Company Disclosures

ODL – Equinor exercises more work for Deepsea Atlantic

Published 20.12.2019

Equinor has today exercised three new wells for Deepsea Atlantic. Furthermore,
two additional wells are pending final approval by Equinor and its licensees.

The wells have been exercised under the Continued Optionality mechanism in the
Contract entered into between the parties in May 2018, as part of the overall
Master Frame Agreement. The work shall commence after the completion of the
current scope estimated to be in Q2 2020.

The approximate contract value for the firm scope is USD 45 million (excluding
any integrated services). In addition, a performance bonus will be applicable.

Simen Lieungh, CEO Odfjell Drilling AS, says: “The Continued Optionality
mechanism in the contract serves to provide a framework for the parties to
continue a long term working relationship, and we believe that the extension is
evidence of the importance of Deepsea Atlantic in Equinor’s drilling plans. We
will continue to do our utmost to deliver safe and efficient operations to the
benefit of both parties.”

For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173

Aberdeen, United Kingdom
20 December 2019
Odfjell Drilling Ltd.

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