Company Disclosures

Odfjell Drilling Ltd. reports for the first quarter of 2023

Published 05.05.2023

Odfjell Drilling Ltd. is pleased to report its financial and operational results
for the three months period ended 31st March 2023.

For the full results, please see the attached report and presentation.

Fully deployed own fleet, achieving 97.9% financial utilisation with increasing
external fleet activity
o The Deepsea Aberdeen, Deepsea Atlantic and Deepsea Stavanger remained on
contract with Equinor during the period, drilling on Breidablikk, Johan Sverdrup
Phase 2 and various exploration projects respectively
o The Deepsea Nordkapp was on contract with Aker BP, drilling on the Alvheim
area development
o The Deepsea Bollsta was on contract throughout the period with Shell in
o The Deepsea Yantai was largely on contract with OMV in February and March,
following a brief idle period in January
o The Deepsea Mira was quay side for much of the period, however was mobilised
for operations with Total for its multi country contract in West Africa
o Renewed Semi Alliance agreement for further 5 years, ensuring a close
relationship with members of the Alliance, Aker BP ASA and Haliburton AS

Expanded backlog to $2.3bn, following contract wins at strong rates ; solidifying
forward cash generation
o Signed two Letters of Intent for the Deepsea Atlantic, for operations in the
North Sea at strong dayrates
o Combined, the two LOI’s cover a period of 23 months for a total contract value
of $290m, excluding integrated services, upgrades / modifications or
mobilisation fees
o The two LOI’s include provisions for performance bonuses and fuel incentives
not included in the total contract value
o In addition to the firm period, there are four higher priced one well options
and three additional optional periods of approximately one-year each with the
rates for each period to be mutually agreed prior to exercising
o Added further activity for the Deepsea Yantai with PGNiG Upstream Norway AS ;
extending the firm backlog for the Deepsea Yantai to Q3 2024
o Added firm scope with Equinor for use of the Deepsea Aberdeen on the Svalin
field as well as more firm wells for the Deepsea Stavanger under its existing
option agreement

Continued financial discipline and cost control
o Strong revenue generation during the period of $171m as a result of increased
activity of our external fleet and continued high utilisation
o Leverage ratio and equity ratio of 2.4x and 55% respectively, reflecting the
Company’s continued focus on capital discipline
o Material progress on the Company’s planned refinancing
o Strong cash position of $138m, despite payment of $31m to Odfjell Technology
in regards to the previously announced tax ruling from the Norwegian Tax

New appointments to the board and executive management team
o Appointed Knut Hatleskog as a Non-Executive Director of the Company, expanding
the Company’s board to four
o Appointed Jakob Korsgaard as Chief Operating Officer of Odfjell Drilling AS

Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak
and Investor Relations Officer James Crothers will be hosting a webcast and Q&A
session at 2pm CEST to discuss the results.

Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.

Webcast details:
Conference call:
Dial in number(s)
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q1 Results when prompted by the

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7393 766 446
London, United Kingdom
5 May 2023
Odfjell Drilling Ltd

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