ODL – Acquisition of Deepsea Bollsta

17 Nov 2025 07:01 CET

Odfjell Drilling Ltd. (“Odfjell Drilling” or the “Company”, OSE: ODL) is pleased
to announce that it has signed an agreement for the acquisition of the harsh
environment semi-submersible drilling rig Deepsea Bollsta from Northern Ocean
Ltd., for a total consideration of USD 480 million.

Deepsea Bollsta has been managed by Odfjell Drilling since Q1 2022 and is
currently on firm contract with Equinor ASA until Q1 2028, in addition to having
5 x 1-year options. The acquisition is estimated to add USD 355 million in firm
backlog.

Odfjell Drilling has received binding commitments from its relationship banks to
fully finance the acquisition. However, the Company will also explore other
credit financing sources to optimise its long-term capital structure.
The acquisition will follow standard closing procedures and has conditions
customary for this type of transaction.

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

“Having managed and operated the Deepsea Bollsta for over three years, we have
seen first-hand the potential of this rig and her crew. Having drilled
successfully in both Namibia and Norway in recent years, Deepsea Bollsta has
impressed us and its clients through good, predictable operations and efficiency
and is recognised as one of the most capable units in the harsh environment
sector.

“This fully financed all-cash transaction adds scale, strong backlog coverage
and increased free cash flow visibility to our business and meets our strategy
of being accretive to stakeholders from day one. This is an exciting moment for
us, and we look forward to welcoming Deepsea Bollsta to the Odfjell Drilling
owned fleet very soon.”

For further queries, please contact:

James Crothers
Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
17 November 2025 Odfjell Drilling Ltd

This information 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

659811_Odfjell Drilling - ODL – Acquisition of Deepsea Bollsta .pdf