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Q2 2026 Results Presentation 18 August 2026
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Important Information By reading this company presentation dated 18 August 2026 (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 second quarter of 2026 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 18 August 2026. 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.
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1. Q2 Highlights 2. Operational Review 3. Market Review 4. Financial Review 5. Summary Agenda 3
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1. Q2 Highlights Q2 2026 RESULTS PRESENTATION 4
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Solid Operations and Recovery 5 Q2 HIGHLIGHTS REVENUE (USDm) EBITDA (USDm) 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 • Net profit of USD 57 million • Insurance proceeds of USD 82 million is recognised as other income for Q2 – After write-off of lost equipment and expenses incurred related to the insurance claim, there is a positive EBITDA effect of USD 32 million – Positive EBIT effect of USD 4 million, following an impairment loss of USD 28 million relating to the damaged equipment • Excluding insurance proceeds and other accounting impacts related to the insurance the claim, the EBITDA for the quarter would have been USD 129 million DEEPSEA ATLANTIC FULLY OPERATIONAL FOLLOWING DOWNTIME • Unit operating and on-rate from 2 August following equipment handling incident on 18 April • 106 off-hire days in total, 73 days of which were in Q2 BALANCE SHEET DELEVERAGED WHILST LIQUIDITY INCREASED • Leverage ratio reduced to 1.5x • Net debt reduced to USD 863 million, while available liquidity increased to USD 308 million • Dividend for the quarter of USD 0.25 per share, totalling USD 60 million FIRM BACKLOG INCREASED, IN TIGHT MARKET • Deepsea Nordkapp contract extended, securing Deepsea Nordkapp with firm backlog until the end of 2028 at rates which will be confirmed by the end of the year • Currently all units secured with firm backlog until at least Q3 2027 219 234 245 284 251 Q2 Q3 Q4 Q1 2026 Q2 108 119 108 154 162 Q2 Q3 Q4 Q1 2026 Q2 43 48 55 60 60 Q2 Q3 Q4 Q1 2026 Q2
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2. Operational Review Q2 2026 RESULTS PRESENTATION
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7 OPERATIONS 7 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 • The rig and recovered BOP then sailed back to yard for repairs and to install the now upgraded spare BOP • The rig returned to site for testing and final acceptance before going back on-rate on 2 August • Inspections of the dropped BOP suggest it will likely be repaired and refurbished FINANCIAL IMPACT ESTIMATES • Since the incident, the Company has collaborated closely and constructively with insurers • Insurance covers recovery and or replacement of the dropped BOP as well as costs associated with repair work on the rig itself and compensation for lost equipment • Insurance proceeds of USD 82 million were recognised as other income during Q2, while insurance claim in excess of this is regarded as a contingent assets as per Q2 – After write-off of lost equipment and expenses incurred related to the insurance claim, there is a positive EBITDA effect of USD 32 million in Q2 – Positive EBIT effect of USD 4 million, following an impairment loss of USD 28 million relating to the damaged equipment • Taking all effects into account, the incident is estimated to have a net negative cash impact of approximately 35 million, of which USD 7 million was reflected in Q2, with the remainder expected to be spread across the coming quarters.
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Deepsea Atlantic (6G, UDW, HE) Built in 2009 Deepsea Aberdeen (6G, UDW, HE) Built in 2014 Deepsea Stavanger (6G, UDW, HE) Built in 2010 Deepsea Nordkapp (6G, UDW, HE) Built in 2019 Deepsea Bergen (6G, UDW, HE) Built in 2019 2025 2026 2027 2028 2029 2030 Firm Contract Coverage Increased 8 ODFJELL DRILLING USD 2.1 billion of firm contract backlog Contract Unpriced Options Priced OptionUnder Management 92% 99% 98% 96% 82% Q2 Q3 Q4 Q1 2026 Q2 Own Fleet Financial Utilisation
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3. Market Review Q2 2026 RESULTS PRESENTATION
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10 MARKET OUTLOOK 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 rates around 90% in the Norwegian floater market • Norwegian clients continue to reaffirm strategy of drilling to arrest production declines in the basin • Operators seeking to secure rig availability into the future, emphasised by recent contract agreements such as with Deepsea Nordkapp • Operators increasing focus on securing high-spec units • First unit with availability is Deepsea Atlantic in late 2027 • Equinor have options for use of the unit until 2030 OTHER REGIONS 10 • Future opportunities for work in Namibia, Suriname, Canada and the UK • Good interest amongst clients for deepwater drilling, which could further reduce competitive supply • Short term exploration work also available • Project maturity for international harsh environments developments expected to be around 2027 / 2028, in line with the Odfjell Drilling fleet’s availability Market Strengthening NORWAY
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4. Financial Review Q2 2026 RESULTS PRESENTATION
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Strong Financial Results 12 FINANCIAL REVIEW Own Fleet Contribution External Fleet Contribution Operating Revenue (USDm) Ebitda (USDm) Net Profit (USDm) 171 189 201 254 22147 44 43 30 29219 234 245 284 251 Q2 Q3 Q4 Q1 2026 Q2 101 112 118 150 160 9 8 9 6 5 108 119 124 154 162 Q2 Q3 Q4 Q1 2026 Q2 42 55 45 73 57 Q2 Q3 Q4 Q1 2026 Q2 811 859 901 982 1014 LTM Q2 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2 384 420 451 505 559 LTM Q2 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2 107 143 173 215 230 LTM Q2 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2
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Balance Sheet Remains Solid FINANCIAL REVIEW Net debt (USDm) and Leverage Ratio Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 13 458 459 908 883 863 Q2 Q3 Q4 Q1 2026 Q2 1.3 1.2 1.7 1.6 1.5 2.2 2.2 2.7 2.6 2.6 Q2 Q3 Q4 Q1 2026 Q2 64% 65% 54% 55% 55% 104 97 103 68 60 113 112 180 227 248 Q2 Q3 Q4 Q1 2026 Q2 308 CASH UNDRAWN RCF TOTAL 295283 209 217
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295 -227 68 128 -6 -6 -20 -44 -60 60 248 308 0 50 100 150 200 250 300 350 Robust Available Cash 14 FINANCIAL REVIEW Q2 Cash Flow 227
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Q2 Dividend 15 • USD 60 million or 0.25 USD / share • Last day including right 2 September 2026 • Payment date: 17 September 2026 KEY DETAILS DIVIDEND DIVIDEND STRATEGY • With a robust balance sheet and backlog coverage, the Company remains confident in its ability to deliver significant returns to its shareholders whilst also deleveraging Dividend criteria LEVERAGE RATIO TOTAL CASH POSITION OTHER COVENANTS 12-MONTHS CASH FORECAST CONTRACT BACKLOG MARKET POSITION 0.18 0.20 0.23 0.25 0.25 0 0.05 0.1 0.15 0.2 0.25 Q2 Q3 Q4 Q1 2026 Q2 $ / share
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16 5. Summary Q2 2026 RESULTS PRESENTATION
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17 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
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For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com