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

29.02.2016

  • Operating revenue of USD 179 million
  • EBITDA of USD 69 million
  • EBIT of USD 31 million
  • Net profit of USD 37 million

The Group's financial results reflect high operational efficiency on units in operation but were   impacted by the temporary lay-up of Deepsea Atlantic, the finalization of Deepsea Stavanger's contract in Angola and lower activity and continued pressure on rental prices in Well Services.

"The quarterly results reflect both the challenging market conditions and the effect of our initiatives to reduce costs and capacity in our organisation. Our strategic focus areas are to strengthen our order backlog and improve our financial flexibility" says CEO, Simen Lieungh.
Odfjell Drilling reports the following material events: 

  • Deepsea Bergen finalized a successful special periodic survey on time and within budget.
  • Reversed tax expenses of USD 46 million following a positive tax court verdict
  • Deepsea Stavanger awarded one well job West of Shetland for JX Nippon commencing in Q2 2016
       

Please see the attached report for the fourth 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
29 February 2016
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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