OTL - Odfjell Technology Ltd reports for the Third Quarter of 2026

Odfjell Technology Ltd reports third-quarter 2026 revenue of NOK 1,401 million and EBITDA of NOK 241 million. EBITDA increased 19 per cent from the third quarter of 2025, while the EBITDA margin improved to 17.2 per cent from 14.0 per cent. The Group has now delivered an EBITDA margin above 17 per cent for two consecutive quarters.

The higher earnings level was converted into cash. Operating cash flow was NOK 200 million and free cash flow was NOK 108 million in the quarter. Cash and cash equivalents increased by NOK 96 million during the quarter to NOK 621 million, while the leverage ratio improved to 1.2x.

The Well Services segment was the main driver of the year-on-year EBITDA improvement. Its revenue increased 29 per cent to NOK 596 million and EBITDA increased 30 per cent to NOK 192 million. Kaseum Holdings Ltd and Razor Oiltools Ltd contributed NOK 69 million of revenue and NOK 34 million of EBITDA.

Firm contract backlog was NOK 6.4 billion and total contract backlog was NOK 11.5 billion at quarter-end. The three-year platform drilling contract for the Magnus platform, awarded by EnQuest PLC, commenced on 1 August 2026.

Financial position and capital allocation

The Board has approved the resumption of quarterly dividends with a distribution of NOK 1.52 per share, equivalent to NOK 60 million. The shares will trade ex-dividend on 10 November 2026, with payment on or about 25 November 2026. Quarterly distributions were paused for the first and second quarters of 2026 to fund the acquisition of Kaseum and Razor.

Available liquidity was NOK 1.1 billion at quarter-end. Net interest-bearing debt was NOK 1,084 million and the leverage ratio was 1.2x.

The Odfjell Offshore tax case was concluded in the Group's favour. On 6 October 2026, the Group received the tax refund and interest. After amounts covered by the indemnity arrangement with Odfjell Drilling Ltd were passed on, Odfjell Technology retained NOK 149 million relating to the years 2022 to 2025. The receipt occurred after quarter-end and is additional to the cash build reported for the third quarter.

Odfjell Technology AS CEO Simen Lieungh comments:

"We maintained the higher earnings level from the second quarter and converted more of it to cash. Together with the tax refund received in October, this supports the resumption of quarterly dividends, as communicated in August.

We expect stable activity for the remainder of 2026 and improving fundamentals into 2027. We see opportunities to grow Well Services further in international markets."

Highlights of the quarter

- Revenue of NOK 1,401 million - EBITDA of NOK 241 million - EBITDA margin of 17.2 per cent - Operating cash flow of NOK 200 million and free cash flow of NOK 108 million - Cash and cash equivalents of NOK 621 million; available liquidity of NOK 1.1 billion - Leverage ratio of 1.2x - Firm backlog of NOK 6.4 billion and total backlog of NOK 11.5 billion - Quarterly dividend resumed at NOK 1.52 per share, equivalent to NOK 60 million - Odfjell Offshore tax case concluded in the Group's favour; NOK 149 million retained by the Group after quarter-end

For the full results, please see the attached report and presentation.

For further information, please contact:

Gert Haugland, SVP Finance and Investor Relations gjha@odfjelltechnology.com www.odfjelltechnology.com

Or

Gillian Basson, Corporate Secretary M: +44 7796 547889 gbas@odfjelltechnology.com

3 November 2026 Aberdeen, United Kingdom Odfjell Technology Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3.