Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented: 'In the last six months, Odfjell Drilling has been focused on delivery.
'In addition to strong operational performance, we completed our final two SPS and upgrade projects on time and on budget, paid substantial dividends to shareholders and further deleveraged our balance sheet, whilst maintaining our position as the premier harsh environment driller.
'With our fleet upgraded and secured with significant backlog, shareholders can expect reduced capex commitments, increasing revenue generation, and further distributions. This has already begun, with Q2 2025 setting new records for Revenue, EBITDA, Net Profit and Dividends.'
Q2 Highlights:
New financial records set due to increased day rates and strong utilisation
- Q2 Revenue of USD 219 million
- Q2 EBITDA of USD 108 million
- Q2 Net Profit of USD 42 million
- 92% Financial Utilisation, reflecting downtime due to SPS on Deepsea Aberdeen
Returning to shareholders
- Dividend increased to 18 cents per share from 16 cents per share
- Total Q2 dividend of USD 43.2 million
- Well placed to continue to increase shareholder distributions with fleet moving to continually higher day rates
All SPS programs now completed
- Both Deepsea Aberdeen and Deepsea Stavanger SPS completed on budget and on time
- Next SPS is the Deepsea Nordkapp in late 2028.
Credit Rating Increased to B1 by Moody’s
- Moody’s increased its credit rating for the Company to B1, reflecting the Company’s earnings visibility, declining capital spending and debt amortisation
Balance Sheet Strengthened
- Leverage ratio of 1.3x
- Equity Ratio of 64%
- Available Liquidity of USD 217 million
Source: Odfjell Drilling
