Odfjell Technology will act as strategic partner to Reelwell AS, which has
secured a contract with Vår Energi ASA for the provision of its DualLink powered
digital drill pipe technology. This is a milestone contract for Reelwell and
Odfjell Technology, which will see the DualLink deployed offshore on the
Norwegian Continental Shelf (NCS) for the first time. 

The initial contract covers operations on the COSLPioneer rig for one year, with
the option of four additional one-year extensions. The contract also includes an
option to expand the scope to include all Vår Energi installations across the
North Sea, depending on future operational requirements. 

The new collaboration between Reelwell and Odfjell Technology aims to advance
drilling efficiency and technology to meet the industry's evolving needs. This
is the first contract since the announcement of the strategic partnership in
2024. 

Under the agreement, Reelwell will be responsible for the overall delivery of
the contract, including the provision of its DualLink technology. This
innovative system integrates real-time telemetry with wellbore power, delivering
enhanced operational control and ensuring uninterrupted power to downhole tools
as well as improving data transmission throughout the drilling process. Reelwell
will also oversee the collection and analysis of critical drilling data,
allowing for continuous optimisation of wellbore operations on the rig. 

Odfjell Technology will be responsible for all the necessary drill pipe
components and accessories for the project. In addition, they will oversee the
maintenance requirements, in support of Reelwell's services and the COSLPioneer
rig. The logistics handling and on-site support for the rig will also be
facilitated by Odfjell Technology.

The strategic collaboration agreement between Odfjell Technology and Reelwell
secures up to ten years of exclusivity for the delivery of this service in the
North Sea market. 

Svein Strømberg, CEO, Reelwell said: 'The contract with Vår Energi will see the
DualLink system deployed offshore on the NCS for the first time. With its unique
ability to provide both real-time data and reliable downhole power, DualLink has
the potential to revolutionise not only drilling but the entire wells process.
From drilling and completions to interventions and beyond, our technology
empowers operators to enhance efficiency, precision, and control. We are
delighted to embark on this journey with Vår Energi and our valued strategic
partner Odfjell Technology".

Elisabeth Haram, EVP Well Services at Odfjell Technology, comments:
"We are looking forward to collaborating with Reelwell and Vår Energi in this
technological step change, unlocking a large potential for future drilling and
completion operations with the DualLink technology. The use of innovative
powered wired drill pipe technology and real-time data collection will support
Vår Energi's sustainability objectives, reducing both carbon emissions and
improving operational efficiency."

About Odfjell Technology
Odfjell Technology combines 50 years of industry experience with the technology
of tomorrow to develop solutions for the changing energy market. As an
integrated supplier of offshore operations, well services technology and
projects & engineering solutions, they deliver safe, efficient, and sustainable
operations, reducing time, cost, and carbon emissions.

About Reelwell
Reelwell is an innovative technology company focused on well construction and
well intervention solutions. Its flagship product, the DualLink digital pipe
system, integrates real-time telemetry and wellbore power to deliver
unparalleled operational control. Reelwell's technologies are designed to
enhance safety, efficiency, reduce climate footprint and enhance
cost-effectiveness in the oil and gas industry.

About Vår Energi
Vår Energi is a leading independent upstream oil and gas company built on more
than 50 years of operations on the Norwegian Continental Shelf (NCS) with a
robust and diversified asset portfolio, and a strong exploration track record.

For further information, please contact:

Gillian Basson
Corporate Secretary
+44 (0) 7796 547 889
gbas@odfjelltechnology.com
Aberdeen, United Kingdom

or

Gert Haugland
SVP Finance & Investor Relations
+47 92661638
gjha@odfjelltechnology.com

29 January 2025
Odfjell Technology Ltd