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Odfjell Drilling
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Q2 2026 Results Presentation
| Simen Lieungh | Page 10 of 11 |
October 16, 2026
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"Q2 2026 Results Presentation"
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10 MARKET OUTLOOK SUPPLY • Average age of the global harsh environment fleet continues to increase whilst limited new supply is being added or is likely to materialise in the near-future • Newbuilds remain unlikely • High-spec unit market is particularly tight, with utilisation rates around 90% in the Norwegian floater market • Norwegian clients continue to reaffirm strategy of drilling to arrest production declines in the basin • Operators seeking to secure rig availability into the future, emphasised by recent contract agreements such as with Deepsea Nordkapp • Operators increasing focus on securing high-spec units • First unit with availability is Deepsea Atlantic in late 2027 • Equinor have options for use of the unit until 2030 OTHER REGIONS 10 • Future opportunities for work in Namibia, Suriname, Canada and the UK • Good interest amongst clients for deepwater drilling, which could further reduce competitive supply • Short term exploration work also available • Project maturity for international harsh environments developments expected to be around 2027 / 2028, in line with the Odfjell Drilling fleet’s availability Market Strengthening NORWAY