Odfjell Technology Ltd reports first-quarter 2026 revenue of NOK 1,374 million
and EBITDA of NOK 188 million. Adjusted EBITDA was NOK 204 million, after NOK 16
million of one-off costs primarily related to the acquisition of Kaseum and
Razor, completed during the quarter. The EBITDA margin was 14%.
Firm contract backlog increased to NOK 7.3 billion, supported by a 5.5-year firm
contract awarded by ConocoPhillips Skandinavia AS for integrated services in the
North Sea and a 3-year platform drilling contract awarded by EnQuest PLC for the
Magnus platform in the UK. Total contract backlog was NOK 11.6 billion.
Acquisition of Kaseum and Razor completed
The acquisition of a 70% stake in Kaseum Holdings Ltd and Razor Oiltools Ltd was
completed on 9 March 2026. The transaction broadens the Group’s position in
lightweight well intervention and Plug & Abandonment, while adding proprietary
technology and a higher-margin earnings stream to Well Services.
Integration is progressing as planned. Q2 2026 will be the first full quarter
consolidated. The acquired businesses contributed NOK 11 million in EBITDA from
the date of acquisition.
Refinancing and liquidity
Odfjell Technology completed a NOK 600 million tap issue under the existing
senior secured bond in February, used in part to fund the acquisition and to
repay the drawn amount on the revolving credit facility. Available liquidity was
NOK 1.0 billion at quarter-end and the leverage ratio was 1.4x.
Odfjell Technology AS CEO Simen Lieungh comments:
“Q1 was a quarter focused on building the platform for the next phase. We
completed the acquisition of Kaseum and Razor, secured two material multi-year
contracts with ConocoPhillips and EnQuest, and strengthened our funding through
the bond tap.
Underlying operations performed in line with expectations, and we are continuing
to drive margin and cash conversion through the performance improvement
programme.
A broader capability set, improved revenue visibility and a stronger balance
sheet position us well for the remainder of 2026 and into 2027.”
Highlights of the quarter
– Revenue of NOK 1,374 million
– EBITDA of NOK 188 million (NOK 204 million adjusted)
– EBITDA margin of 14%
– Firm backlog of NOK 7.3 billion ; total backlog of NOK 11.6 billion
– Available liquidity of NOK 1.0 billion ; leverage ratio of 1.4x
– NOK 600 million senior secured bond tap issued in February
– Acquisition of Kaseum and Razor completed on 9 March
– 5.5-year firm contract awarded by ConocoPhillips and 3-year platform drilling
contract awarded by EnQuest
For the full results, please see the attached report and presentation.
Chief Executive Officer Simen Lieungh, Chief Financial Officer Eirik Knudsen and
SVP Finance & Investor Relations Gert Haugland, of Odfjell Technology AS will be
hosting a webcast on 12 May 2026 to present the results, as well as providing an
outlook for the Company, at 09:30am UK time / 10:30am Norway Time.
Webcast details:
https://edge.media-server.com/mmc/p/hyexmxhs
Participant call details:
https://register-conf.media-server.com/register/BI7cca1e8a95364153908e934e19f0ab
ce
Click on the call link and complete the online registration form.
Upon registering you will receive the dial-in info and a unique PIN to join the
call as well as an email confirmation with the details.
Select one of the following methods for joining the call:
– Dial-In: A dial in number and unique PIN are displayed to connect directly
from your phone.
– Call Me: Enter your phone number and click “Call Me” for an immediate
call-back from the system. The call will come from a US number.
Participants will have the ability to “raise their hand” to ask a verbal
question during the Q&A.
For further queries, please contact:
Gillian Basson, Corporate Secretary
T: +44 1224 856007 / M: +44 7796 547889
gbas@odfjelltechnology.com
12 May 2026
Aberdeen, United Kingdom
Odfjell Technology Ltd
This information is published in accordance with the requirements of the Oslo
Børs Rule Book II section 4.2.4 (1) no. 3.