Odfjell Drilling (ODL) Company Presentation summary

Financial highlights

• Market capitalisation stands at USD 2.0bn, with a pro forma Q3 2025 EBITDA run-rate of USD 576m and a net leverage ratio of 1.7x.

• Pro forma firm backlog is USD 2.3bn as of Q3 2025, with available liquidity of USD 244m and an equity ratio of 54%.

• Acquisition of Deepsea Bollsta expected to add USD ~100m in annual EBITDA and USD ~355m in firm backlog.

• Acquisition fully debt-financed, lowering bond coupon from 9.25% to 7.25% and securing no debt maturities until 2031.

• Balance sheet remains robust with pro forma net debt of USD 996m and leverage ratio of 1.7x.

Strategic developments and acquisitions

• Acquired Deepsea Bollsta, a modern harsh environment rig, for USD 480m, significantly below replacement cost.

• Deepsea Bollsta is contracted with Equinor, providing a 2.1-year firm period and five one-year options.

• Acquisition increases scale and strengthens position in the high-end harsh environment market.

• Low operational and integration risk as the rig has been under management since February 2022.

Capital structure and refinancing

• Acquisition fully debt-financed while maintaining prudent leverage and visibility on deleveraging.

• Optimized capital structure with improved cost and amortisation profile; average annual amortisation of USD 94m over five years.

• No debt maturities until 2031, with credit ratings unchanged at B1/B+ (company) and B1/BB (bond).