Company Disclosures

ODL – Odfjell Drilling and Aker BP renew Semi Alliance for further 5 years

Published 12.01.2023

Odfjell Drilling Ltd (“Odfjell Drilling”) is pleased to announce that it has
extended its Alliance Agreement (the “Alliance”) with Aker BP ASA (“Aker BP”)
and Halliburton AS (“Halliburton”) for a further 5 years.

The Alliance with its “one for all, all for one” collaboration model, has the
objective of executing drilling and well projects with close cooperation between
the members of the Alliance ; ensuring greater value for all parties through
common incentivised goals. The Alliance will result in the development and use
of new technologies to automate and digitalise drilling operations, supporting
the Alliance’s combined goals of improving safety, increasing efficiency and
reducing the carbon footprint of the wells drilled.

Odfjell Drilling has two semi-submersibles contracted to Aker BP ; the Deepsea
Nordkapp, which is currently operating with Aker BP, and the Deepsea Stavanger,
which is due to commence operations with Aker BP in early 2025. It is expected
that both units will operate under the renewed Alliance model subject to
approval from the respective licenses.

Kjetil Gjersdal, CEO Odfjell Drilling AS, commented:

“We are pleased to extend this Alliance with Aker BP and Halliburton, whom we
have been working closely with for many years. The extension of the Alliance is
recognition of the value of our three companies working together and also of
Odfjell Drilling’s capabilities to deliver safe and efficient wells with a
strategy focused on innovation and collaboration.”

“The Alliance will provide an important foundation enabling implementation of
new technology and execution methods to reduce delivery costs of offshore wells
and the carbon footprint of our operations. These are key elements to remain
competitive in the energy transition and as part of the Alliance we will take
these important steps together with Aker BP and Halliburton.”

For further queries, please contact:

James Crothers, Investor Relations Officer
+44(0)7393 766 446

London, United Kingdom
12 January 2023
Odfjell Drilling Ltd

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