Company Disclosures

Odfjell Drilling Ltd. reports for the fourth quarter of 2022

Published 16.02.2023

Odfjell Drilling Ltd. is pleased to report its financial and operational results
for the three months period ended 31st December 2022.

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


o Strong financial performance during the period
– Operating Revenue of USD 167m
– EBITDA of USD 80m
– EBIT of USD 36m
– Net profit of USD 29m
– Backlog of USD 1.9bn

o New contracts and option agreements with existing clients as well as new major
– New contract agreed with ExxonMobil for the Hercules to drill offshore Canada
– New multi-country contract with TotalEnergies for the Deepsea Mira to drill
offshore West Africa
– Options exercised with Equinor Energy AS for the Deepsea Atlantic to drill
five additional wells on Johan Sverdrup Phase 2 development
– Two contract extensions agreed with Neptune Energy Norge for the Deepsea
Yantai for projects offshore Norway

o Continued high financial utilisation of 97.9% across own fleet, with expanded
external fleet preparing for activity

o Repurchase of preference shares from Akastor ASA for approximately USD 95m

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“In the final quarter of 2022, we continued to build on the strong progress we
made during the year, resulting in a strong financial return during the period.

“2022 was a highly impactful and exciting year for our Company and saw it
significantly change its structure and model following the spin out of Odfjell
Technology. In addition, we increased the size of our fleet to 8, built on our
order backlog and continued our focus on financial discipline.

“As we continue into 2023 we enter it as a Company focused on innovation, strong
financial stewardship and achieving the highest levels of operational
performance and, as a result of the foundations built in 2022, we can look
forward to the future with significant optimism in continually strengthening
market conditions.”

Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak
and Chief Technology Officer Håkon Klepsvik of Odfjell Drilling AS will be
hosting a webcast to present the results as well as providing an outlook for the
Company at 2pm CET.

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

Webcast link:

Conference call:
Dial in number(s)
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide or International: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q4 when prompted by the operator

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

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

View disclosure and attachments on Newsweb