Odfjell Drilling Ltd
XMUN:OD3
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Odfjell Drilling Ltd
Odfjell Drilling is an offshore drilling contractor that provides rigs and drilling services to oil and gas companies. It owns and operates specialized drilling units, especially rigs built for harsh offshore conditions, and it also works on platform drilling jobs where it manages drilling operations on existing facilities. Its main customers are oil and gas producers and field operators that need a drilling contractor to help them drill new wells, maintain wells, or run drilling programs in demanding offshore locations. Odfjell Drilling earns money mainly through contract day rates and related drilling service agreements, where customers pay for the use of its rigs, crews, and operating expertise. What makes the business different is that it sits in a very specific part of the energy supply chain: it is not an oil producer, but the specialist that helps producers access offshore reserves. That means its value comes from technical execution, safety, reliability, and the ability to keep expensive offshore equipment working in difficult environments.
Odfjell Drilling is an offshore drilling contractor that provides rigs and drilling services to oil and gas companies. It owns and operates specialized drilling units, especially rigs built for harsh offshore conditions, and it also works on platform drilling jobs where it manages drilling operations on existing facilities.
Its main customers are oil and gas producers and field operators that need a drilling contractor to help them drill new wells, maintain wells, or run drilling programs in demanding offshore locations. Odfjell Drilling earns money mainly through contract day rates and related drilling service agreements, where customers pay for the use of its rigs, crews, and operating expertise.
What makes the business different is that it sits in a very specific part of the energy supply chain: it is not an oil producer, but the specialist that helps producers access offshore reserves. That means its value comes from technical execution, safety, reliability, and the ability to keep expensive offshore equipment working in difficult environments.
Solid quarter: Odfjell Drilling reported revenue of $251 million, EBITDA of $162 million and net profit of $57 million, helped by insurance proceeds tied to the Deepsea Atlantic incident.
Atlantic recovery: Management said Deepsea Atlantic returned to work on August 2 after 106 days off hire, which was within the 3 to 4 month guidance given earlier.
Balance sheet: Net debt fell to $863 million and leverage improved to 1.5x net debt to EBITDA, while liquidity rose to $308 million including $248 million of undrawn RCF capacity.
Dividend held: The quarterly dividend was kept at $0.25 per share, with management saying that was the prudent level after the incident even as they remain focused on raising it over time.
Market backdrop: Management described the harsh-environment market as tightening, with low availability of Tier 1 rigs in 2027 and 2028 and stronger day-rate support expected ahead.
Backlog build: Firm backlog for the owned fleet reached $2.1 billion, and the company said all units are now secured until at least late 2027, with Deepsea Nordkapp extending to at least 2028.
