Norway's Odfjell Technology Q3 results boosted by well services unit
Overview
Norway oilfield services firm's Q3 revenue rose, with EBITDA up 19% yr/yr and margin improved
Well Services segment drove EBITDA growth, with revenue up 29% yr/yr
Company resumed quarterly dividend after pausing for acquisitions earlier in 2026
Outlook
Company expects stable activity for rest of 2026 and improving fundamentals into 2027
Company sees opportunities to grow Well Services in international markets
Company resumes quarterly dividend at NOK 1.52 per share, NOK 60 mln total
Result Drivers
WELL SERVICES SEGMENT - Co said Well Services segment drove yr/yr EBITDA improvement, with revenue up 29% and EBITDA up 30%
ACQUISITIONS - Kaseum and Razor acquisitions contributed NOK 69 mln revenue and NOK 34 mln EBITDA in Q3
CASH GENERATION - CEO said higher earnings were converted to cash, supporting financial position
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | NOK 1.40 bln | ||
Q3 EBITDA | NOK 241 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 29.2% above its November 2 closing price of NOK61.90
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago
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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.)