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Odfjell Drilling (ODL) investor relations material
Odfjell Drilling Company Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Financial highlights
Market capitalisation stands at USD 2.0bn, with a pro forma Q3 2025 EBITDA run-rate of USD 576m and a net leverage ratio of 1.7x.
Pro forma firm backlog is USD 2.3bn as of Q3 2025, with available liquidity of USD 244m and an equity ratio of 54%.
Acquisition of Deepsea Bollsta expected to add USD ~100m in annual EBITDA and USD ~355m in firm backlog.
Acquisition fully debt-financed, lowering bond coupon from 9.25% to 7.25% and securing no debt maturities until 2031.
Balance sheet remains robust with pro forma net debt of USD 996m and leverage ratio of 1.7x.
Strategic developments and acquisitions
Acquired Deepsea Bollsta, a modern harsh environment rig, for USD 480m, significantly below replacement cost.
Deepsea Bollsta is contracted with Equinor, providing a 2.1-year firm period and five one-year options.
Acquisition increases scale and strengthens position in the high-end harsh environment market.
Low operational and integration risk as the rig has been under management since February 2022.
Capital structure and refinancing
Acquisition fully debt-financed while maintaining prudent leverage and visibility on deleveraging.
Optimized capital structure with improved cost and amortisation profile; average annual amortisation of USD 94m over five years.
No debt maturities until 2031, with credit ratings unchanged at B1/B+ (company) and B1/BB (bond).
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