Odfjell Technology Ltd is pleased to report its financial and operational
results for the three months period ended 31st December 2023.
For the full results, please see the attached report and presentation.
Simen Lieungh, Chief Executive Officer Odfjell Technology AS, remarked that “We
are delighted with the performance for both this quarter and for the full year
2023. Our revenue has grown by 29% and our EBITDA has grown by 25% in 2023
compared to 2022, which is the result of strong performance and improved
activity levels in all regions and segments.
In 2023, we have demonstrated the ability to convert our earnings to free cash
and have strengthened our balance sheet, providing us the flexibility to act and
invest in accordance with our long term strategy.”
Highlights:
Concluded the year with another strong quarterly financial performance –
significant free cash flow due to working capital improvements ;
– Q4 Revenue of NOK 1,342m
– Q4 EBITDA of NOK 223m
– Q4 EBIT of NOK 136m
– Q4 Net profit of NOK 137m
– Q4 Backlog of NOK 12.3bn
Full year financials ;
– Revenue of NOK 5bn a 29% improvement on 2022
– EBITDA of NOK 840m a 25% improvement on 2022
– EBIT of NOK 492m a 28% improvement on 2022
– Net profit of NOK 344m a 36% improvement on 2022
– Free cash flow of 493m a 99% improvement on 2022
– Leverage ratio of 0.6x with net debt of NOK 511m
Approved Q4 dividend distribution of NOK 25m with payment in March 2024.
High value contracts won:
Backlog increased by NOK 1.5bn from Q3 to Q4 2023 to bring the total backlog to
NOK 12.3bn which includes recently won contracts in Norway with OSM Thome to
provide upgrade and modification services on Heidrun-B, frame agreement with
AkerBP ASA to provide HVAC services and contract with Repsol Norge AS for
drilling services on YME Inspirer.
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 Friday 16th February to present the results as well as
providing an outlook for the Company at 09:30am UK time / 10:30hrs Norway Time.
Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.
Webcast link:
https://brrmedia.news/ND4_Q423
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
gbas@odfjelldrilling.com
Aberdeen, United Kingdom
16 February 2024
Odfjell Technology Ltd
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.