q1 2025 Q2 16 19 15 31 42 Q2 Q3 Q4 Q1 2025 Q2 75 73 65 81 107 LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2 340 336 345 361 384 LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2 145 144 158 163 171 45 42 45 40 47 190 186 203 203 219 Q2 Q3 Q4 Q1 2025 Q2 763 763 775 785 811 LTM Q2 LTM Q3 LTM Q4 LTM Q1 LTM Q2
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Financial Position Further Strengthened FINANCIAL REVIEW Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 14 544 532 504 475 458 Q2 Q3 Q4 Q1 2025 Q2 1.8 1.7 1.6 1.4 1.3 2.2 2.2 2.2 2.2 2.2 Q2 Q3 Q4 Q1 2025 Q2 62% 63% 63% 64% 64% 111 118 118 102 104 115 109 99 139 113 Q2 Q3 Q4 Q1 2025 Q2 217 CASH UNDRAWN RCF TOTAL 241 217227226
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241 102 102 102 204 152 141 103 104 104 217 139 127 -21 -4 -52 -11 -38 113 Total Available Cash Q1 2025 Available RCF Q1 2025 Cash Position Q1 2025 Cash Generated from operations Net Interest Paid Net Tax paid Cash flow from investing activities Financing Activities & Fx adj Q1 Dividend Cash Position Q2 2025 Available RCF Q2 2025 Total Available Cash Q2 2025 Good Cash Flow from Operations 15 FINANCIAL REVIEW Q2 Cash Flow USD 25 million of the Q2 2025 "Cashflow from investing activities" were client-specific upgrades covered by lump-sum payments from customers in this or adjacent quarters
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Dividend Increased 16 • USD 43.2 million or 0.18 USD / share • Last day including right 2 September, payment on 17 September KEY DETAILS OF Q2 DIVIDEND DIVIDEND WELL-PLACED TO CONTINUE TO INCREASE DIVIDEND • Increased dividend supported by higher earnings and future free cash flow – SPS programs now completed, reducing capex payments materially in the second half of this year – All rigs are moving to higher day rates this year – Company has strong backlog visibility – Reduced amortisation schedule Dividend criteria LEVERAGE RATIO TOTAL CASH POSITION OTHER COVENANTS 12-MONTHS CASH FORECAST CONTRACT BACKLOG MARKET POSITION 0.06 0.06 0.125 0.16 0.18 0 0.05 0.1 0.15 0.2 Q2 Q3 Q4 Q1 2025 Q2 $ / share Dividend Per Share Earnings Per Share
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17 4. Summary Q2 2025 RESULTS PRESENTATION
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18 Q2 2025 Summary • Record financial results • Exceptional performance in SPS projects, with all projects now completed • Dividend increased again with the Company well placed to further increase shareholder distributions going forward • Financial position further strengthened 18 Dividend paying, with strong platform to continue to increase Harsh environment market leader Supply and demand well balanced Fully sold-out fleet, with strong counterparties
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19 For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com