ODL: Odfjell Drilling Ltd. Reports for the Second Quarter and First Half of 2026

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
"The results we have achieved this quarter emphasise the resilience and
capability of our organisation. Despite one of our owned units not operating for
much of the quarter, we have still been able to de-lever our balance sheet
whilst continuing to return cash to shareholders. The way in which our
organisation has responded to the challenge presented on Deepsea Atlantic was
exceptional and, once again, as CEO, I am extremely proud of what we have
achieved in such a short time.

"As we progress now through the second half of the year, we do so with all our
units fully operational and ready to continue to build on our legacy of being
one of the leading harsh environment drillers in the world. With our owned fleet
fully booked now until at least the end of 2027, we are very excited about the
cash generation ahead."


Q2 Highlights:

GOOD OPERATING QUARTER, WITH FINANCIAL IMPACTS FROM OFF-HIRE TIME AND INSURANCE
o	EBITDA of USD 162 million from Operating Revenue of USD 251 million
o	Net profit of USD 57 million
o	Insurance proceeds of USD 82 million is recognised as other income for Q2
o	After write-off of lost equipment and expenses incurred related to the
insurance claim, there is a positive EBITDA effect of USD 32 million
o	Positive EBIT effect of USD 4 million, following an impairment loss of USD 28
million relating to the damaged equipment
o	Excluding insurance proceeds and other accounting impacts related to the
insurance the claim, the EBITDA for the quarter would have been USD 129 million

DEEPSEA ATLANTIC FULLY OPERATIONAL FOLLOWING DOWNTIME
o	Unit operating and on-rate from 2 August following equipment handling incident
on 18 April 
o	106 off-hire days in total, 73 days of which were in Q2

BALANCE SHEET DELEVERAGED WHILST LIQUIDITY INCREASED
o	Leverage ratio reduced to 1.5x
o	Net debt reduced to USD 863 million
o	Available liquidity increased to USD 308 million
o	Dividend for the quarter of USD 0.25 per share, totalling USD 60 million

FIRM BACKLOG INCREASED, IN TIGHT MARKET
o	Deepsea Nordkapp contract extended, securing Deepsea Nordkapp with firm
backlog until the end of 2028 at rates which will be confirmed by the end of the
year
o	Currently all units secured with firm backlog until at least Q3 2027 

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 CEST 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_Q2_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 Q2' 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
18 August 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.
 the disclosure\
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.\