Odfjell Drilling Ltd. Reports for the First Quarter of 2026

12 May 2026 07:03 CEST

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

“Odfjell Drilling continued to prove the value of its strategy during Q1 2026,
with strong financial results mainly driven by operational performance. Revenue
and EBITDA have increased and we have also elected to increase our quarterly
dividend, whilst continuing to deleverage.

“These are fantastic results but, as we look ahead, our focus remains on
operations and more recently, to bringing Deepsea Atlantic back on hire safely
and in compliance with regulatory requirements. Investigations as to the cause
of the incident are ongoing but, together with our equipment manufacturers, we
will be sure to implement measures and learnings that are developed as a
result."

Q1 Highlights:

INCREASED REVENUE AND EBITDA, DRIVEN BY OPERATIONAL PERFORMANCE
• Revenue of USD 284 million and EBITDA of USD 154 million
• Net Profit of USD 73 million
• Financial utilisation of 96%

FURTHER INCREASE IN DIVIDEND, WHILST DELEVERAGING
• Dividend increased to 25 cents per share from 23 cents per share
• Leverage ratio reduced to 1.6x and Equity ratio increased to 55%

USD 2.3 BILLION OF TOTAL CONTRACT COVERAGE IN TIGHT MARKET
• USD 2 billion of firm backlog coverage with USD 0.3 billion of priced options
• Market remains tight for high-spec harsh environment semi-submersibles in
Norway and increasingly internationally

Post period

EQUIPMENT HANDLING INCIDENT ON DEEPSEA ATLANTIC
• No injury to personnel or impact on environment
• The rig has been off hire since 18 April
• Current estimates suggest around a total of 3-4 months before the rig will be
ready for operations
• Insurance expected to cover recovery, replacement and/or repair of the damaged
equipment


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/odfjf_Q1_26

Conference call:
Dial in number(s) Norway Toll Free: 800 19 458
UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
Password (if prompted) Please quote ’Odfjell Drilling Q1’ 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
12 May 2026
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

673085_ODL - Q1 Results Presentation 2026.pdf
673085_ODL - Q1 2026 Results Press Release.pdf
673085_ODL Report for the First Quarter of 2026.pdf