Norway's Odfjell Technology Q2 EBITDA rises 19% on acquisitions
Norway's Odfjell Technology Q2 EBITDA rises 19% on acquisitions
Overview
Norway oilfield services firm's Q2 2026 revenue and EBITDA rose yr/yr, margin improved
Kaseum and Razor acquisitions contributed NOK 35 mln to EBITDA in first full quarter
Company paused dividend to fund acquisitions, plans to resume after Q3
Outlook
Company expects North Sea activity to hold steady through 2026
Company sees rig count increasing into 2027
Odfjell Technology intends to resume dividend payments following third quarter reporting
Result Drivers
ACQUISITIONS - Kaseum and Razor contributed NOK 35 mln to EBITDA in their first full quarter, strengthening position in lightweight well intervention and Plug & Abandonment
UNDERLYING BUSINESS IMPROVEMENT - Co said underlying business improved on both revenue and margin, with EBITDA excluding acquisitions up 2% yr/yr and 8% from Q1
ORDER INTAKE AND BACKLOG - Order intake was NOK 1.1 bln in Q2; firm contract backlog was NOK 7.2 bln and total backlog NOK 11.4 bln at quarter-end
Company press release: ID:nObikwQdma
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| NOK 1.40 bln |
|
Q2 EBITDA |
| NOK 243 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas drilling peer group is "buy."
Wall Street's median 12-month price target for Odfjell Technology Ltd is NOK80.00, about 34% above its August 19 closing price of NOK59.70
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago
Reuters Recommended Reads
Aug 18 - Norway's Odfjell Drilling Q2 profit aided by insurance proceeds
Aug 19 - Norway's Dolphin Drilling Q2 revenue falls on lower mobilisation income
Aug 18 - Norway's Reach Subsea Q2 revenue jumps on higher project activity
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)