Company Disclosures

ODL – additional work added to Deepsea Stavanger

Published 30.09.2022

Equinor has exercised a further well for the Deepsea Stavanger under the
continued optionality mechanism provided for in the contract entered into by the
parties in May 2021. Following the exercising of this well, which has an
estimated duration of 120 days, the Deepsea Stavanger’s firm backlog now extends
into Q4 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

For further information, please contact:
Gillian Basson, Corporate Secretary
Mobile: +44 7796 547 889

Aberdeen, United Kingdom
30 September 2022
Odfjell Drilling Ltd.

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