Company Disclosures

ODL – additional well added to Deepsea Stavanger Equinor Contract

Published 27.09.2021

Equinor has exercised one (1) additional well to be added to the Deepsea
Stavanger contract. The well has been exercised under the Continued Optionality
mechanism in the contract entered into between the parties in May 2020, as part
of the overall Master Frame Agreement. The additional well shall follow the
current firm period of three (3) wells which commences during Q1 2022. The rig
is now expected to be occupied into Q3 2022.

The commercial value for the additional well is approximately USD 20M. The
Deepsea Stavanger’s contract includes a notable performance incentive rate which
shall apply when wells are delivered safely and ahead of target. Integrated
services are provided through the contract and compensated separately.

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