PARETO OIL & OFFSHORE CONFERENCE

Simen LieunghPresident & CEO

2 September 2015

2,67

3,4 3,3

2,1

1,4

0,61,1

0,3

2008 2009 2010 2011 2012 2013 2014 2015*

HSE – never compromise

7,71

9 8,9

5,9

3,8

2,5

3,7

2,1

2008 2009 2010 2011 2012 2013 2014 2015*

H1 frequency – Lost time incident

H2 frequency – Total recordable incident

10,08

9

4,35,6

6,5

8,6

5,4

3,3

2008 2009 2010 2011 2012 2013 2014 2015*

2008 2009 2010 2011 2012 2013 2014 2015*

Dropped objects frequency

2

(as per 1 million working hours)

* Per 30 June 2015

(as per 1 million working hours)

(as per 1 million working hours)

An integrated partner for harsh environment and ultra-deepwater operations

3

92 91

163 165

270

393

331

382

88

Q2 15 Q2 14 YTD 15 YTD 14 FY 14 FY 13 FY 12 FY 11 FY 10

286 272

526 545

1 088

1 1741 094

1 057

782

Q2 15 Q2 14 YTD 15 YTD 14 FY 14 FY 13 FY 12 FY 11 FY 10

Group – Financial highlights

Page 4

YTD per Q2 2015:

• Operating revenue of USD 526 million

• *EBITDA of USD 163 million

• *EBITDA-margin of 31%

• *Net profit of USD 42 million

At 30 June 2015:

• Gross interest bearing debt of USD 1.72 billion

• Cash and cash equivalents of USD 212 million

• USD 900 million in book equity and equity-ratio of 32%

• Earnings visibility through USD 2.2 billion of firm order backlog plus 2.0 billion in priced options

*Group Operating Revenues (USDm)

* Adjusted for USD 245 million impairment write-downs in Deep Sea Metro and a USD 3.4million loss on trade receivables made in Q2 2015

*Group EBITDA (USDm)

Highlights & material events YTD 2015

Page 5

• Deepsea Aberdeen commenced on its 7-year contract in April 2015.

• Deepsea Atlantic secured a contract with Statoil in the Johan Sverdrup field for a period of three years plus 6x6 months options.

• Deepsea Metro I commenced drilling operations under its Vietnam contract in August

• Deepsea Metro II - sales process initiated

• Platform Drilling secured a contract with Statoil for the platform drilling services on the Johan Sverdrup platform, including assistance during the engineering, construction and commissioning phase of the Johan Sverdrup field development project. The firm contact period is 4 years plus 3 x 2 year options.

Group – Contract backlog

Page 6

YTD per Q2 2015:

• Operating revenue of USD 526 million

• *EBITDA of USD 163 million

• *EBITDA-margin of 31%

• *Net profit of USD 42 million

At 30 June 2015:

• Net interest bearing debt of USD 1.5 billion

• Cash and cash equivalents of USD 212 million

• USD 900 million in book equity and equity-ratio of 32%

• Earnings visibility through USD 2.2 billion of firm order backlog plus 2.0 billion in priced options

346

499

402335

228 211 220

3

73 221

229

311 332

824

349

572

623

564539 543

1044

0

200

400

600

800

1000

2H 2015 2016 2017 2018 2019 2020 After

Firm Options

Total revenue backlog per year for firm contracts and priced option periods1

1) Estimates at 30 June 2015, includes pro-rata backlog figures in respect of Odfjell Drilling’s 40% ownership inDeep Sea Metro Ltd, but does not include any backlog for Odfjell Drilling’s share of Odfjell Galvão. Total backlog figures may not equal the sum of firm contracts and priced option periods for the year due to rounding.

• Revenue backlog for Well Services, Technology and MODU Management is not included in the revenue backlog above.

USD million

Firm contracts USD 2.2 billion

Priced options USD 2.0 billion

Total backlog USD 4.2 billion

MODU segment – fleet & contract status

7

Drilling unitLocation

/operatorday rate

(USDk/day)1 Contract status

Deepsea Stavanger

AngolaBP Angola

545

Deepsea Atlantic

NorwayStatoil

300

Deepsea Aberdeen

UKBP Exploration

450

Deepsea Bergen

NorwayStatoil

350

Deepsea Metro I

VietnamVietgazprom

255

Deepsea Metro II

For sale Stacked in Curacao

n/a

Deepsea Guarapari

BrazilPetrobras

518

Deepsea Itaoca

BrazilPetrobras

525

Deepsea Siri

BrazilPetrobras

529

Contract Option Construction

2014 2015 2016 2017 2018 2020 20212019

3

3

3

1) Rates may include mix of currencies and fluctuate based on exchange rates. 2) Day rate net of taxes3) In addition to the day rate there is a bonus element of up to 15% linearly from 93% to 98% utilization. Contract length for

each of the units is 15 years from commencement of operations. The outcome of the ongoing restructuring of Sete and the Brazilian newbuild program is uncertain at present. This could potentially lead to this program being fundamentally restructured or cancelled, Page 7

2022

2

6 X 6 months

Well Services segment – Presence

8

A leader in remote operated drilling technologies

Norway

Saudi Arabia

United Arab Emirates

Turkmenistan

Kurdistan

BASES : EUROPE

United Kingdom

Holland

Romania

BASES : MIDDLE EAST

OPERATIONS

BASE

Thailand

BASES : ASIA

Vietnam

Key figures

• ~510 employees

• Services from 11 bases

• Operations in more than 20 countries

Service offering

• Tubular runnng services

• Drill tool rental services

• Well intervention services

Well Services segment – Core service offering

“Safe and efficient services with leading edge technology”

• Highly skilled and experiencedoperators

• Conventional equipment, but alsohave the ability to provide remoteradio controlled

• Top Drive mounted running tools

• Remote operated and conventionalpower tongs

• Full suite of casing and tubing runningand recovery

“High performance drilling tools meeting the strictest quality standards”

• Drill pipe, collars and tubing

• Tubular handling equipment

• Hole openers and roller reamers

• Stabilizers, subs, valves and muleshoes

• Jars and shock tools

• Fishing and wellbore cleanup tools

“Chosen for established position, experience and expertise”

• Highly skilled and experiencedoperators

• Fishing services

• Casing exit services

• Wellbore cleanup services

• Well abandonment services

Tubular Running Services Drill Tool Rental Services Well Intervention Services

9

- A leader in remote operated drilling technologies -

Mobile drilling services

Platform drilling EngineeringWell servicesWell Services

Odfjell Drilling- providing expertise for the Johan Sverdrup field development

10

Outlook

Satisfactory fundamental long-term demand for the Group’s services but near term softening materialised

Page 11

MODU

• The drilling market has continued weakening during 2015 and we expect a further weakening into 2016.

• The competition for securing employment is fierce

• Bifurcation between modern drilling units and older units will continue and this is in favour of Odfjell Drilling’s fleet.

• Within the next few years we believe that the increased scrapping in combination with required exploration anddevelopment drilling will bring the market back to balance and subsequent improved day rates.

Well Services

• Well Services has maintained its activity level on the Norwegian Continental Shelf (NCS) compared to the level enteringinto 2015. Despite fierce competition also outside the NCS, Well Services has maintained its activity level and margins inin Q2’15.

• Our equipment pool of remote operated tools and increased focus on well intervention services has strengthened ourcompetitive advantage in a market with reduced overall activity.

Drilling and Technology

• The slowdown in the North Sea area has led to continued low activity level for development and upgrade projects.

• To meet this challenge the Group has reorganised its engineering services to increase efficiency and reduce its cost base.

President & CEOSimen Lieungh

For more information see: www.odfjelldrilling.com

Thank you