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Odfjell Drilling Ltd: Odfjell Drilling reports for the fourth quarter of 2014:

25.02.2015

  • Operating revenue of USD 268 million
  • EBITDA of USD 21 million
  • Net loss of USD 27 million

The results in the fourth quarter are negatively impacted by a USD 73 million loss from impairment revaluation write-down in connection with the Group's investment in Deep Sea Metro. Adjusted for the loss from this impairment revaluation, the EBITDA is USD 93 million and the Net profit is USD 46 million in the fourth quarter of 2014,    

"The Group's financial results for the fourth quarter are satisfactory seen on the background of the current market situation. We are implementing adequate measures to remain competitive and robust under these market conditions which we expect will continue over the next years," says CEO, Simen Lieungh.

Odfjell Drilling reports the following material events:

  • Yard delivery of Deepsea Aberdeen in November 2014. The rig is currently in transit to West of Shetland where it is expected to commence on its long-term drilling contract with BP in March 2015.
  • Dividends suspended  for the financial year 2014.
  • Share buy-back program is suspended.

Please see the attached report and presentation for the fourth quarter of 2014.

The Presentation will be used as a basis for today's investor conference call at 15.00hrs CET.

There will be a Q&A session subsequent to the management presentation. Information on how to submit questions to management will be given at the beginning of the Q&A session.

Please dial in 5-10 minutes prior to the start time using any of the numbers and the confirmation code below:

Oslo, Norway: +4723162729

New York, United States of America: +1718 354 1152

London, United Kingdom: +44(0)20 7136 6283

Stockholm, Sweden: +46(0)8 5065 3936

Helsinki, Finland: +358(0)9 6937 9543

Paris, France: +33(0)1 76 77 22 20

Frankfurt, Germany: +49(0)69 2222 10626

Amsterdam, Netherlands: +31(0)20 721 9158

Brussels, Belgium: +32(0)2 789 2126

The Odfjell Drilling confirmation code is: 2586736


Participants will be asked for name, company and confirmation code.

This investor conference call will replace the media- and analysts presentation in Oslo.

 

For further queries, please contact:

Investor Relations:
Lasse H. Johannesen, Vice President Corporate Finance & Investor Relations
+47 995 06 908 / laj@odfjelldrilling.com

Media contact:
Gisle Johanson, SVP Communications
+47 414 40 050 / gijo@odfjelldrilling.com

Hamilton, Bermuda
25 February 2015
Odfjell Drilling Ltd.

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

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