Company Disclosures

ODL – Deepsea Stavanger awarded Equinor contract

Published 26.05.2021

Equinor has today awarded a drilling contract to Odfjell Drilling for the use of
the sixth generation semi-submersible Deepsea Stavanger. The contract has a firm
period of three (3) wells with an expected duration of four (4) months and an
expected commencement date during Q1 2022.

The dayrate shall be similar to that agreed for sister rig Deepsea Aberdeen
under its Breidablikk contract which is also set to commence during the first
half of 2022. The Deepsea Stavanger’s contract includes a notable performance
incentive rate which shall apply when wells are delivered safely and ahead of

The Deepsea Stavanger now joins sister units Deepsea Atlantic and Deepsea
Aberdeen as being contracted under the Master Frame Agreement which Odfjell
Drilling entered into with Equinor in May 2018. That contractual framework
includes continued optionality mechanisms for the units which can keep the units
working on a longer term horizon.
Simen Lieungh, CEO Odfjell Drilling AS, says:

“We are pleased to add Deepsea Stavanger to the Equinor fleet and see
significant benefits in having three units operating with one of our core
clients in the North Sea. Equinor and Odfjell Drilling have a shared target to
build a mutually beneficial long term cooperation which focuses on safety,
carbon reduction and cost efficiency. Working under the Master Frame Agreement
structure we foresee further wells being allocated to our units in the years to

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

Aberdeen, United Kingdom
26 May 2021
Odfjell Drilling Ltd.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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