Odfjell Technology (OTL) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly EBITDA of NOK 243 million in Q2 2026, with margin rising to 17.4% from 14.8% in Q1, driven by Kaseum & Razor acquisitions and cost discipline.

• Revenue reached NOK 1.4 billion, up 1.5% year-over-year and sequentially, with stable activity across all segments.

• Strong order intake of NOK 1.1 billion and a firm order backlog of NOK 7.2 billion, supporting revenue visibility.

• Kaseum and Razor contributed NOK 35 million to EBITDA in their first full quarter post-acquisition.

• Major contracts commenced with ConocoPhillips, EnQuest, and Adura Energy, with Mariner platform operations extended to November 2028.

Financial highlights

• Q2 2026 revenue: NOK 1,395 million (Q2 2025: NOK 1,373 million); EBITDA: NOK 243 million (Q2 2025: NOK 193 million), margin 17.4%.

• Net profit for Q2 2026 was NOK 84.1 million, up from NOK 49.2 million in Q1 2026 and NOK 81.8 million in Q2 2025.

• Free cash flow turned positive at NOK 46 million, up from negative NOK 64 million in Q1 and negative NOK 73 million in Q2 2025.

• Available liquidity at quarter-end was NOK 1 billion; leverage ratio at 1.3x.

• Revenue backlog: NOK 11.4 billion, with NOK 7.2 billion firm.

Outlook and guidance

• Market fundamentals expected to improve in H2 2026 and into 2027, with stronger P&A demand and increased rig count in the North Sea.

• Dividend payments paused for Q2 and Q3 2026 to prioritize strategic investment; expected to resume in Q4 2026.

• Growth focus on Middle East, Americas, and leveraging Well Services international network.

• Working capital expected to release in the second half, especially Q4.

• Well Services and Operations segments anticipate stable or growing demand in core and new markets.