Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“In 2025, Odfjell Drilling completed its SPS program, expanded its fleet,
completed a major refinancing, secured new contracts, and beat operational and
financial records quarter after quarter. To say we have had a busy year would be
an understatement. I am proud of what we achieved last year, yet we can’t allow
ourselves to become complacent. We will continue to push ourselves to maintain
our leading position in the harsh environment market.
“The acquisition of Deepsea Bollsta was a standout moment for the Group. The
deal added a fantastic unit with good backlog, limited capex requirements and
low operational risk, whilst further cementing our market position in Norway.
“2025 was a great year for our business and we are excited about what lies
ahead.
Q4 Highlights:
SUCCESSFULLY COMPLETED RIG ACQUISITION AND REFINANCING
o Purchased Deepsea Bollsta for USD 480 million ; effective date of 15 December
2025
o Added an estimated USD 100 million in annual EBITDA with limited capex going
forward
o Refinanced debt facilities at lower cost, improving flexibility and extending
final maturities until 2031
o New USD 650 million bond secured with coupon of 7.25%
o Entered into bank facilities totalling USD 550 million of which USD 300
million is structured as revolving credit facilities
NEARLY USD 1 BILLION OF FIRM ORDER BACKLOG ADDED
o Added contract backlog secured with Equinor for use of the Deepsea Bollsta
until 2028
o Contract extension agreed with Aker BP for use of the Deepsea Nordkapp until
2028
o Extension of contract secured on Deepsea Aberdeen, extending its firm contract
coverage until 2029
STRONG OPERATIONAL PERFORMANCE AND FINANCIAL RESULTS
o 98% Financial utilisation, adding to the Group’s 10-year average of 97%
financial utilisation
o Revenue of USD 245 million
o EBITDA of USD 124 million, inclusive of USD 4 million contribution from
Deepsea Bollsta from mid-December
o Net profit of USD 45 million, impacted by USD 18 million in costs expensed in
relation to the refinancing
DIVIDEND INCREASED
o Dividend increased to 23 cents per share from 20 cents per share
o Total Q4 dividend of USD 55 million
Chief Executive Officer Odfjell Drilling AS Kjetil Gjersdal, Chief Financial
Officer Odfjell Drilling AS Ørjan Lunde and Investor Relations Officer James
Crothers will be hosting a webcast and Q&A session at 2:00pm CET to discuss the
results.
Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.
Webcast details:
https://brrmedia.news/ODFDR_Q4
Conference call:
Dial in number(s) Norway Toll Free: 800 19 458
UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
Password (if prompted) Please quote ‘Odfjell Drilling Q4’ when prompted by the
operator
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
25 February 2026
Odfjell Drilling Ltd
This information is published in accordance with the requirements of the Oslo
Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.