Company Disclosures

ODL – additional work added to Deepsea Stavanger Equinor Contract

Published 19.07.2022

Equinor has exercised further work for the Deepsea Stavanger under the continued
optionality mechanism provided for in the contract entered into by the parties
in May 2021. Following this addition the Deepsea Stavanger now has eight (8)
remaining wells to be drilled which are expected to occupy the rig into Q3 2023.
Equinor has the opportunity to exercise further wells under the continued
optionality mechanism.

The day rate is similar to the current contract up to 1st May 2023 from which
time there is an increase if certain CO2 targets have been achieved. A notable
performance incentive rate in addition shall apply when wells are delivered
safely and ahead of target. Integrated services are provided through the
contract and compensated separately.

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

Aberdeen, United Kingdom
19 July 2022
Odfjell Drilling Ltd.

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