Odfjell Drilling (ODL)

TekBot · november 6, 2024, 6:04am

Key information Relating to the Cash Dividend for Third Quarter of 2024 to be paid by Odfjell Drilling Ltd.

The Board of Odfjell Drilling Ltd. (OSE: ODL) has elected to pay a cash dividend of 0.06USD / share or USD 14.4 million in total.

Key details of Q3 dividend:
…

Vis børsmeldingen

• Announced currency: USD
• Dividend amount: 0.06 USD / share
• Last day including right: 14 November 2024
• Ex-Dividend Date: 15 November 2024
• Record Date: 18 November 2024
• Payment Date: 27 November 2024
• Date of approval: 5 November 2024

The dividend has been declared in USD with actual NOK payments per share to be determined based on the Norges Bank exchange rate at the last day including rights.

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
6 November 2024
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 6, 2024, 6:04am

Odfjell Drilling Ltd. Reports for the Third Quarter of 2024

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“The third quarter of 2024 marked a significant milestone for Odfjell Drilling. Our team successfully completed the most challenging Special Periodic Survey (“SPS”) and upgrade project in the Company’s history on the Deepsea Atlantic, bringing the rig back into operation on time and within budget. With the Deepsea Atlantic now back in operations at a higher day rate, we expect this to positively impact our future results.

…

Vis børsmeldingen

“Achieving a stable EBITDA of USD 83 million during a quarter that included a complex upgrade project demonstrates the strong performance across our fleet. This also points to the higher earnings we anticipate as additional rigs transition to higher day rates late 2024 and in 2025.

“With firm contracts in place for our owned rigs through at least mid-2026, we are well-positioned to continue delivering robust returns to our stakeholders. Supported by our solid contract backlog and reliable operations, we remain confident in the long-term prospects of our business. Reflecting this optimism, we have declared a dividend for the third quarter and have the intention to increase the quarterly dividend in connection with the Q4 2024 results.”

Q3 Highlights:
Strong Results Despite SPS Downtime
• Q3 EBITDA of USD 83 million
• Q3 Revenue of USD 186 million
• 97% Financial Utilisation

Deepsea Atlantic SPS Completed, Moving onto Higher Rates
• Deepsea Atlantic SPS completed in early Q3, ahead of schedule and on budget
• Unit now moves onto higher day rate contract

Future Revenue Strong Secured with Backlog until mid-2026
• Order Backlog of USD 2 billion
o USD 1.9 billion from firm contracts
 USD 0.1 billion from priced options

Q3 Dividend of USD 14.4 million, Intention Remains to Increase dividend from Q4 Results
• Q3 Quarterly Dividend of USD 0.06 per share declared
• Intention to increase quarterly dividend from Q4 2024 results

Despite SPS capex, Balance Sheet and Liquidity Remains Strong
• Leverage ratio of 1.78x
• Equity Ratio of 63%
• Available Liquidity of USD 227 million

Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak and Investor Relations Officer James Crothers will be hosting a webcast and Q&A session at 1:30pm CET to discuss the results.
Stakeholders can either use the following link for the webcast or listen via telephone using the details below.

Webcast details:
https://brrmedia.news/OD3_Q3_24

Conference call:
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q3 Results when prompted by the
operator.
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
6 November 2024
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 15, 2024, 7:45am

Odfjell Drilling Ltd. – Ex Dividend Q3 2024

TekBot · november 27, 2024, 6:03am

Odfjell Drilling Ltd. – Bond Outlook Raised to Positive by Moody’s

TekBot · desember 16, 2024, 7:16am

Odfjell Drilling Ltd. – Amendment to Term Loan, Reducing Quarterly Instalments

TekBot · desember 23, 2024, 6:29am

Financial calendar

TekBot · januar 24, 2025, 7:40am

Odfjell Drilling Ltd - Ruling from Hordaland District Court

Reference is made to Note 11 of Odfjell Drilling Ltd’s report for the third quarter of 2024 and further to Note 28 in its 2023 Annual Report, which detail an adverse administrative tax ruling by Norwegian Tax Authorities dated 21 December 2022.

Following the administrative tax ruling from the Norwegian Tax Authorities, Odfjell Offshore Ltd (OFO) in February 2023 made an upfront payment of NOK 307 million in taxes and interest for the financial years 2017 through 2021. The payment was funded by Odfjell Drilling Ltd as per an indemnification letter dated 1 March 2022, as the ultimate responsible entity.
…

Vis børsmeldingen

OFO appealed the administrative tax ruling to Hordaland District Court, which was litigated at the beginning of December 2024. The court issued a judgment on 23 January in favour of the Norwegian Tax Authorities.
The judgment will be further appealed to Gulating Court of Appeal.

Based on legal advice, OFO and Odfjell Drilling Ltd’s best judgement is still that the tax case will ultimately be won by OFO. Consequently, Odfjell Drilling Ltd still recognises the upfront payment made in 2023 as a refundable payment. In the event of a final ruling in favour of the tax authorities, this will not have any liquidity effect; only an equivalent booking as a loss in Odfjell Drilling Ltd.

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684 / +44 (0) 7393 766 446
jchu@odfjelldrilling.com
London, United Kingdom
24 January 2025
Odfjell Drilling Ltd

Kilde

TekBot · januar 29, 2025, 6:02am

Odfjell Drilling Ltd - Extension of Deepsea Atlantic Contract

Odfjell Drilling Ltd. is pleased to announce that it has agreed terms with Equinor to extend its contract for use of the Deepsea Atlantic until end Q2 2027.

The unit will operate under previously agreed terms until mid Q3 2026. After this, the unit will then continue with Equinor until end Q2 2027 for an approximate incremental value of USD 148 million excluding escalation fees, integrated services, performance bonuses and fuel incentives.
…

Vis børsmeldingen

The contract maintains further optional periods of four priced one well options as well as three further optional periods of approximately one-year each, with the rates for each period to be mutually agreed prior to exercising. If exercised, such options could keep the Deepsea Atlantic contracted into 2030.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS 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.”

Ends

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
29 January 2025
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · februar 6, 2025, 11:07am

Odfjell Drilling Ltd – Details for Fourth Quarter and Preliminary Results for the Financial Year Ending 31 December 2024 Webcast and Conference Call

In connection with the Company’s Fourth Quarter and Financial Year Ending 31 December 2024 earnings announcement on Thursday 13th of February 2025, Odfjell Drilling Ltd will host a webcast and conference call on the same day at 14:00hrs CET. Speakers on the call will include Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak and Investor Relations Officer James Crothers.

There will be a Q&A session subsequent to the presentation.
…

Vis børsmeldingen

Information on how to submit questions to will be given at the beginning of the Q&A session.

Please join the event 5-10 minutes prior to scheduled start time. If prompted, please provide the confirmation password below.

Webcast details:
https://brrmedia.news/OD3_Q4_24

Conference call:
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q4 Results when prompted by the
operator.
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684 / +44 (0) 7393 766 446
jchu@odfjelldrilling.com
London, United Kingdom
06 February 2025
Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3.

Kilde

TekBot · februar 13, 2025, 6:00am

Key Information Relating to the Cash Dividend for Fourth Quarter of 2024 to be paid by Odfjell Drilling Ltd.

The Board of Odfjell Drilling Ltd. (OSE: ODL) has elected to pay a cash dividend of 0.125USD / share or USD 30 million in total.

Key details of Q4 dividend:
…

Vis børsmeldingen

· Announced currency: USD
· Dividend amount: 0.125 USD / share
· Last day including right: 27 February 2025
· Ex-Dividend Date: 28 February 2025
· Record Date: 3 March 2025
· Payment Date: 13 March 2025
· Date of approval: 12 February 2025

The dividend has been declared in USD with actual NOK payments per share to be determined based on the Norges Bank exchange rate at the last day including rights.

For further queries, please contact:

James Crothers, Investor Relations Officer +44 (0) 7495 067 684 jchu@odfjelldrilling.com
London, United Kingdom 13 February 2025 Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Kilde

TekBot · februar 13, 2025, 6:01am

Odfjell Drilling Ltd. Reports for the Fourth Quarter of 2024 and Preliminary Results for the Financial Year Ended 31 December 2024

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:

“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, entering 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.
…

Vis børsmeldingen

“We are also delighted to share that we are more than doubling our dividend payments with a first increase to USD 12.5 cents per share. This substantial increase highlights our strong financial performance and confidence in future cash flow. With the SPS program nearing completion, and our rigs continuing going onto higher day rates and adding more backlog, we are in a strong financial position to return more capital to our shareholders in quarters and years to come."

Q4 Highlights:

Higher Day Rates Beginning to Positively Impact Financial Results

· Q4 Revenue of USD 204 million
· Q4 EBITDA of USD 93 million
· 96% Financial Utilisation

Dividend More Than Doubled

· Dividend increased to 12.5 cents per share from 6 cents per share
· Total Q4 dividend of USD 30 million
· Well-positioned to further increase shareholder distributions going forward

More Backlog Secured, Own Fleet Sold Out Until 2027

· Extension of existing contract on Deepsea Atlantic by nearly twelve months
· Total order backlog of USD 1.9 billion of firm contracts

o USD 0.1 billion from priced options

Reduced Instalments Agreed

· Quarterly instalments on the Deepsea Nordkapp term loan facility reduced between Q1 2025 and Q4 2026

· Deferred instalments totaling USD 34.2 million will instead be due at maturity of the facility in Q1 2029

Balance Sheet and Liquidity Remains Strong

· Leverage ratio of 1.6x
· Equity Ratio of 63%
· Available Liquidity of USD 217 million

Chief Executive Officer Kjetil Gjersdal, Chief Financial Officer Frode Syslak and Investor Relations Officer James Crothers will be hosting a webcast and Q&A session at 2:00pm CET to discuss the results.

Stakeholders can either use the following link for the webcast or listen via telephone using the details below.

Webcast details: https://brrmedia.news/OD3_Q4_24

Conference call:

USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote Odfjell Drilling Q4 Results when prompted by the operator.

For further queries, please contact:

James Crothers, Investor Relations Officer +44 (0) 7495 067 684 jchu@odfjelldrilling.com
London, United Kingdom 13 February 2025 Odfjell Drilling Ltd

This information is published in accordance with the requirements of the Oslo Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Kilde

TekBot · februar 28, 2025, 6:00am

Odfjell Drilling Ltd. – Ex Dividend Q4 2024

TekBot · mars 17, 2025, 2:56pm

Financial calendar

TekBot · mars 24, 2025, 4:05pm

Change to Executive Management Team

Odfjell Drilling Ltd. announces that Frode Skage Syslak, Chief Financial Officer, has decided to step down from his role no later than 1 September 2025 to assume the position as Senior Vice President, Finance. He will be succeeded as CFO by Ørjan Lunde.

Ørjan Lunde is currently the CEO of Kristian Gerhard Jebsen Skipsrederi AS, a renowned Norwegian shipowner, where he was CFO from 2019 before taking the role as CEO in January 2024. Ørjan held several key roles within finance management in Odfjell Drilling from 2015 to 2019. Prior to this, he held CFO positions at Ocea and Reef Subsea. Ørjan holds a Master’s degree from the Norwegian School of Economics (NHH) and began his career in EY in 2000 before moving to Nordea in 2007.
…

Vis børsmeldingen

Kjetil Gjersdal, CEO of Odfjell Drilling AS says: “I would like to thank Frode Skage Syslak for excellent execution during his three years as CFO. His dedication and expertise have played a key role in steering Odfjell Drilling to the outstanding position we hold today. I am pleased that Frode will continue to work for us in a key position.

"We are also pleased to welcome Ørjan Lunde back to the company and are confident that his strategic capabilities and top management experience will greatly contribute to our continued success.”

Frode Skage Syslak says: “It has been a true privilege to serve as CFO in Odfjell Drilling since we spun off Odfjell Technology in March 2022. Working closely with our high-performing team to deliver superior shareholder returns and to position Odfjell Drilling for long-term success has been incredibly rewarding, but I now look forward to transitioning into a new role with a slightly different focus and responsibility.”

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
24 March 2025
Odfjell Drilling Ltd

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

Savepig · mars 24, 2025, 4:22pm

TekBot · april 1, 2025, 5:00am

Odfjell Drilling Ltd. Appointment of Non-Executive Director

Odfjell Drilling Ltd. is pleased to announce the appointment of Alasdair Shiach as a Non-Executive director of the Company, effective immediately. His appointment brings the Board’s size to five.

Mr Shiach previously served on the Board of Odfjell Drilling Ltd prior to the spin off of Odfjell Technology in March 2022. He has 40 years of experience internationally in the Oilfield Service sector, holding senior executive positions in Norway, UAE, Saudi Arabia and USA. He currently serves on the board of Odfjell Technology Ltd and some subsidiaries within that group, as well as serving on the board of Welltec International. Mr Shiach has a Bachelor’s degree in Business Studies from Robert Gordon’s University in Aberdeen, Scotland.
…

Vis børsmeldingen

Simen Lieungh, Chair of Odfjell Drilling Ltd commented: “On behalf of the Board, I would like welcome Alasdair back to Odfjell Drilling. His extensive operational experience and knowledge of Odfjell will be of great value to our Company.”

For further queries, please contact:

James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom

01 April 2025

Odfjell Drilling Ltd

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Kilde