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

25.11.2015

  • Operating revenue of USD 222 million
  • EBITDA of USD 92 million
  • EBIT of USD 49 million
  • Net profit of USD 6 million


"The Group's financial results reflect high operational efficiency on all units in operation but were   impacted by the finalization of Deepsea Atlantic's contract, the special periodic survey for Deepsea Bergen and lower activity in Norway and pressure on rental prices in Well Services.

Odfjell Drilling has over time implemented several measures to reduce cost levels throughout the organisation. The initiatives have already had a positive effect.  The company will implement further cost cuts and efficiency improvement programs to remain competitive and robust in the current market. We take the necessary steps to maintain our manoeuvrability through a period of continued weak market conditions which we expect will last over the next years" says CEO, Simen Lieungh.

Odfjell Drilling reports the following material events:

  • Deepsea Stavanger secured contract with Wintershall on the Maria field.
  • Deepsea Atlantic ended its contract with Statoil and is laid up awaiting start-up on the Johan Sverdrup field.
  • Deepsea Bergen finalized a successful special periodic survey on time and within budget.

               

Please see the attached report for the third 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
25 November 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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