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06/11/202506.11.2025 Q3 2025 Quarterly Results Odfjell Technology Investor Presentation
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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 (the "Company") solely for information purposes 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 results, performance or achievements that may be expressed or implied by statements and information in the Presentation. • 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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06/11/2025 • Highlights of the quarter • Market outlook • Backlog and order intake • Dividend • Performance improvement programme • Financial information • Summary • Appendix 3
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Overview of Odfjell Technology An oil service company providing expert services, advanced technology, and skilled professionals 4 2,440 Employees 350 Engineers 50+ yrs Experience 30+ Countries 13 Workshops 1,400 Rig/Offshore 34% of revenue Well Services 48% of revenue Operations 14% of revenue Projects & Engineering KEY INFORMATION GLOBAL PRESENCE
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5 Highlights of the quarter and key financials
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Q3 2025 highlights 1 Reelwell string set for mobilisation in November 2 USD 20m Kuwait contract extension secured, reinforcing regional strength and backlog visibility 3 Active M&A pipeline with ongoing initiatives to expand capabilities and market reach 4 Performance Improvement Programme progressing, contributing to efficiency gains with limited restructuring costs in Q3
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60m Dividend Q3 12.4bn Backlog Q3 202m EBITDA Q3 1.43bn Revenue Q3 7 Q3 key financials Stable quarter with strong execution and readiness for changing market conditions Revenue (bnNOK) EBITDA (mNOK) Dividends (mNOK) NOK share NOK share NOK share NOK share Order Backlog (bnNOK) 5.6bnNOK Revenue LTM 778mNOK EBITDA LTM 11% implied annualised direct yield656mNOK Contract awards Q3 NOK share LTM – Last Twelve Months uste net o restruturin an one o s
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Contract portfolio resilience and growth focus Growth remains a goal, but optimising organisation, cost and investments will be the main priority ahead STRATEGIC POSITION / DIRECTION • Strong foothold in Norway, where political priorities and production targets sustain high activity • Performance Improvement Programme progressing, focus on operational and cost efficiency • Positioning for strategic P&A opportunities MARKET VIEW • OTL prioritises selective international growth in Brazil, Suriname, Guyana and GoM • Powered Wired Drill Pipe remains strategic priority • Capex moderation from 2026, focus on disciplined spending • Evaluating strategic margin accretive M&As • Oil price volatility reinforces a disciplined investment approach across the industry • Operators long term demand remain strong • Tender activity remains high, but award timing is more uncertain GROWTH AND INVESTMENT FOCUS 8
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Strong customer base with 12.4 billion NOK order backlog Lasting partnerships with major energy players provides resilience and predictability across cycles 9 ORDER INTAKE LAST 12 MONTHS HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT (bnNOK) irm ptions
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Attractive shareholder return 10 DIVIDEND DISTRIBUTED LAST TWELVE MONTHS (LTM) (mNOK) Focused on shareholder returns, supported by strong cash flow and low leverage MAIN ACHIEVEMENTS 2022-2025 505 mNOK distributed to shareholders since listing in 2022 11% implied annual direct yield* based on current quarterly dividend level 157% total return** per share since listing * Based on the share price per 22nd October 2025 ** Includes share price appreciation since listing Established dividend program with consistent payouts
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KEY ACTIONS On track: Leaner cost base, higher margins, stronger cash flow • Streamlining operational resources • More efficient cost base • Improved utilisation of assets • Cash management optimisation IMPACTS SO FAR EXPECTED RESULTS • NOK 18m restructuring cost YTD Q3-2025 • Reduction of ~80 FTEs YTD • Efficiency gains visible from Q3 2025 • More flexible cost base • Improved competitive edge • Stronger cash flow 20262025-H22024 2025-H1 Efficiency gains startingMajority of 2025 one-offs expensed Programme initiated Full run-rate effect Performance Improvement Programme Progress and outlook 11
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12 Financial information
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Group financials 13 Steady activity level with underlying margin improvements peratin revenue peratin pro it ( ) et pro it (loss) et cas lo rom investin activities vaila le i ui ity ( ) ( ) ( ) ( ) ( ) EBITDA (mNOK)Revenue (mNOK) Key KPIs (mNOK) • Overall activity level remained stable across all business areas • EBITDA improved quarter-on-quarter, reflecting stronger operational delivery and efficiency gains • Restructuring cost of NOK 2.4m in Q3 (vs. NOK 11.3m in Q2) reflects progress in the improvement programme and underlying EBITDA growth • Cash flow impacted by high capex and changes in working capital Highlights
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Well Services 14 Product mix shift and product sales delivering higher margins • Strong activity in Norway and Europe, softer markets in the Middle East and Asia • EBITDA margin level up due to product mix improvementsand cost efficiency • Contract extensions secured in Kuwait and Turkmenistan EBITDA (mNOK)Revenue (mNOK) Highlights lo al Continental urope rica Q3 2024 Revenue by RegionQ3 2025 Revenue by Region
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• Solid operational and financial performance across all assets • EBITDA margin increase is mainly due to bonus achievements • Efficiency programme is contributing to gradual margin improvement • Rig mix stability supporting predictable earnings Operations 15 EBITDA improvement due bonus achievements EBITDA (mNOK)Revenue (mNOK) Highlights
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Projects & Engineering 16 EBITDA drop due to seasonal effects EBITDA (mNOK)Revenue (mNOK) • Q3 activity was seasonally lower due to the vacation period • Main workload related to ODL SPS close-out, Heidrun B modification, and Mariner 5-year inspection • EBITDA margin reflects lower utilisation following completion of major SPS project Highlights
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EBITDA including and excluding restructuring costs (NOKm) Revenue (NOKm) Revenue and EBITDA historical development 17 ustment or Per ormance mprovement Pro ram restructurin an one o e penses
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18 Summary
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STRONG BACKLOG Limited impact by market fluctuations ATTRACTIVE YIELD Dividend of 60mNOK equal to a direct yield of 11% OPTIMISATION FOCUS Performance Improvement Programme efficiency gains SELECTIVE GROWTH FOCUS Maintaining ambition with disciplined execution Key takeaways Focused execution, financial discipline, and resilience through uncertainty 19
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20 Appendix
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Summary income statement 21 21 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 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )
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Balance Sheet 22 ssets (m ) Property plant an e uipment ntan i le assets e erre ta asset on current ta asset nvestments in oint ventures an associates t er non current assets ra e receiva les t er current receiva les an assets Cas an cas e uivalents uity an lia ilities (m ) Pai in capital t er e uity on current interest earin orro in s on current lease lia ilities t er non current lia ilities ia ility repayment to ell rillin t Current interest earin orro in s Current lease lia ilities ra e paya les Current income ta t er current lia ilities
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Summary statement of cash flows 23 Please refer to the Quarterly report for further details 23 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 et increase ( ecrease) in cas an cas e uivalents ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )
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Cash position 24 Financial position remains solid Net Cash Position of 459mNOK – Cash balance is reduced mainly by high capex spending – Cash flow generated from operations is 169 million (74.3 million in Q2) – An additional bond tap of 600mNOK is available Capex of 131mNOK – High capex in 2025 due to Powered Wired Drill Pipe investment for Vår Energi contract, higher activity and contract wins Working Capital increase on balance sheet of 75mNOK – Expect improvements in Q4 vaila le li ui ity evera e ratio Comments Capex (mNOK) Working Capital (mNOK) NIBD and Liquidity (mNOK) Working capital defined as current assets net of cash, and current liabilities net of current interest-bearing debt and current lease liabilities.
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Operations contract overview 25 Recent contract awards and extensions over the past year have improved revenue visibility Operations contract overview uinor o an ver rup uinor isun uinor rane ConocoP illips l is ConocoP illips o is ConocoP illips o is ConocoP illips inus Ri mt Repsol me P Clair Ri e P Clair P ase P n re uinor ariner a a ort Cormorant a a ar in a a rae lp a a a ast rae erica ruce – The number of rigs in active drilling mode in Q3-2025 was 8 – The number of rigs in maintenance mode Q3-2025 was 5 – 3 rigs not active in Q3-2025 – Operational activity mix expected to remain stable, with shorter maintenance periods for certain rigs Comments
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For further information, please contact 26 Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com