Company Disclosures

Signed management agreement for West Hercules

Published 12.05.2022

Odfjell Drilling is pleased to inform that we have agreed with SFL Corporation
Ltd (“SFL”) to provide marketing and management services for the harsh
environment semisubmersible drilling rig West Hercules. The agreement is based
on terms and conditions customary for this type of agreements.

Odfjell Drilling is privileged to once again be chosen for our strong
operational track record and marketing excellence in securing work. We further
view the cooperation with SFL as strategically important.

The rig is currently employed on a contract with an oil major in Canada until
the fourth quarter of 2022, thereafter the rig will return to Norway to
complete a five yearly special periodic survey (“SPS”). Odfjell Drilling will
take over as manager of the West Hercules as soon as the rig returns from
Canada. In order to secure work for the West Hercules once the SPS is completed,
Odfjell Drilling have already started operational preparations and marketing of
the rig

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