Slides
Page 1
02/11/2026 • Highlights of the quarter • Market outlook • Backlog and order intake • Dividend • Financial information • Summary • Appendix 3
Page 2
Q3 2026: Earnings and cash flow Earnings held at the new level, converted to cash, dividend resumed 1 EBITDA of 241 mNOK, up 19% year on year. Kaseum & Razor contributed 34 mNOK. Margin of 17.2%, above 17% for a second quarter. 2 Operating cash flow of 200 mNOK and free cash flow of 108 mNOK. Cash up 96 mNOK in the quarter. 3 Quarterly dividend resumed: NOK 1.52 per share, 60 mNOK, paid on or about 25 November. 4 OFO tax case concluded in our favour. 149 mNOK received 6 October, on top of the 96 mNOK cash build in Q3. Revenue Q3 2026 1.4 bnNOK Free Cash Flow Q3 2026 108 mNOK Leverage ratio 1.2x Order backlog* 11.5 bnNOK All amounts in NOK. LTM = last twelve months. Free cash flow after capex and lease payments. *Including options; firm backlog 6.4 bnNOK. Cash Balance Q3 2026 621 mNOK 4 5.6 bnNOK LTM EBITDA Q3 2026 241 mNOK 885 mNOK LTM 353 mNOK LTM
Page 3
2026 Stable activity • Disciplined spend • Slower awards H2 2026 → 2027+ Improving fundamentals • Stronger P&A demand MARKET VIEW North Sea: stable activity, elevated tendering; rig count expected to increase in 2027 Middle East: regional conflict with limited effect on our operations to date Structural P&A: demand building on ageing fields and decommissioning commitments Medium-term: rising offshore project sanctioning supports improvement into 2027 GROWTH & INVESTMENT Selective international growth: Middle East and the Americas Technology-led differentiation: across Well Services, including Powered Wired Drill Pipe Kaseum & Razor: margin accretive; expanding into the US, Saudi Arabia and Malaysia Capital discipline: continued capex moderation supporting balance sheet flexibility Stable 2026; North Sea rig count expected to rise in 2027 5 Priorities: selective international growth, technology, capital discipline
Page 4
Order backlog 11.5 bnNOK, of which 6.4 bnNOK firm Lasting partnerships with major energy players provides resilience and predictability across cycles 6 ORDER INTAKE LAST 12 MONTHS HISTORIC BACKLOG VALUES AND BACKLOG BY SEGMENT ( bnNOK ) 2022 202 202 202 2026 0 2 Firm backlog ptions backlog Super ma or a or ery arge Substantial Si eable Small 00m 0m 200m 606m 6m 0 m perations ell Services Pro ects & ngineering 2 0 6 Gross contract value, last twelve months. Includes awards in backlog and shorter-duration work outside backlog.
Page 5
Operations contract overview 7 Recent contract awards and extensions over the past year have improved revenue visibility 2026 2027 202 202 20 0 20 ontract orway Equinor ohan Sverdrup Equinor isund Equinor rane onocoPhillips Eldfisk B onocoPhillips Ekofisk onocoPhillips Ekofisk onocoPhillips Linus Rig Mgmt Repsol me BP lair Ridge BP lair Phase BP Andrew Adura Mariner aqa Harding aqa Brae Alpha Serica Bruce Enquest Magnus OPERATIONS CONTRACT OVERVIEW RIG STATUS – Q3 2026 8 in active drilling mode 6 in maintenance mode 2 not active Operational activity mix expected to remain stable, with shorter maintenance periods for certain rigs ConocoPhillips Ekofisk contracts include 2 x 5-year options, not shown Fixed Options
Page 6
10 Q3 2026 DIVIDEND 60 mNOK NOK 1.52 per share ~10% annualised dividend yield SINCE FIRST DIVIDEND IN 2023 625 mNOK NOK 15.84 per share Ex-dividend 10 November Paid on or about 25 November DIVIDEND DECLARED (mNOK) and DIVIDEND PER SHARE (NOK) Kaseum & Razor: 70% acquired, completed March 2026. High-margin intervention platform, 80 mNOK EBITDA year to date. Yield: quarterly DPS x 4 over share price of 60.40 NOK at 30 September 2026. Cumulative figures cover Q1 2023 to Q3 2026, incl. the Q3 2026 dividend payable in November 2026. m m m PAUSED Invested in Kaseum & Razor Dividend resumed at NOK 1.52 per share mN for , after two quarters paused due to aseum & Razor
Page 7
Revenue stable quarter on quarter. Compared with Q3 2025, Well Services grew 29%, balancing a softer quarter in Operations and P&E. 4 REVENUE (mNOK) EBITDA (mNOK) Group financials Revenue steady, margin held above , strong cash generation CASH GENERATION (mNOK) One-off adj. are adjustments for Performance Improvement Program restructuring and one-off expenses. LTM = last twelve months. Free cash flow is cash available for acquisitions, debt repayment and shareholder distributions, after capital expenditure and lease payments. LTM cash conversion: LTM free cash flow as a percentage of LTM EBITDA. Reported EB DA ne off adj Adjusted EB DA 9 Steady activity Margin above 17% for a second quarter Well Services drove the increase from Q3 2025. . Positive Free cash flow Free cash flow of 108 mNOK, up from 31 mNOK in Q2, on higher operating cash flow and lower capex. Cash conversion rising to 40% on an LTM basis. Free cash flow quarterly L M cash conversion
Page 8
4 REVENUE (mNOK) EBITDA (mNOK) CAPEX SPEND (mNOK) Well Services Strong performance with synergies supporting improvements ahead Revenue up 29% from Q3 2025 Revenue stable from Q2. Year on year up 29%, combining strong 14% growth in the existing business with the added scale of Kaseum & Razor. Record EBITDA and margin expansion EBITDA up 6% from Q2, with margin expanding to 32.3%. Year on year, up 30%, as Kaseum & Razor adds high-margin earnings on top of 7% growth in the rest of the business. Capex down, reflecting continued discipline Capex decreased 17% from Q2 and 46% year on year, while revenue and EBITDA continued to grow. 10
Page 9
4 REVENUE (mNOK) EBITDA (mNOK) RIG COUNT Back to growth Revenue up 3% from Q2, with a stable rig base. Year on year comparison affected by a one-off settlement in Q3 2025. Margin momentum continues Second consecutive quarter of margin improvement, reaching 8.7%. Better staff utilisation and a stronger Equinor portfolio are lifting profitability. Operations Strong operational performance and improved cross utilisation of staff Active Drilling Mode Maintenance Mode Stable rig base Operating rig count up 8% year on year to 14, reflecting continued client confidence, with the portfolio stable throughout 2026. 11
Page 10
4 REVENUE (mNOK) EBITDA (mNOK) REVENUE BY ASSET TYPE Projects & Engineering Normal seasonal quarter, with margin up year on year Seasonal summer quarter Seasonally lower activity over the summer, with engineering activity below last year’s levels Margin up year on year Margin of 8.7%, up from 6.1% a year ago, supported by cost adjustments and higher utilisation of staff. Seasonally lower summer activity reduced EBITDA from Q2. 12 Production units close to half of revenue FPSO/FSU and fixed platforms at 46%, up from 42% a year ago. Less dependent on drilling rigs and the timing of special periodic surveys (SPS). ther nits Semi submersible Fixed Platforms FPS FS ack ups
Page 11
Q3 2026 cash flow 13 perating cash flow of mN and cash up mN ther apex orking capital changes Available liquidity Reported EB DA ncome tax paid Net interest paid received ash balance pening cash F translation effect on cash balance ndrawn R F OPERATING CASH FLOW +200 mNOK Up from 139 mNOK in Q2, on EBITDA and working capital release WORKING CAPITAL +38 mNOK Release vs. 55 mNOK build in Q2, on improved collections CAPEX -7 m vs. -93 mNOK in Q2 *Other comprise the other operating adjustments, lease payments and currency effect on cash and cash equivalents. Cash conversion is free cash flow as a percentage of EBITDA. Free cash flow is cash available for acquisitions, debt repayment and shareholder distributions, after capital expenditure and lease payments. LTM cash conversion: LTM free cash flow as a percentage of LTM EBITDA. Cash conversion 40% LTM vs. 25% LTM in Q2
Page 12
0 6 22 2 27 2 2 0 0 7 6 7 EBITDA INCLUDING AND EXCLUDING RESTRUCTURING COSTS (mNOK) REVENUE (mNOK) Revenue and EBITDA historical development 14 70 7 2 2 2 2 22 2 2 22 20 7 20 20 222 20 2 2 Reported EB DA Adjustments for Performance mprovement Program restructuring and one off expenses
Page 13
Performance Improvement Our improvement programme is delivering higher EBITDA, more cash and stronger free cash flow 01 EBITDA growth • Commercial improvements • Leaner cost base 02 Cash discipline • Working capital management • Capex discipline 03 Free cash flow • Stronger balance sheet • Capacity to invest and grow From EBITDA to free cash flow PIP is the engine behind our results - and how we continue to run the business
Page 14
Stable 2026, with the market set up for a stronger 2027. EBITDA up 19% year on year, converting to cash 16 Margin above for a second quarter; dividend resume 1 HIGHER EARNINGS 241m NOK EBITDA, 17.2% margin Second quarter above 17%. Kaseum & Razor and Well Services carry the higher earnings level. 2 CASH CONVERSION 200m NOK operating cash flow Free cash flow 108 mNOK, 40% of EBITDA on LTM basis. A further 149 mNOK OFO refund received after quarter end 3 SHAREHOLDER RETURNS NOK 1.52 per share, dividend resumed Resumed as communicated in August. Leverage of 1.2x and available liquidity of 1.1 bnNOK.
Page 15
17 Appendix
Page 16
Summary income statement 18 18 P&L mN perating revenue ther gains and losses Personnel expenses ther operating expenses I DA perating profit EB S are of profit loss from oint ventures and associates Net financial items Profit loss before tax Income ta e pense Net profit loss 0 2 22 2 2 202 6 2 D 6 672
Page 17
Balance Sheet 19 Assets mN Property, plant and equipment ntangible assets Deferred tax asset Non current tax asset nvestments in joint ventures and associates ther non current assets otal non current assets rade receivables ther current receivables and assets ash and cash equivalents otal current assets otal assets 2 0 2 2 60 62 2 22 6 2 Equity and liabilities mN Paid in capital ther equity otal e uity Non current interest bearing borrowings Non current lease liabilities Non current liability repayment to dfjell Drilling Ltd Liability N put options ther non current liabilities otal non current liabilities urrent interest bearing borrowings urrent lease liabilities rade payables urrent liability repay to dfjell Drilling Ltd ther current liabilities otal current liabilities otal liabilities otal e uity and liabilities 0 2 2 20 2 2 7 62 26 6 0 6
Page 18
Summary statement of cash flows 20 Please refer to the Quarterly report for further details 20 ash flow mN Profit loss before tax Adjustment for provisions and other non cash elements hanges in working capital as generated from operations Net interest paid received Net income tax paid et cas flow from operating activities Net capital expenditure property, plant and equipment Net cash outflow from business combinations and strategic acquisitions et cas flow from investing activities et cas flow from financing activities Effects of exchange rate changes on cash and cash equivalents Net increase decrease in cash and cash equivalents as and cas e uivalents at period end 272 72 62 0 2 0 2 6 02 7 0 0 6 6 D 0 7 0 7 2 20 62 0 F 77 7 2 6 7 6
Page 19
For furt er information, please contact 21 ert Haugland, S P Finance and nvestor Relations gjha@odfjelltechnology com www odfjelltechnology com