Odfjell Drilling Ltd. is pleased to report its financial and operational results for the three months period ended30th September 2023 (the "Period"). For the full results, please see the attached report and presentation. Kjetil Gjersdal, Chief Executive Officer ofOdfjell Drilling AS commented: "During Q3,Odfjell Drilling has achieved multiple new records across the business and set new standards operationally. For the first time in our fifty year history, our Company had eight units operational during the quarter; drilling in both harsh environment and deepwater locations. Our rigs drilled on some of the most technically challenging and exciting projects which our industry is currently working on and we are pleased by the results. "Our financial utilisation was the highest it has been since Q1 2022 and our crews continued to achieve strong performance bonuses from our units; resulting in our highest quarterly revenue and EBITDA since theOdfjell Technology spin off. The cash generation achieved is testament to the hard work of all of our staff and crews and, as we continue to move onto contracts with higher dayrates, we look forward to continuing to set new records. "Our wider industry continues to perform well with significant demand, while supply remains tight. Encouragingly, we believe that demand will remain solid for the long term, allowing dayrates to continue to retain the positive momentum seen in recent months. We continue to see no realistic situation where newbuilds start entering the market. "Ultimately, as a result of the strong performance of our business, the continued strengthening of our industry and our focus on delivering shareholder returns, we are pleased to once again declare a quarterly dividend for the period ofUSD 14.2 million ." Highlights: Another quarter of record financial results o EBITDA ofUSD 87 million , a 7.4% increase on Q3 2022 o Revenue ofUSD 186 million , a 12.7% increase on Q3 2022 o Good visibility for further cash generation with order backlog ofUSD 2.1 billion Entire fleet deployed, working on some of the most demanding projects globally o Average financial utilisation across own fleet of 98.4% o All own units drilling offshoreNorway o Managed fleet fully deployed o Three units drilling throughout the period while Hercules completed one well forExxon Mobil o Units were active inNorway ,Canada andNamibia Quarterly dividend ofUSD 14.2 million , in line with shareholder distribution strategy o Combined with Q2 dividend, total distribution for 2023 so far ofUSD 28.4 million Increased liquidity o Total liquidity ofUSD 274 million , increased byUSD 25 million from prior quarter Reversal of Impairment o Identified and recognised impairment reversal ofUSD 71 million for DeepseaAtlantic andUSD 92 million for Deepsea Stavanger Chief Executive OfficerKjetil Gjersdal , Chief Financial OfficerFrode Syslak and Investor Relations OfficerJames Crothers will be hosting a webcast and Q&A session at2pm 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/ODL_Q323 Conference call:USA Local: +1 786 697 3501 Norway Local Oslo: +47 2 156 3318UK -Wide: +44 (0) 33 0551 0200 Password (if prompted) Quote Odfjell Drilling Q3 Results when prompted by the operator. For further queries, please contact:James Crothers , Investor Relations Officer +44 (0) 7393 766 446 / +44 (0) 7495 067 684 jchu@odfjelldrilling.comLondon, United Kingdom 2 November 2023 Odfjell Drilling Ltd
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