Company Disclosures

ODL – Deepsea Nordkapp to drill Kobra East Gekko (KEG) development wells

Published 15.02.2022

Further to the notice issued on 22 March 2021, Aker BP has today exercised a
scope based option for Deepsea Nordkapp under the Contract entered into between
the parties in April 2018.

The option covers the time necessary to complete four (4) Kobra East Gekko (KEG)
development wells. Operations on the KEG development wells are expected to
commence in January 2023 with a combined duration of approximately 430 days.
With the current term based contract ending in June 2023 the newly exercised KEG
development scope represents approximately 8.5 months of additional backlog for
the Deepsea Nordkapp occupying the unit into Q1 2024.

The approximate contract value for the exercised optional scope is USD 80
million (excluding any integrated services). In addition, a performance bonus
will be applicable.

An additional option period has been agreed which, if exercised shall follow
completion of the KEG development wells.

Simen Lieungh, CEO Odfjell Drilling AS, says: “We are pleased to see Aker BP’s
continued commitment to our co-operation and the Deepsea Nordkapp. We look
forward to continuing this successful co-operation and our joint effort in
delivering best in class wells at the lowest cost whilst minimizing
environmental impact.”

For further queries, please contact:

Gillian Basson, Corporate Secretary
+44 (0)7796 547889

Aberdeen, United Kingdom
15 February 2022
Odfjell Drilling Ltd

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