OTL – Odfjell Technology Ltd reports for the Second Quarter of 2026
Odfjell Technology Ltd reports second-quarter 2026 revenue of NOK 1,395 million and EBITDA of NOK 243 million. The EBITDA margin was 17.4 per cent, up from 14.8 per cent in the first quarter. EBITDA increased 19 per cent from both the first quarter of 2026 and the second quarter of 2025. Comparative EBITDA figures are adjusted for one-off costs of NOK 16 million and NOK 11 million respectively; the second quarter of 2026 is reported without adjustment.
Order intake in the quarter was NOK 1.1 billion. Firm contract backlog was NOK 7.2 billion and total contract backlog was NOK 11.4 billion at quarter-end. The three-year platform drilling contract for the Magnus platform, awarded by EnQuest PLC, commenced on 4 August.
The second quarter was the first full quarter of consolidation of Kaseum Holdings Ltd and Razor Oiltools Ltd, acquired on 9 March 2026. The businesses contributed NOK 35 million of EBITDA and strengthen the Group’s position in lightweight well intervention and Plug & Abandonment.
Integration is progressing as planned. The acquired businesses are consolidated in full, with the minority interest recognised as a redemption liability. Excluding Kaseum and Razor, EBITDA was NOK 208 million, up 2 per cent year on year and 8 per cent from the first quarter.
Financial position and capital allocation
Free cash flow was NOK 46 million in the quarter, against negative NOK 64 million in the first quarter. Available liquidity was NOK 1,022 million at quarter-end, comprising NOK 525 million of cash and NOK 498 million of undrawn facilities. Net interest-bearing debt was NOK 1,180 million and the leverage ratio was 1.3x.
Odfjell Technology AS CEO Simen Lieungh comments:
“The second quarter was our strongest quarter to date at EBITDA level. Kaseum and Razor delivered their first full quarter in line with our expectations, and the underlying business improved on both revenue and margin.
We expect North Sea activity to hold steady through 2026, with rig count increasing into 2027. We paused the dividend to fund the acquisition and intend to resume payments following third quarter reporting.”
Highlights of the quarter
- Revenue of NOK 1,395 million
- EBITDA of NOK 243 million, up 19 per cent from the first quarter
- EBITDA margin of 17.4 per cent, up from 14.8 per cent
- Kaseum and Razor contributed NOK 35 million of EBITDA in their first full quarter
- Firm backlog of NOK 7.2 billion and total backlog of NOK 11.4 billion
- Free cash flow of NOK 46 million; available liquidity of NOK 1.0 billion
- Leverage ratio of 1.30x
- Letter of intent from Adura to extend integrated operations contract on Mariner to November 2028; EnQuest Magnus platform drilling contract commenced 4 August
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, all of Odfjell Technology AS, will be hosting a webcast on 20 August 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/8rrs7gfb
Participant call details:
https://register-conf.media-server.com/register/BI6e97fe534f554689b5330bec223bf018
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
20 August 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.