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Winner, Winner: The Chicken McNugget Story
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Odfjell Drilling
Odfjell Drilling (ODL) investor relations material
Odfjell Drilling Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 operating revenue was $265m and EBITDA $130m; net profit was $56m, including $5m from discontinued operations.
Downtime at Deepsea Atlantic weighed on results; all owned units were operational by quarter-end, and backlog reached $2.5bn after new awards and extensions.
Recent contract awards added well over $700m of firm backlog.
Financial highlights
Q3 revenue rose to $265m from $234m YoY; EBITDA increased to $130m from $119m, while EBITDA margin was 49% vs. 51%.
Net profit from continuing operations was $51m, compared with $55m in Q3 2025; Q3 EBIT was $76m vs. $74m.
YTD revenue was $800m vs. $656m; EBITDA was $446m vs. $326m; continuing-operations net profit was $181m vs. $127m.
Operating revenue comprised $235m from the owned fleet and $31m from the external fleet.
Outlook and guidance
Owned units are contracted through at least end-2027; Deepsea Atlantic is the first available unit, subject to Equinor priced options.
Deepsea Bergen’s Vår Energi contract extends firm backlog to early 2031, with four priced one-year options potentially extending work to early 2035.
Deepsea Nordkapp’s one-year Aker BP extension takes firm backlog through 2028; the rate will be set by two independent rig brokers before end-2026.
Remaining Deepsea Atlantic incident cash outflows are expected to be covered by insurance; payment timing may affect cash flow.
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Latest events from Odfjell Drilling
- Strong Q2 with $251M revenue, high EBITDA, reduced leverage, and full fleet backlog into 2027.ODL
Q2 2026 - Strong Q1 results, higher dividend, and robust backlog despite Deepsea Atlantic downtime.ODLQ1 2026
- Record financials, major rig acquisition, and strong backlog drive higher dividends and outlook.ODLQ4 2025
- Acquisition of Deepsea Bollsta boosts EBITDA and backlog, supporting strong cash flow and returns.ODLCompany Presentation
- Record Q2 results, higher dividends, full fleet booking, and strong financial outlook.ODLQ2 2025
- Strong Q3, high utilisation, and a USD 2B backlog support plans for higher dividends.ODLQ3 2024
- Q2 2024 saw revenue, profit, and backlog rise, with high utilisation and a strong outlook.ODLQ2 2024
- Record EBITDA, higher dividends, and strong backlog drive robust Q1 2025 performance.ODLQ1 2025
- Record revenue, doubled dividend, and full fleet backlog until 2027 highlight strong momentum.ODLQ4 2024
Next Odfjell Drilling earnings date
Q4 202625 Feb, 2027
Odfjell Drilling
Next Odfjell Drilling earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Odfjell Drilling is an international offshore drilling and well service company primarily serving the oil and gas industry. The company specializes in the operation of semi-submersible drilling rigs and drillships, offering services for both exploration and production activities. Odfjell Drilling also provides integrated drilling and well services, including engineering support, maintenance, and project management, to optimize drilling operations. The company operates in various regions, including the North Sea, West Africa, and Southeast Asia, with a focus on deep-water and harsh-environment drilling. The company is headquartered in Bergen, Norway, and its shares are listed on the Oslo Stock Exchange.