Company Disclosures

Odfjell Drilling enters letter of intent for Breidablikk development with Deepsea Aberdeen

Published 05.10.2020

Equinor has today awarded a letter of intent to Odfjell Drilling for the
drilling and completion of the Breidablikk project with Deepsea Aberdeen. The
letter of intent is subject to finalization of contract.

The contract is set to commence during spring 2022 with a scope of fifteen (15)
firm wells and an estimated duration of 2.5 years. In addition, there are nine
(9) optional wells. The approximate contract value for the firm scope is USD 290
million (excluding any integrated services, modifications/upgrades and
mobilisation/demobilisation fees). In addition, a notable performance incentive
rate will apply when wells are delivered ahead of target. The rate for the
optional wells will be mutually agreed based on performance and market

Simen Lieungh, CEO Odfjell Drilling AS, says: “We are delighted to secure
another long term development project with Equinor and build upon our successful
relationship by adding the Deepsea Aberdeen to the Equinor fleet. The
Breidablikk development presents a specific set of technical challenges which
shall require innovative and creative technologies to overcome. This award is
further recognition of Odfjell Drilling’s continuous drive to meet our clients’
requirements and deliver the most efficient wells in the industry. With the
development of cutting edge drilling solutions tailored for the Breidablikk
development we are confident that together with Equinor and the wider One Team,
the Breidablikk development will be a success. ”

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

Aberdeen, United Kingdom
5 October 2020
Odfjell Drilling Ltd.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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