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Odfjell Drilling Ltd : Odfjell Drilling reports for the second quarter of 2015

26.08.2015

  • Operating revenue of USD 286 million
  • Negative EBITDA of USD 156 million
  • Adjusted* EBITDA of USD 89 million
  • Net loss of USD 224 million

*)The results in the second quarter are negatively impacted by the impairment write-down on the two drillships, Deepsea Metro I and Deepsea Metro II, and an impairment write-down of the Group's remaining investment in Deepsea Metro Ltd, totalling USD 245 million.   

"The Group's financial results, adjusted for the write-down in Deep Sea Metro, reflect high operational efficiency on all units in operation. Our newbuild, Deepsea Aberdeen, has performed excellent during its first months in operation. Odfjell Drilling have implemented several measures to reduce cost levels throughout the organisation. The initiatives have already had a positive effect and further cost cuts and efficiency improvement programs are being implemented to remain competitive and robust in the current market. We prepare for the conditions which we expect will continue over the next years" says CEO, Simen Lieungh.

Odfjell Drilling reports the following material events:

  • Deepsea Aberdeen commenced drilling operations.
  • Deepsea Atlantic and Platform Drilling secured new long-term employment on the Johan Sverdrup field.
  • Deepsea Metro I commenced on its contract in Vietnam.
  • A sales process of Deepsea Metro II has been initiated.   

Please see the attached report for the second 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
26 August 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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