Odfjell Technology reports first-quarter 2026 revenue of NOK 1,374 million and EBITDA of NOK 188 million. Adjusted EBITDA was NOK 204 million, after NOK 16 million of one-off costs primarily related to the acquisition of Kaseum and Razor, completed during the quarter. The EBITDA margin was 14%.
Firm contract backlog increased to NOK 7.3 billion, supported by a 5.5-year firm contract awarded by ConocoPhillips Skandinavia AS for integrated services in the North Sea and a 3-year platform drilling contract awarded by EnQuest PLC for the Magnus platform in the UK. Total contract backlog was NOK 11.6 billion.
Acquisition of Kaseum and Razor completed
The acquisition of a 70% stake in Kaseum Holdings Ltd and Razor Oiltools Ltd was completed on 9 March 2026. The transaction broadens the Group’s position in lightweight well intervention and Plug & Abandonment, while adding proprietary technology and a higher-margin earnings stream to Well Services.
Integration is progressing as planned. Q2 2026 will be the first full quarter consolidated. The acquired businesses contributed NOK 11 million in EBITDA from the date of acquisition.
Refinancing and liquidity
Odfjell Technology completed a NOK 600 million tap issue under the existing senior secured bond in February, used in part to fund the acquisition and to repay the drawn amount on the revolving credit facility. Available liquidity was NOK 1.0 billion at quarter-end and the leverage ratio was 1.4x.
Odfjell Technology AS CEO Simen Lieungh comments:
'Q1 was a quarter focused on building the platform for the next phase. We completed the acquisition of Kaseum and Razor, secured two material multi-year contracts with ConocoPhillips and EnQuest, and strengthened our funding through the bond tap.
Underlying operations performed in line with expectations, and we are continuing to drive margin and cash conversion through the performance improvement programme.
A broader capability set, improved revenue visibility and a stronger balance sheet position us well for the remainder of 2026 and into 2027.'
Highlights of the quarter
- Revenue of NOK 1,374 million
- EBITDA of NOK 188 million (NOK 204 million adjusted)
- EBITDA margin of 14%
- Firm backlog of NOK 7.3 billion ; total backlog of NOK 11.6 billion
- Available liquidity of NOK 1.0 billion ; leverage ratio of 1.4x
- NOK 600 million senior secured bond tap issued in February
- Acquisition of Kaseum and Razor completed on 9 March
- 5.5-year firm contract awarded by ConocoPhillips and 3-year platform drilling contract awarded by EnQuest
Source: Odfjell Technology
