Odfjell Drilling

Our Q4 results are out! 💙 Wrapping up 2024 on a high note, we have more than doubled our dividend, achieved a record EBITDA of USD 93 million and are well positioned for continued success in 2025 with a robust contract backlog and strong balance sheet. 💬 CEO Kjetil Gjersdal comments: “We are very pleased by the performance of our business in 2024. Thanks to the hard work and dedication of our staff, Odfjell Drilling has remained at the forefront of our industry. "We have entered 2025 in one of the strongest positions in our history. Our latest results reflect this success with record revenue, EBITDA growth, solid operations, and a further strengthened balance sheet. In addition we have also, as a first step, increased our dividend to 12.5 cents per share, more than doubling our previous dividend and we have the ambition and capacity to increase further in the quarters ahead." Read the full report here: https://lnkd.in/d9rGhpYk #ODL #OdfjellDrilling #Q4results

NEW CONTRACT ANNOUNCEMENT👏 We are thrilled to announce that we have received a contract extension from Equinor for the use of Deepsea Atlantic, bringing the firm backlog on the rig up to late Q2 2027. Kjetil Gjersdal, CEO of Odfjell Drilling, commented: “With this additional backlog, the Odfjell Drilling owned fleet is now fully booked until 2027 with significant, predictable and increasing revenue backlog. In addition, we are very pleased to add further tenure with our long-standing client, Equinor, with whom the Deepsea Atlantic has been contracted since 2009.” Reflecting on 2024, it was truly a record-breaking year for Deepsea Atlantic! 🌟 Operating on the Johan Sverdrup field, Deepsea Atlantic set the benchmark with 10 wells delivered last year. Highlights include: 🔹 6 subsea wells on Johan Sverdrup field 🔹 A comprehensive SPS yard stay, with installation of a brand-new BOP 🔹 4 exploration wells, showcasing versatility What makes this achievement even more impressive? Deepsea Atlantic not only delivered the most wells in Equinor's portfolio but has also operated with zero HSE-reported incidents for the past 24 months! 🌍🔒 This success and new contract extension is a testament to what’s possible with strong collaboration across the #OneTeam, seamless integration of planning centres, and the dedication of teams across all disciplines. 🤝✨ Thank you to everyone involved in making this possible! 🙌 To read more, please see the press release: https://lnkd.in/diTpgKQf #ODL #OdfjellDrilling #JohanSverdrup

This week, we welcomed 40 students from Godalen Videregående in Stavanger to Hercules at Westcon Yards AS ⚒️🌊 During their visit, the students explored key areas of the rig, from the drill floor to the engine room, lifeboat stations, and the helideck, gaining insight into offshore work and life onboard. Apprentice Coordinator, Adrian Jensen, who joined the visit commented: 📢 “It’s inspiring to see such engagement. These students represent the future of our industry.” Next week, we look forward to hosting another 40 students for the same experience! 🎥 Watch the video for highlights.

This week, Odfjell Drilling was at the heart of two global financial hubs! 🌍 Our CEO, Kjetil Gjersdal, presented in London, while James Crothers, Investor Relations, delivered key insights to investors in New York at the 2025 Fearnley Securities Drilling Seminar. Together, they highlighted four key messages that underscore Odfjell Drilling's leadership in the offshore harsh environment drilling market and our vision for 2025: 🌊 Market leadership: thriving in a challenging environment ⚓ Fully sold-out fleet: a testament to strong demand for our services ⚖️ Well-balanced market: providing stability and growth opportunities 💰 Dividend policy: committed to delivering value, with an intention to increase payouts "2025 is set to be an extremely exciting year for Odfjell Drilling with multiple value transformative events ahead of us," said Kjetil Gjersdal. #ODL #OdfjellDrilling #InvestorRelations

🎄 Merry Christmas 🎄 For many, the holidays are a time to be with loved ones - but for our dedicated colleagues working offshore, it’s a season shared with their second family on the rigs. To everyone spending Christmas offshore, we thank you for keeping our operations running smoothly and safely. We would also like to wish all our colleagues, clients, and suppliers a warm, safe, and joyful holiday season 🎅💙 #MerryChristmas #OdfjellDrilling #OffshoreFamily

This weekend, Deepsea Stavanger spudded the first of two appraisal wells in the Smeaheia prospect. The objective of the well is to gather important information and data to obtain a better understanding of the reservoir for future carbon capture and storage (CCS) wells. The scope of work will also include an injection test of the reservoir. This project is an exciting step for Odfjell Drilling as it will provide new opportunities to leverage our 50 years of experience as a key supplier to our clients and assist in developing projects for CO₂ storage offshore.🌊💙 #OdfjellDrilling #ODL #DeepseaStavanger

We are pleased to announced today that we have entered into an amendment agreement with our lenders which will allow for reducing quarterly instalments by approximately USD 4.3 million between Q1 2025 and Q4 2026. The agreement will result in a total of USD 34.2 million now being due of the facility in Q1 2029. See the full details in our press release here: https://lnkd.in/dQmf7tVv If you would like to receive our press releases as they are issued, please email our Investor Relations Office, James Crothers at jchu@odfjelldrilling.com #ODL #odfjelldrilling

During a recent panel discussion at the NORCE Norwegian Research Centre DigiWells on the topic “The well delivery process: Next steps for digitalisation, automation and autonomy”, our Project Manager Digital Operations, Andre Baadsvik, shared his thoughts on some of the challenges and opportunities for implementing new technologies. A drilling rig is an advanced well factory. The uptake of new technology poses both opportunities and risks. Ensuring proper involvement of end-users and management is crucial for ownership and success of any new technology. The question we must ask is: as the famous saying goes, will it make the boat go faster? Digitalisation and new technology introduce a change – but is it purposeful and does it lead to safe and efficient operations, and does it have a positive business case? 📈 Some specific challenges we face are: 🔗 Our industry is often siloed, with multiple vendors contributing to the end-goal. As an industry, we need to adopt a holistic view to remove bottlenecks by providing interoperability. 🤖 Before the automation step is fully taken, how can we pave the way for autonomous operations? 🌦️On-the-fly planning has the potential to remove bottlenecks. However, we need to take a holistic approach that includes logistics, competence, maintenance, equipment, and environmental considerations (weather). We acknowledge these challenges and have initiatives on all these to make a safer and more efficient operation for our clients – making sure that the industry is moving forward. 📸 credit NORCE #OdfjellDrilling

Great to see our Company's outlook raised to positive by Moody's Ratings. "the positive outlook reflects our expectation that ODL’s key credit metrics will strengthen to levels commensurate with a higher rating in the next 12-18 months through rising earnings and cashflows”. #ODL #OdfjellDrilling #Moody's #OR3. https://lnkd.in/gh8anV3H

Recently, we invited all the women in Odfjell Drilling, along with management, to our Bergen office to review our 2024 achievements, survey results, and future goals. So why did we launch #WomenInDrilling? 🤔 To achieve the WISTA Norway #40by30 pledge, we need a strong network that: 💡 Raises awareness and reduces gender bias across our organization 📈Advises management and enhances our action plans 💡 Empowers our current and future female employees by creating a supportive environment #WomenInDrilling #DiversityAndInclusion #OdfjellDrilling