Company Disclosures

ODL – More work to Deepsea Yantai

Published 22.11.2021

Odfjell Drilling and CIMC Raffles are pleased to announce that Neptune Energy
Norge has extended the contract for the Deepsea Yantai with an additional 3
wells securing that the rig is fully occupied to mid Q2 2022.

The extension is made so that the rig can drill one more well at the Fenja field
and to drill two more exploration wells in areas where Neptune Energy holds
interest. Neptune has, in addition, the option to exercise further wells under
the current contract.

Neptune Energy and Odfjell Drilling is also pleased to announce that we have
entered into a long-term frame agreement for potential future rig needs. The
frame agreement was signed during a rig visit to Deepsea Yantai by Neptune
Energy Norge Managing Director Odin Estensen and Odfjell Drilling AS CEO Simen

“This is an important contract for us which ensures our position as the
preferred supplier to Neptune Energy and further allows us to closely cooperate
with regards to efficiency, solutions and projects. Deepsea Yantai has become a
very solid rig in our portfolio and we aim to deliver in line with, and
hopefully exceed, Neptune’s expectations going forward.” says CEO of Odfjell
Drilling AS, Simen Lieungh.

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

Aberdeen, United Kingdom
22 November 2021
Odfjell Drilling Ltd.

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