Company Disclosures

ODL – Lundin awards letter of intent to Deepsea Stavanger

Published 25.01.2021

Lundin Energy Norway and Odfjell Drilling have signed a letter of intent for the
use of Deepsea Stavanger. The letter of intent is subject to finalization of
contract and final approvals from involved parties. The contract is set to
commence in Q3 2021 with a duration of one (1) firm well plus eight (8) optional

The firm contract scope has an estimated contract value of approximate USD 11-14
million plus incentives. The contract is set to commence in Q3 2021,
back-to-back with Deepsea Stavanger’s upcoming five well contract with Aker BP.

“We are very pleased to continue to add backlog to our fleet and this letter of
intent from Lundin Energy Norway again confirms our strong position in the harsh
environment market. We are confident that Deepsea Stavanger will meet the high
expectations set by Lundin Energy Norway and its partners” says CEO of Odfjell
Drilling AS, Simen Lieungh.

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

Aberdeen, United Kingdom
25 January 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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