Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
"Drilling in harsh environments during the winter months always presents
challenges for businesses such as ours, however we are pleased to report that we
have met those challenges, and are once again announcing a quarter of strong
operations and progress across our business. 

"During the quarter, we maintained our focus on strong operations as well as on
the upcoming SPS, upgrades and maintenance programmes across our fleet.
Operationally, we performed well, achieving a financial utilisation of 96%
whilst also completing both the planned maintenance on Deepsea Nordkapp and the
SPS on Deepsea Stavanger in Q2, the latter of which resulted in just 9 days of
net off-hire time. 

"Strong operations lead to positive results, and this quarter is no different.
For the first time since the Odfjell Technology spin off in March 2022, the
Group achieved an EBITDA of above USD 100 million. With even higher day rate
contracts secured ahead of us, we are pleased to increase our dividend again for
Q1 2025, and we remain confident in our capability to continue to increase
distributions."  

Q1 Highlights:
Higher Day Rates Resulting in Record EBITDA
o	Q1 Revenue of USD 204 million
o	Q1 EBITDA of USD 100 million 
o	Q1 Net Profit of USD 31 million
o	96% Financial Utilisation

Dividend Increased Again 
o	Dividend increased to 16 cents per share from 12.5 cents per share
o	Total Q1 dividend of USD 38.4 million
o	Well placed to continue to increase shareholder distributions with fleet
moving to continually higher day rates 
Excellent Progress on SPS Programs