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Odfjell Drilling Ltd : Q1 2016 Report

26.05.2016

Odfjell Drilling reports for the first quarter of 2016:

  • Operating revenue of USD 158 million
  • EBITDA of USD 44 million
  • EBIT of USD 3 million
  • Net loss of USD 21 million

The Group's financial results reflect high operational efficiency on drilling units in operation but were impacted by Deepsea Stavanger being laid-up the whole quarter and Deepsea Atlantic being idle up to it commenced drilling on the Johan Sverdrup field 1 March.

"The quarterly results reflect both the challenging market conditions and the effect of our continued initiatives to reduce costs and adjust 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 Atlantic commenced the drilling contract with Statoil on the Johan Sverdrup field on 1 March.
  • Deepsea Stavanger awarded a one well contract with JX Nippon. The rig commenced the contract West of Shetland on 10 May.
  • Platform drilling portfolio for Statoil in Norway will reduce from 7 to 2 platforms from October 2016.  

            
Please see the attached report for the first quarter of 2016.

For further queries, please contact:

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

Hamilton, Bermuda
26 May 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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