Company Disclosures

ODL – New well for Deepsea Atlantic

Published 18.01.2021

Reference is made to the press release of 18 December 2020 whereby Equinor
exercised 2 new wells under the Master Frame Agreement.

Please be advised that Equinor has now exercised one additional well for Deepsea
Atlantic. The well has 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 2021. The commercial terms are
materially the same as for the recently announced Johan Sverdrup Phase 2
contract award.

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

Aberdeen, United Kingdom
18 January 2021
Odfjell Drilling Ltd.

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