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Norway's Odfjell Technology Q3 results boosted by well services unit

By Reuters News


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


Reuters Recommended Reads

  • Nov 2 - Fish farmer Bakkafrost Q3 operational EBIT rises on FOF segment growth

  • Nov 2 - Vitesse Energy Q3 revenue beats estimates on higher realized prices

  • Nov 2 - Valaris Ltd Q3 revenue rises 10% on drillship contracts


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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