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Odfjell Drilling Ltd : Report for the first quarter 2015

22.05.2015

Odfjell Drilling reports for the first quarter of 2015:

  • Operating revenue of USD 240 million
  • EBITDA of USD 71 million
  • Net profit of USD 18 million

The results in the first quarter are negatively impacted by a further drop in activity level for our engineering and well services business and by a negative result in Deep Sea Metro due to one of its two drillships being idle in this quarter. This has partly been compensated by good performance on our wholly owned mobile drilling units.   

"The Group's financial results for the first 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 for a period going forward" says CEO, Simen Lieungh.

Odfjell Drilling reports the following material events:

  • Deepsea Aberdeen commenced on its 7-year contract in April
  • Deepsea Metro I secured new employment in Vietnam
  • Dividends for the financial year 2014 and share buy-back program suspended

Please see the attached report for the first quarter of 2015.

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
22 May 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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