ODRG01 - Extension of Deepsea Aberdeen contract

22 May 2024 08:53 CEST

Odfjell Rig III Ltd is pleased to note that Equinor has exercised an option for
a batch of eight wells to extend the use of the Deepsea Aberdeen on the
Norwegian Continental Shelf.

The exercised options are planned to start in Q4 2025 in direct continuation of
the current firm period and extend the firm backlog on the Deepsea Aberdeen to
Q3 2026. The options have a value of approximately USD 121 million, excluding
integrated services, annual cost escalations, performance and fuel incentives.

The contract maintains further optional periods which, if exercised, could keep
the Deepsea Aberdeen contracted to 2029. Such optional periods consist of three
optional periods of eight wells each, or approximately three times one-year.
The rates for all such optional periods are to be mutually agreed prior to
exercising.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:

“We are pleased to see the exercise of further options for the use of the
Deepsea Aberdeen, which has been on a continuous contract with Equinor since
2022. With this additional backlog now agreed we have further significant,
predictable and increasing revenue generation ahead of us and all of our owned
fleet now has secured firm backlog until at least mid-2026.”


Ends

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
22 May 2024
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo
Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

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