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06.11.2025 06.11.2025 Q3 2025 Results Presentation 6 November 2025
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Important Information 2 INTRODUCTION By reading this company presentation dated 6 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 Odfjell Drilling Ltd. (the "Company") solely for information purposes in connection with publication of the Company's results for the third quarter of 2025 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 6 November 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. Q3 Highlights 2. Operational Review 3. Financial Review 4. Summary AGENDA 3
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1. Q3 Highlights Q3 2025 RESULTS PRESENTATION 4
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Sustained Growth Through Improved Day Rates 5 Q3 HIGHLIGHTS REVENUE (USDm) EBITDA (USDm) STRONG FINANCIAL RESULTS • Revenue of USD 234 million and EBITDA of USD 119 million • Net Profit of USD 55 million EXCEPTIONAL OPERATIONAL PERFORMANCE • 99% Financial Utilisation, adding to the Company’s 10-year average of 97% financial utilisation • Deepsea Stavanger achieved a new industry milestone, drilling over 45,000 metres and completing the longest exploration well ever • Four owned rigs awarded DNV's Abate (Power+) notation, reflecting best industry practices in greenhouse gas abatement for offshore units INCREASED DIVIDENDS TO SHAREHOLDERS WHILST DELEVERAGING • Dividend increased to 20 cents per share from 18 cents per share • Total Q3 dividend of USD 48 million • Leverage ratio of 1.2x • Equity Ratio of 65% • Available liquidity of USD 209 million FLEET SOLD OUT UNTIL END OF 2026, POSITIVE MARKET VIEW MAINTAINED • Harsh environment market remains well balanced • Total order backlog of USD 1.5bn with all units sold out until at least the end of 2026 • Advanced discussions ongoing with several clients to add backlog in near future 186 203 203 219 234 Q3 Q4 Q1 2025 Q2 Q3 83 93 100 108 119 Q3 Q4 Q1 2025 Q2 Q3 TOTAL DIVIDEND (USDm) 14.4 30.0 38.4 43.2 48.0 Q3 Q4 Q1 2025 Q2 Q3
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2. Operational Review 6 Q3 2025 RESULTS PRESENTATION
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OPERATIONAL REVIEW EXTERNAL FLEET Deepsea Bollsta Norway Deepsea Mira Namibia Hercules Warm Stacked Norway High Quality Customer Base 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 97% 96% 96% 92% 99% Q3 Q4 Q1 2025 Q2 Q3 Own Fleet Financial Utilisation
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8 OPERATIONS Going Beyond Regulatory Requirements • All Four owned units awarded DNV’s Abate Power+ notation, • Odfjell Drilling is the first drilling contractor with an entire owned fleet with this recognition • The ABATE Power+ notation is awarded to units which: • implement technologies and management systems to improve energy efficiency and reduce greenhouse gas (GHG) emissions from power generation, and • implement a comprehensive energy and emission management system aligned with ISO 50001 standards 8 Own Fleet Awarded Abate Power+ Class Notation
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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) Nearly 9 Years of Cumulative Work Secured 9 ODFJELL DRILLING Contract Unpriced Options Priced Option Timelines are indicative and are based on normal well progress. Strong backlog and well positioned for extensions
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USD 450m USD 494m USD 600m USD 662m USD 573m 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 Higher Revenue Secured from 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 MARKET VIEW UNCHANGED • Company in active dialogue with clients regarding potential extensions, with the Company anticipating securing contract backlog in the near future • Deepsea Nordkapp and Deepsea Aberdeen are currently the first two units available, both of which have unpriced options with Aker BP and Equinor respectively • Several clients are expressing direct interest in contracting our high-performing rigs and services • Tenders outstanding with demand for rigs expected to increase in the coming years INTERNATIONAL DEMAND MIXED 11 • Current contracting environment remains dominated by short term exploration work • Recent discoveries in Namibia continue to emphasise potential of the basin to be a driver of demand in the future, with longer term contracts expected to mature in the coming years • Additional demand likely to come from areas such as Namibia, Canada, South Africa, Australia and the UK Market Remains Well Balanced SUPPLY LIKELY TO REDUCE • Some retirement of stacked units is expected • No newbuilds planned, with limited stacked or inactive capacity which could be costly for clients to upgrade • Entry barriers to Norwegian Continental Shelf remain high, further limiting supply side capacity
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3. Financial Review 12 Q3 2025 RESULTS PRESENTATION
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Continually Increasing Financial Results 13 FINANCIAL REVIEW Own Fleet Contribution External Fleet Contribution Revenue (USDm) EBITDA (USDm) Net Profit (USDm) 144 158 163 171 18942 45 40 47 44186 203 203 219 234 Q3 Q4 Q1 2025 Q2 Q3 763 775 785 811 859 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3 77 87 95 101 112 7 9 7 9 8 83 93 100 108 119 Q3 Q4 Q1 2025 Q2 Q3 336 345 361 384 420 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3 19 15 31 42 55 Q3 Q4 Q1 2025 Q2 Q3 73 65 81 107 143 LTM Q3 LTM Q4 LTM Q1 LTM Q2 LTM Q3
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Further Deleveraging and Balance Sheet Strengthening FINANCIAL REVIEW Net debt (USDm) and Leverage Ratio * Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 14 532 504 475 458 459 Q3 Q4 Q1 2025 Q2 Q3 1.7 1.6 1.4 1.3 1.2 2.2 2.2 2.2 2.2 2.2 Q3 Q4 Q1 2025 Q2 Q3 63% 63% 64% 64% 65% 118 118 102 104 97 109 99 139 113 112 Q3 Q4 Q1 2025 Q2 Q3 209 CASH UNDRAWN RCF TOTAL217 241 217227 *Net debt has increased marginally in Q3 2025 due to higher accrued unpaid interest compared to Q2 2025
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217 104 104 104 193.7 156.7 140.7 97.7 97 97 209 113 95 -5 0 -37 -16 -43 112 Total Available Cash Q2 2025 Available RCF Q2 2025 Cash Position Q2 2025 Cash Generated from operations Net Interest Paid Net Tax paid Cash flow from investing activities Financing Activities & Fx adj Q2 Dividend Cash Position Q3 2025 Available RCF Q3 2025 Total Available Cash Q3 2025 Continued Capital Discipline 15 FINANCIAL REVIEW Q3 Cash Flow USD 10 million of the Q3 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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Increased Dividend 16 • USD 48 million or 0.20 USD / share • Last day including right 11 November, payment on 26 November KEY DETAILS OF Q3 DIVIDEND DIVIDEND DIVIDEND INCREASED WHILST FURTHER DELEVERAGING • Increased dividend supported by higher earnings and future free cash flow • Leverage ratio continues to decrease Dividend criteria LEVERAGE RATIO TOTAL CASH POSITION OTHER COVENANTS 12-MONTHS CASH FORECAST CONTRACT BACKLOG MARKET POSITION 0.06 0.125 0.16 0.18 0.2 0 0.3 0.6 0.9 1.2 1.5 1.8 0 0.05 0.1 0.15 0.2 Q3 Q4 Q1 2025 Q2 Q3 Leverage Ratio $ / share Dividend Per Share Leverage Ratio
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17 4. Summary Q3 2025 RESULTS PRESENTATION
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18 Q3 2025 Summary • Strong financial results from higher day rates • Exceptional operational performance • Continued strong Capital Discipline with dividends increased and leverage ratio reducing • Fleet fully sold out until end of 2026, advanced discussions ongoing with several clients to add backlog in near future 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