Odfjell Drilling Ltd. Reports for the Third Quarter of 2024

06 Nov 2024 07:03 CET

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“The third quarter of 2024 marked a significant milestone for Odfjell Drilling.
Our team successfully completed the most challenging Special Periodic Survey
(“SPS”) and upgrade project in the Company’s history on the Deepsea Atlantic,
bringing the rig back into operation on time and within budget. With the Deepsea
Atlantic now back in operations at a higher day rate, we expect this to
positively impact our future results.

“Achieving a stable EBITDA of USD 83 million during a quarter that included a
complex upgrade project demonstrates the strong performance across our fleet.
This also points to the higher earnings we anticipate as additional rigs
transition to higher day rates late 2024 and in 2025.

“With firm contracts in place for our owned rigs through at least mid-2026, we
are well-positioned to continue delivering robust returns to our stakeholders.
Supported by our solid contract backlog and reliable operations, we remain
confident in the long-term prospects of our business. Reflecting this optimism,
we have declared a dividend for the third quarter and have the intention to
increase the quarterly dividend in connection with the Q4 2024 results.”

Q3 Highlights:
Strong Results Despite SPS Downtime
• Q3 EBITDA of USD 83 million
• Q3 Revenue of USD 186 million
• 97% Financial Utilisation

Deepsea Atlantic SPS Completed, Moving onto Higher Rates
• Deepsea Atlantic SPS completed in early Q3, ahead of schedule and on budget
• Unit now moves onto higher day rate contract

Future Revenue Strong Secured with Backlog until mid-2026
• Order Backlog of USD 2 billion
o USD 1.9 billion from firm contracts
 USD 0.1 billion from priced options

Q3 Dividend of USD 14.4 million, Intention Remains to Increase dividend from Q4
Results
• Q3 Quarterly Dividend of USD 0.06 per share declared
• Intention to increase quarterly dividend from Q4 2024 results

Despite SPS capex, Balance Sheet and Liquidity Remains Strong
• Leverage ratio of 1.78x
• Equity Ratio of 63%
• Available Liquidity of USD 227 million


Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak
and Investor Relations Officer James Crothers will be hosting a webcast and Q&A
session at 1:30pm CET to discuss the results.
Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.

Webcast details:
https://brrmedia.news/OD3_Q3_24

Conference call:
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q3 Results when prompted by the
operator.
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
6 November 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.

More information:
Access the news on Oslo Bors NewsWeb site

631332_Odfjell Drilling Q3 Presentation.pdf
631332_ODL_Report_for_the_3rd_quarter_of_2024_202411052206.pdf
631332_Q3 2024 Results Press Release.pdf