SIMEN LIEUNGH President & CEO

PARETO OIL & OFFSHORE CONFERENCE

- September 2014 -

Odfjell Drilling – 40 years of drilling experience

An offshore pioneer in Norway Business expansion Technology innovation and

fleet renewal

1970s 1980-1990s 2000-2010s

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A safe choice

H1 frequency – Lost time incidents H2 frequency - TRIF

Sickness Absence Dropped objects

Goal < 3%

Group – Financial highlights

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YTD per Q2 2014:

• Operating revenue of USD 545 million

• EBITDA of USD 165 million

• EBITDA-margin of 30%

• Net profit of USD 52 million

At 30 June 2014:

• Net interest bearing debt of USD 1 billion

• USD 345 million in liquidity including undrawn revolving facility

• USD 1.2 billion in book equity and equity-ratio of 43%

• Earnings visibility through USD 2.8 billion of firm order backlog plus 1.6 billion in priced options

Group EBITDA (USDm)

Group Operating Revenues (USD mill)

Integrating competence and operational performance

MOBILE OFFSHORE UNITS MOBILE OFFSHORE UNITS DRILLING TECHNOLOGY WELL SERVICES

A global drilling contractor

Side 6

• Modern fleet of UDW and harsh environment drilling units

• Extensive drilling experience

• Drilling management services

Singapore

Houston

Rio

Well Services - A leader in remote operated drilling technologies

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• Strong position in remote operated handling equipment

• Large inventory of high quality tools and equipment – accumulated cost price close to USD 400m

• In-house product and technology development

• Expanding service portfolio:

Well bore clean-up

Fishing and remedial services

Well abandonment

• Acquisition opportunities

Grane

Heidrun

Njord

Sleipner A

Visund

Snorre A

Snorre B

Mariner

Claymore

Clyde

Saltire

Piper

Tartan

Fulmar

Clair

Andrew

Bruce

Magnus

Clair Ridge

Brage

20 platforms in Norway and UK

Platform Drilling

• Provider of integrated drilling and maintenance services

• Basis for sale of add-on services from Technology and Well Services

• Focus on use of modern equipment and advanced technology

• Firm contract backlog of USD 0.7 billion with additional USD 1.5 billion in priced options

Drilling & Technology - A leading platform drilling contractor in the North Sea

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Drilling & Technology Engineering and Technology development

• Proven engineering capabilities

– More than 30 newbuild MODU projects since 1973

– More than 70 commissioning, upgrade and renewal projects

– Four delivered 6th generation newbuilds since 2009

MODU

Drilling & Technology

Well Services

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• Technology achievements yielding increased efficiency in operations

– Automated drilling operations

– Real-time onshore/offshore collaboration

– Remote operated casing running

– Several patents registered and applications pending

Market outlook

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

MODU

• Softening DW and UDW market evidenced by shorter lead times and decreased number of contract awards

• Expect ODL’s 6th generation UDW fleet to be less impacted by the market fluctuations

• The long term demand for harsh environment and UDW drilling capacity remains satisfactory

Platform Drilling and Technology

• Platform drilling secured by long-term contracts

• The slowdown in oil companies’ E&P growth has led to reduced demand for engineering services due to postponement of development- and upgrade projects

Well Services

• Demand for well services has been negatively impacted in the second quarter due to general market softening but we believe the Well Services segment will continue its long-term growth trend

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• Zero fault

• Profitable growth

• Predictable and cost efficient operations

• Client relations

• Acquisition opportunities

President & CEO Simen Lieungh For more information see: www.odfjelldrilling.com

Thank you