Odfjell Drilling (ODL) Q3 2026 earnings summary

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.