OTL - Odfjell Technology Ltd reports for the First Quarter of 2025

16 May 2025 07:15 CEST

Odfjell Technology Ltd is pleased to report its financial and operational
results for the three-month period ended 31st March 2025.

Q1 Highlights:

- Revenue of NOK 1,330m
- EBITDA of NOK 193m
- EBIT of NOK 122m
- Net profit of NOK 79m
- Leverage ratio of 0.9X
- Available liquidity of NOK 938m
- Backlog of NOK 13.1bn
- Q1 dividend of NOK 60m

For the full results, please see the attached report and presentation.

Key updates
- Equity investment for 10% stake in Reelwell AS
- Expansion of Powered Wire Drill Pipe contract with Vår Energi
- Extension of platform drilling contract with ConocoPhillips
- Successful start-up of operations on Visund and Brage
- New contract signed for Tubular Running Services with ConcoPhillips
- BSP Brunei mobile workover contract terminated

Simen Lieungh, CEO of Odfjell Technology AS, commented:

"Activity levels and operational performance remained stable across all segments
in the first quarter, with margin improvements compared to Q4 2024. Reported
EBITDA was NOK 193 million, after NOK 4 million in one-off and restructuring
costs related to our Performance Improvement Program.

Our operations are primarily in stable markets with resilient activity levels,
supported by a strong link to oil and gas production - an area typically less
exposed to industry cyclicality. Combined with our solid contract portfolio and
ongoing performance initiatives, we are well positioned to deliver stronger
earnings in the second half of 2025.

Cash flow was impacted by elevated capital expenditures and seasonal working
capital build-up. We expect both capex and working capital levels to decline in
the second half of the year, supporting improved cash generation.

The cash dividend of NOK 60 million (NOK 1.52 per share) declared this quarter,
maintains the level from the two previous quarters. At the current share price,
this represents a direct annualised yield of approximately 14%."


Chief Executive Officer Simen Lieungh, Chief Financial Officer Jone Torstensen
and SVP Finance & Investor Relations Gert Haugland, of Odfjell Technology AS
will be hosting a webcast Friday 16th May 2025 to present the results, as well
as providing an outlook for the Company, at 09:30am UK time / 10:30am Norway
Time.


Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.

Information on how to submit questions will be given at the beginning of the Q&A
session.

Please join the event 5-10 minutes prior to scheduled start time.

Webcast details:
https://brrmedia.news/ND4_Q1_25
Conference call details:

USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200

Password (if prompted), Quote “Odfjell Technology” when prompted by the
operator.
Participants will be asked for name and company.

For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0) 7796 547 889
gbas@odfjelltechnology.com

or

Gert Haugland, SVP Finance & Investor Relations
+47 92661638
gjha@odfjelltechnology.com

Aberdeen, United Kingdom
16th May 2025
Odfjell Technology Ltd


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

646627_OTL 2025 Q1 Investor presentation.pdf
646627_OTL_Report_for_the_1st_quarter_of_2025.pdf