Odfjell Drilling Ltd
XMUN:OD3
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Odfjell Drilling Ltd
XMUN:OD3
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Barito Renewables Energy PT Tbk
IDX:BREN
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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.
Strong quarter: Odfjell Drilling reported $284 million of revenue and $154 million of EBITDA, helped by strong operational performance and bonus contributions across the fleet.
Dividend raised: The company increased its quarterly dividend to $0.25 per share from $0.23, marking the sixth straight quarterly increase.
Balance sheet improves: Net debt fell to $883 million and leverage declined to 1.6x, while the equity ratio rose to 55%.
Deepsea Atlantic incident: A post-quarter equipment-handling incident took Deepsea Atlantic off hire; management said no one was injured and there was no environmental impact, but repairs could take 3 to 4 months.
Backlog remains strong: Total backlog stands at $2.3 billion, with $2.0 billion firm, giving the fleet contract coverage into at least mid-2027.
Market tightness: Management said the harsh-environment market remains very tight, especially for high-spec semisubmersibles in Norway, and sees demand holding up in other regions too.
