Company Disclosures

OTL – Odfjell Technology acquires bespoke engineering and product design firm McGarian TDC Ltd

Published 16.05.2024

Odfjell Technology, a market-leading integrated service provider, has announced
its acquisition of McGarian TDC Ltd, a firm specialising in the design of
whipstocks, casing & packer milling, fishing & remedial products.

Odfjell Technology delivers value from its unique integrated business model and
comprehensive portfolio of products. This acquisition will further enhance the
product line offering of its Well Services Business Area, enhancing its
capabilities in the slot recovery and plug and abandonment sectors of the energy

Commenting on the acquisition, Odfjell Technology AS CEO Simen Lieungh said, “We
are delighted to welcome McGarian TDC Ltd to the Odfjell Technology family.
Their engineering and product design capability perfectly complements our
existing competencies. ”

Bruce McGarian of McGarian TDC Ltd, commented “Joining forces with Odfjell
Technology presents an exciting opportunity for us to leverage our expertise on
a larger scale.”

The consideration is made up of a base consideration of £3 Million GBP plus
potential earn-outs dependent on commercial success and product development
targets over the next three years post-closing.

Further details are available in our Q1 2024 investor presentation published on
our website.

Additionally, our CEO Simen Lieungh will talk about the acquisition and answer
questions during our Q1 results webcast at 09:30a.m. (UK time) / 10.30a.m.
(Norway time) 16th of May.

For further information, please contact:

Gillian Basson, Corporate Secretary, +44 (0) 7796 547 889,, Aberdeen, United Kingdom ; or

Gert Haugland, SVP Finance & Investor Relations, +47 92661638,, Norway

16 May 2024

Odfjell Technology Ltd

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