Company Disclosures

OTL – Odfjell Technology Ltd reports for the First Quarter of 2024

Published 16.05.2024

Odfjell Technology Ltd is pleased to report its financial and operational
results for the three-month period ended 31st March 2024.

Q1 Highlights:

– Revenue of NOK 1,283m, up 12% YoY
– EBITDA of NOK 212m, up 10% YoY
– EBIT of NOK 123m, up 17% YoY
– Net profit of NOK 51m, up 19% YoY
– Leverage ratio of 0.6X
– Available liquidity of NOK 867m
– Backlog increased by NOK 1.9bn to a total of NOK 14.2bn
– Q1 dividend distribution increased to NOK 35m compared to NOK 25m in previous

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

CEO Odfjell Technology AS Simen Lieungh commented:

“Q1 is normally a challenging quarter, and we are happy to report solid
financial performance and growth compared to Q1 2023.

We are also pleased to report strong backlog growth after winning large
contracts in Norway. Our focus in 2024 will be to convert a promising tender
pipeline to contracts, and further grow our backlog.

The market outlook remains positive and our expectations for the coming years
are high, both for our targeted new markets, and the markets we operate in
today. Odfjell Technology is well positioned to capitalise on the strong market
fundamentals, and we will focus on opportunities with strong cash flow and
margin levels.”

Subsequent events:

Odfjell Technology acquired bespoke engineering and product design firm McGarian
TDC Ltd.

The acquisition expands OTL’s product portfolio and strengths our capabilities
in the slot recovery and plug and abandonment sectors of the energy industry.

Chief Executive Officer Simen Lieungh, Chief Financial Officer Jone Torstensen
and SVP Finance & Investor Relations Gert Haugland, of Odfjell Technology AS
will be hosting a webcast Thursday 16th May to present the results as well as
providing an outlook for the Company at 09:30am UK time / 10:30am Norway Time.

Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.

Information on how to submit questions will be given at the beginning of the Q&A

Please join the event 5-10 minutes prior to scheduled start time. If prompted,
please provide the confirmation password below.

Webcast details:

Conference call details

USA Local: +1 786 697 3501

Norway Local Oslo: +47 2 156 3318

UK-Wide: +44 (0) 33 0551 0200

Password (if prompted), Quote Odfjell Technology when prompted by the operator.

Participants will be asked for name and company.

For further queries, please contact:

Gillian Basson, Corporate Secretary

+44 (0) 7796 547 889

Aberdeen, United Kingdom

16 May 2024

Odfjell Technology Ltd

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

View disclosure and attachments on Newsweb