Company Disclosures

Adding significant order backlog with five-year firm contract award in Norway

Published 24.08.2022

Deepsea Stavanger has been awarded a five-year firm contract with Aker BP ASA
for drilling programs scheduled to commence early 2025.

The day rates for the contract will be market based, within a pre-agreed range.
Day rate to be set by two brokers nine months prior to each calendar year.
The base contract value is in the range of USD 620 million to USD 730 million,
where the ceiling of the day rate range shall be adjusted based on an inflation
adjustment formula starting from June 2023.
In addition to the market based day rates, Aker BP shall pay performance and
fuel savings incentive bonuses.
The contract award is subject to license partner approval and Norwegian
governmental approvals of Plan for Development and Operation (PDO) of planned
Kjetil Gjersdal, CEO of Odfjell Drilling says: “This long term contract confirms
our strong relationship with Aker BP. I am confident that Deepsea Stavanger is
the right rig to deliver on the high environmental and operational ambitions on
the major field development projects Aker BP is planning to execute.”

For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889

Aberdeen, United Kingdom
24 August 2022
Odfjell Drilling Ltd.

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