Company Disclosures

Odfjell Drilling Ltd. Reports for the Fourth Quarter of 2023 and Full Year 2023

Published 15.02.2024

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“In the fourth quarter of 2023, Odfjell Drilling continued to build on the
momentum generated during the rest of the year by delivering a strong financial
performance, whilst also securing new contracts which will see all of our owned
fleet busy with firm backlog until at least 2026.

“As we enter 2024, it is my belief that Odfjell Drilling is in an extremely
enviable position. Increasing cash generation is secured, our performance
capabilities have remained at the forefront of our industry and our balance
sheet gives us additional flexibility to grow our business.

“All this has positioned our Company in the healthiest position it has ever
been, with our Company well placed to enact its strategy for stakeholder value

Q4 Highlights:
Strong financial performance, despite unplanned downtime
o Q4 EBITDA of USD 83 million
o 2023 EBITDA of USD 328 million a 6.5% increase on 2022
o Q4 Revenue of USD 192 million
o 2023 Revenue of 732 million a 12.8% increase on 2022

USD 2bn of Firm Backlog Secured
o Order Backlog of USD 2.1 billion
o USD 2 billion from firm contracts
USD 0.1 billion from priced options
o Additional unpriced optional periods agreed with Aker BP and Equinor

High Value Firm Contracts Secured
o New agreements and contract secured with market leading day rates
o Deepsea Aberdeen secured contracts with Equinor for 10 months for a total
contract value of USD 138 million
o Deepsea Nordkapp contract with Aker BP amended and extended. Additional year
agreed with a total contract value of USD 179 million
o All contracts exclude fuel-incentives, add-on sales, mobilisation fees and

Successfully completed SPS
o Deepsea Nordkapp SPS Completed entirely at sea with no downtime

Shareholder Distributions
o Q4 Quarterly Dividend of USD 14.2 million declared
o Three dividends declared during 2023 post refinancing, resulting in USD 42.6
million cumulatively being returned to shareholders

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 CET 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:
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 Q4 Results when prompted by the

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
London, United Kingdom
15 February 2024
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo
Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

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