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Q3 2026 Results Presentation 3 November 2026
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Important Information By reading this company presentation dated 3 November 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 third 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 3 November 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. Q3 Highlights 2. Operational Review 3. Market Review 4. Financial Review 5. Summary Agenda 3
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1. Q3 Highlights Q3 2026 RESULTS PRESENTATION 4
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Owned Fleet Back in Operation 5 Q3 HIGHLIGHTS REVENUE (USDm) EBITDA (USDm) TOTAL DIVIDEND (USDm)GOOD FINANCIAL RESULTS BUT IMPACTED BY DOWNTIME • EBITDA of USD 130 million from Operating Revenue of USD 265 million • Net profit of USD 56 million, including USD 5 million from discontinued operations • Financial utilisation for the quarter of 89% whilst ending strongly with financial utilisation of 98% for September MULTIPLE NEW CONTRACT SECURED • Deepsea Bergen awarded three-year firm contract with Vår Energi • Deepsea Nordkapp contract extended by one year with Aker BP • Post period, Deepsea Atlantic has priced options for two wells exercised by Equinor BALANCE SHEET REMAINS ROBUST • Leverage ratio maintained at 1.6x and net debt reduced to USD 857 million • Available liquidity of USD 261 million DIVIDEND INCREASED • Dividend for the quarter increased to USD 0.27 per share, totalling USD 64.7 million ADDITIONAL CASH IMPACTS • Insurance proceeds of USD 50 million paid on account relating to the Deepsea Atlantic incident per Q3, with a remaining receivable of USD 43.7 million expected • Total estimated net cash impact from the Deepsea Atlantic incident is fully reflected in the liquidity balance as of Q3, with remaining capex payments expected to be offset by corresponding insurance proceeds. • Post-period, USD 39 million received as result of the positive tax case ruling from Gulating Court of Appeal 234 245 284 251 265 Q3 Q4 Q1 2026 Q2 Q3 119 124 154 162 130 Q3 Q4 Q1 2026 Q2 Q3 48 55 60 60 65 Q3 Q4 Q1 2026 Q2 Q3
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2. Operational Review Q3 2026 RESULTS PRESENTATION
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7 OPERATIONS Own Fleet - Additional Firm Backlog Secured Deepsea Nordkapp • One-year extension • Rate to be set by two independent rig brokers before year end 2026 • Firm backlog extended until the end of 2028 • Unpriced options going forward Deepsea Bergen • Three-year firm contract with Vår Energi • Firm backlog extended until Q1 2031 • Four one-year priced options after the firm period, extending until early 2035 Deepsea Atlantic • Priced options exercised for two additional wells until late Q4 2027 • Rate is priced as per the original contract terms • Equinor retains priced options for a further two wells
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8 OPERATIONS Management Fleet – New Contracts Secured Deepsea Yantai • Two firm wells with Okea • Estimated duration of 80 days • Unit secured with firm backlog until Q4 2027 Deepsea Mira • New contract secured with Shell in Trinidad and Tobago • Estimated duration of 150 days with one-year option following • Operations expected to commence in April 2027 Beacon Pacific • New rig added to Odfjell Drilling fleet • Contract secured with Serica Energy in the UK for six firm wells • Firm period to begin in Q3 2027 and end Q4 2028, with options thereafter • Following completion of the reactivation program, drilling is expected to commence in Q3 2027
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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 2031 Own Fleet Fully Booked at Strong Rates 9 ODFJELL DRILLING USD 2.5 billion of firm contract backlog Contract Unpriced Options Priced OptionUnder Management 99% 98% 96% 82% 89% Q3 Q4 Q1 2026 Q2 Q3 Own Fleet Financial Utilisation *Deepsea Bergen priced options extend until Q1 2035 1.4 2.2 2.0 2.1 2.5 Q3 Q4 Q1 2026 Q2 Q3 Firm backlog ($bn)
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3. Market Review Q3 2026 RESULTS PRESENTATION
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11 MARKET OUTLOOK SUPPLY • Harsh environment market continues to tighten, with supply heavily constrained following multiple contract awards in the sector • Tier 1 harsh environment market now almost entirely booked for 2027, with limited availability in 2028 • 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 • The first available unit in the ODL fleet is the Deepsea Atlantic, which has firm backlog until late 2027, whereafter Equinor has two priced optional wells followed by unpriced options which extend into 2030 NORWAY • Healthy long-term demand in Norway, with operators looking to secure high-quality rigs • Sanctioning of subsea tie-back projects in Norway and increased collaboration between operators likely resulting in further developments and maximising existing infrastructure • Clients remain focused on drilling to arrest production declines in the basin • Clients seem to be securing rigs further into the future, emphasised by both Deepsea Nordkapp contract extension with Aker BP and the Deepsea Bergen contract with Vår Energi OTHER REGIONS • Future opportunities expected to come from Canada and the UK where Tier 1 units are in demand; as well as from Namibia and Suriname • Good interest remains for deepwater drilling whilst short term exploration work is also available • Project maturity for international harsh environment developments expected to be around 2027/ 2028 11 Supply & Demand Tightened Further
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4. Financial Review Q3 2026 RESULTS PRESENTATION
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Good Financial Results, Impacted by Utilisation 13 FINANCIAL REVIEW Own Fleet Contribution External Fleet Contribution Operating Revenue (USDm) Ebitda (USDm) Net Profit (USDm) 189 201 254 221 23544 43 30 29 31234 245 284 251 265 Q3 Q4 Q1 2026 Q2 Q3 112 118 150 160 127 8 9 6 5 6 119 124 154 162 130 Q3 Q4 Q1 2026 Q2 Q3 55 45 73 57 51 Q3 Q4 Q1 2026 Q2 Q3 859 901 982 1014 1045 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2 LTM Q3 420 451 505 559 570 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2 LTM Q3 143 173 215 230 226 LTM Q3 LTM Q4 LTM Q1 2026 LTM Q2 LTM Q3
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Debt Continues to Reduce FINANCIAL REVIEW Net debt (USDm) and Leverage Ratio* Total Assets (USDbn) and Equity Ratio Available Liquidity (USDm) 14 459 908 883 863 857 Q3 Q4 Q1 2026 Q2 Q3 1.2 1.7 1.6 1.6 1.6 2.2 2.7 2.6 2.6 2.6 Q3 Q4 Q1 2026 Q2 Q3 65% 54% 55% 55% 56% 97 103 68 60 45 112 180 227 248 216 Q3 Q4 Q1 2026 Q2 Q3 261 CASH UNDRAWN RCF TOTAL308295283 209 *Q2 2026 Leverage ratio previously reported included one-off items associated with the Deepsea Atlantic incident insurance claim
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308 -248 60 123 -29 0 -38 -11 -60 45 216 261 0 50 100 150 200 250 300 350 Cashflow Impacted by Downtime and Tax Refund Received in Q4 15 FINANCIAL REVIEW Q3 Cash Flow 248
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Q3 Dividend 16 • USD 64.7 million or 0.27 USD / share • Last day including right: 11 November 2026 • Payment date: 25 November 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 AVAILABLE CASH OTHER COVENANTS 12-MONTHS CASH FORECAST CONTRACT BACKLOG MARKET POSITION 0.20 0.23 0.25 0.25 0.27 Q3 Q4 Q1 2026 Q2 Q3 $ / share
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17 5. Summary Q3 2026 RESULTS PRESENTATION
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18 Q3 2026 Summary • Back in action across the fleet, closing Q3 with all owned units operational • Results are good, but impacted by lower utilisation • Market continues to tighten, with most of the Tier 1 Market now booked for 2027 and 2028 • Balance sheet is good, with additional positive cash impacts expected in Q4 • Dividend increased to 27 cents per share, equivalent to annualised yield of 9% 18
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For further information, please contact: James Crothers, Investor Relations Officer jchu@odfjelldrilling.com www.odfjelldrilling.com