ConocoPhillips Skandinavia, a subsidiary of the U.S.-based energy player ConocoPhillips, has picked one of the
Odfjell Drilling-managed rigs for drilling activities on the Norwegian Continental Shelf (NCS).

While announcing a new contract win for the Deepsea Yantai semi-submersible drilling rig, Odfjell Drilling
explained that it had agreed on a contract with ConocoPhillips Skandinavia for the use of the rig in PL 891 in the
Norwegian Sea, on behalf of CIMC Offshore. No financial details about the deal have been released at this point.

The new contract is for the drilling of one firm well with the option to drill two further wells. The firm scope of work
is estimated to take 72 days and will start in the third quarter of 2024. Odfjell Drilling points out that the firm
backlog for the Deepsea Yantai rig is expected to extend into 4Q 2024, as a result of the signing of this contract.

The 2019-built Deepsea Yantai rig, which is capable of harsh environment operation, is of a GM4D design. This
rig – formerly known as the Beacon Atlantic – is owned by China's CIMC and managed by Odfjell Drilling. The rig
is expected to work for DNO Norge in 2Q/3Q 2023 and drill one firm well in the North Sea.

This rig has several jobs lined up for 2023 and the most recent one was disclosed with PGNiG Upstream Norway
in January 2023 while Neptune Energy extended the contract for the use of this rig for two firm wells in Norway.