Odfjell Drilling Ltd. Reports for the Second Quarter and First Half of 2025

19 Aug 2025 07:02 CEST

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“In the last six months, Odfjell Drilling has been focused on delivery.

“In addition to strong operational performance, we completed our final two SPS
and upgrade projects on time and on budget, paid substantial dividends to
shareholders and further deleveraged our balance sheet, whilst maintaining our
position as the premier harsh environment driller.

“With our fleet upgraded and secured with significant backlog, shareholders can
expect reduced capex commitments, increasing revenue generation, and further
distributions. This has already begun, with Q2 2025 setting new records for
Revenue, EBITDA, Net Profit and Dividends."

Q2 Highlights:
New financial records set due to increased day rates and strong utilisation
• Q2 Revenue of USD 219 million
• Q2 EBITDA of USD 108 million
• Q2 Net Profit of USD 42 million
• 92% Financial Utilisation, reflecting downtime due to SPS on Deepsea Aberdeen

Returning to shareholders
• Dividend increased to 18 cents per share from 16 cents per share
• Total Q2 dividend of USD 43.2 million
• Well placed to continue to increase shareholder distributions with fleet
moving to continually higher day rates

All SPS programs now completed
• Both Deepsea Aberdeen and Deepsea Stavanger SPS completed on budget and on
time
• Next SPS is the Deepsea Nordkapp in late 2028.

Credit Rating Increased to B1 by Moody’s
• Moody’s increased its credit rating for the Company to B1, reflecting the
Company’s earnings visibility, declining capital spending and debt amortisation

Balance Sheet Strengthened
• Leverage ratio of 1.3x
• Equity Ratio of 64%
• Available Liquidity of USD 217 million

Chief Executive Officer Odfjell Drilling AS, Kjetil Gjersdal, Chief Financial
Officer Odfjell Drilling AS, Ørjan Lunde 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/ODFDR_Q2

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 Q2 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
19 August 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

653179_ODL_Report_for_the_2nd_quarter_of_2025_202508182135.pdf
653179_Odfjell Drilling Ltd. Reports for the Second Quarter and First Half of 2025.pdf
653179_Odfjell Drilling Q2 Presentation.pdf