Odfjell Drilling Ltd. Reports for the Fourth Quarter of 2024 and Preliminary Results for the Financial Year Ended 31 December 2024

13 Feb 2025 07:00 CET

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

“We are very pleased by the performance of our business in 2024. Thanks to the
hard work and dedication of our staff, Odfjell Drilling has remained at the
forefront of our industry, entering 2025 in one of the strongest positions in
our history. Our latest results reflect this success, with record revenue,
EBITDA growth, solid operations, and a further strengthened balance sheet.

“We are also delighted to share that we are more than doubling our dividend
payments with a first increase to USD 12.5 cents per share. This substantial
increase highlights our strong financial performance and confidence in future
cash flow. With the SPS program nearing completion, and our rigs continuing
going onto higher day rates and adding more backlog, we are in a strong
financial position to return more capital to our shareholders in quarters and
years to come."

Q4 Highlights:

Higher Day Rates Beginning to Positively Impact Financial Results

· Q4 Revenue of USD 204 million
· Q4 EBITDA of USD 93 million
· 96% Financial Utilisation


Dividend More Than Doubled

· Dividend increased to 12.5 cents per share from 6 cents per share
· Total Q4 dividend of USD 30 million
· Well-positioned to further increase shareholder distributions going forward


More Backlog Secured, Own Fleet Sold Out Until 2027

· Extension of existing contract on Deepsea Atlantic by nearly twelve months
· Total order backlog of USD 1.9 billion of firm contracts

o USD 0.1 billion from priced options


Reduced Instalments Agreed

· Quarterly instalments on the Deepsea Nordkapp term loan facility reduced
between Q1 2025 and Q4 2026

· Deferred instalments totaling USD 34.2 million will instead be due at maturity
of the facility in Q1 2029


Balance Sheet and Liquidity Remains Strong

· Leverage ratio of 1.6x
· Equity Ratio of 63%
· Available Liquidity of USD 217 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 2:00pm 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_Q4_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 Q4 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 13 February 2025 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

638493_ODL Q4 Report for 2024 and Results for Financial YE 2024.pdf
638493_Odfjell Drilling Q4 Results Presentation.pdf
638493_Odfjell Drilling Q4 Results Press Release.pdf