Odfjell Drilling Ltd. is pleased to announce that Equinor has exercised options
for seven wells to extend the use of the Deepsea Aberdeen on the Breidablikk
field. 

The exercised options are planned to start in mid Q1 2025 in direct continuation
of the current firm period and extend the firm backlog on the Deepsea Aberdeen
to end of Q4 2025. The options have a value of approximately USD 138 million,
excluding integrated services, performance and fuel incentives. 

In addition to the exercised wells, the contract now includes further optional
periods which, if exercised, could keep the Deepsea Aberdeen contracted to 2029.
Such optional periods consist of six optional wells followed by three further
optional periods of eight wells each, or approximately three times one-year. The
rates for all such optional periods are to be mutually agreed prior to
exercising. 

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

"We are pleased to confirm this extension which will see the Deepsea Aberdeen
continue its work with Equinor on the Breidablikk field. We look forward to
building on the successful collaboration with Equinor which has seen the Deepsea
Aberdeen drill the initial Breidablikk wells ahead of schedule, paving the way
for early production on the field. The One Team approach with its focus on safe,
low-carbon, cost-effective wells has proven yet again to deliver impressive
results. 

"With the exercised optional wells Odfjell Drilling will see substantial cash
flow earlier than forecasted as the rig moves to a higher day rate level. The
extension mechanisms now agreed could see the Deepsea Aberdeen remain in
continuous operation with Equinor until 2029, delivering strong, predictable
cash generation from the unit."


Ends

For further queries, please contact:
James Crothers, Investor Relations Officer 
+44 (0) 7393 766 446 
jchu@odfjelldrilling.com  
London, United Kingdom
16 November 2023
Odfjell Drilling Ltd