Odfjell Technology Ltd reports third-quarter 2026 revenue of NOK 1,401 million
and EBITDA of NOK 241 million. EBITDA increased 19 per cent from the third
quarter of 2025, while the EBITDA margin improved to 17.2 per cent from 14.0 per
cent. The Group has now delivered an EBITDA margin above 17 per cent for two
consecutive quarters.
The higher earnings level was converted into cash. Operating cash flow was NOK
200 million and free cash flow was NOK 108 million in the quarter. Cash and cash
equivalents increased by NOK 96 million during the quarter to NOK 621 million,
while the leverage ratio improved to 1.2x.
The Well Services segment was the main driver of the year-on-year EBITDA
improvement. Its revenue increased 29 per cent to NOK 596 million and EBITDA
increased 30 per cent to NOK 192 million. Kaseum Holdings Ltd and Razor Oiltools
Ltd contributed NOK 69 million of revenue and NOK 34 million of EBITDA.
Firm contract backlog was NOK 6.4 billion and total contract backlog was NOK
11.5 billion at quarter-end. The three-year platform drilling contract for the
Magnus platform, awarded by EnQuest PLC, commenced on 1 August 2026.
Financial position and capital allocation
The Board has approved the resumption of quarterly dividends with a distribution
of NOK 1.52 per share, equivalent to NOK 60 million. The shares will trade
ex-dividend on 10 November 2026, with payment on or about 25 November 2026.
Quarterly distributions were paused for the first and second quarters of 2026 to
fund the acquisition of Kaseum and Razor.
Available liquidity was NOK 1.1 billion at quarter-end. Net interest-bearing
debt was NOK 1,084 million and the leverage ratio was 1.2x.
The Odfjell Offshore tax case was concluded in the Group’s favour. On 6 October
2026, the Group received the tax refund and interest. After amounts covered by
the indemnity arrangement with Odfjell Drilling Ltd were passed on, Odfjell
Technology retained NOK 149 million relating to the years 2022 to 2025. The
receipt occurred after quarter-end and is additional to the cash build reported
for the third quarter.
Odfjell Technology AS CEO Simen Lieungh comments:
“We maintained the higher earnings level from the second quarter and converted
more of it to cash. Together with the tax refund received in October, this
supports the resumption of quarterly dividends, as communicated in August.
We expect stable activity for the remainder of 2026 and improving fundamentals
into 2027. We see opportunities to grow Well Services further in international
markets.”
Highlights of the quarter
– Revenue of NOK 1,401 million
– EBITDA of NOK 241 million
– EBITDA margin of 17.2 per cent
– Operating cash flow of NOK 200 million and free cash flow of NOK 108 million
– Cash and cash equivalents of NOK 621 million ; available liquidity of NOK 1.1
billion
– Leverage ratio of 1.2x
– Firm backlog of NOK 6.4 billion and total backlog of NOK 11.5 billion
– Quarterly dividend resumed at NOK 1.52 per share, equivalent to NOK 60 million
– Odfjell Offshore tax case concluded in the Group’s favour ; NOK 149 million
retained by the Group after quarter-end
For the full results, please see the attached report and presentation.
For further information, please contact:
Gert Haugland, SVP Finance and Investor Relations
gjha@odfjelltechnology.com
www.odfjelltechnology.com
Or
Gillian Basson, Corporate Secretary
M: +44 7796 547889
gbas@odfjelltechnology.com
3 November 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.