Odfjell Drilling-Estimates 3-4 months downtime on Atlantic-05/12/2026

Research evidence excerpt

Odfjell Drilling-Estimates 3-4 months downtime on Atlantic-05/12/2026

Odfjell Drilling

NEWSFLASH | 12 MAY 2026

Estimates 3-4 months downtime on Atlantic

Odfjell Drilling reported Q1 EBITDA ~5% ahead of expectations, while cash flow was in line. The dividend was increased to

USD 25 cents per share (as expected), corresponding to a ~9.5% yield. Deepsea Atlantic remains off-hire, with the company

now estimating 3-4 months of downtime, implying an 8-10% downside to our 2026 EBITDA estimates. We believe this is

largely in line with market expectations (our initial expectation was ~100 days), noting uncertainty remains.

Actual Q1'26e Deviation vs.

Odfjell Drilling Q1'25 Q4'25 Q1'26 Cons. Pareto Consensus Pareto

Revenues USDm 204 245 284 265 264 7% 8%

Operating costs " (104) (120) (131) (119) (117) - -

EBITDA " 100 124 154 146 147 5 % 5%

EBIT 55 79 100 92 92 9% 9%

Profit before taxes " 36 49 80 74 75 8 % 7%

Net profit " 31 46 73 66 70 11 % 5%

EPS reported USD 0.06 0.23 0.30 0.26 0.29 17% 5%

Dividend per share " 0.12 0.18 0.25 0.25 0.25 - -

NIBD (ex. Lease) 475 909 883 890 860 -1 % 3 %

EBITDA once again above expectations

• Odfjell Drilling reported EBITDA of USD 154m, ~5% above cons/PAS at USD 146/147m.

• EPS came in at USD 0.30 vs cons/PAS at USD 0.26/0.29

• Net debt of USD 883m was in-line with expectations, implying cash flow broadly in line for the quarter

• The dividend was increased to USD 25 cents per share (23 cents), in line with our and consensus expectations, corresponding to a 9.5%

run-rate yield

Deepsea Atlantic BOP update

• Deepsea Atlantic remains off-hire following the BOP loss on 18 April, with ODL now estimating 3-4 months of downtime. This implies and

8-10% EBITDA reduction on our 2026 estimates