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Odfjell Drilling Ltd (ODLL.OL)

ODLL.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Odfjell Drilling Q3 beats forecast, sees signs of market stabilization
Thursday, 23 Nov 2017 

Nov 23 (Reuters) - Odfjell Drilling Ltd :q3 ebitda $‍81​ million (Reuters poll $69.8 million).q3 revenues $‍178​ million (Reuters poll $162 million).q3 ebit $41 million (Reuters poll $31 million).Group's contract backlog is $2.6 billion, whereof $1.3 billion is firm backlog​.Says ‍oil service market remains weak, but sees clear signs of market stabilization and an increasing number of enquiries.Says uncertainties and volatility in today's financial markets represent a risk for the group with respect to funding, and hence the going concern principle, should these market conditions continue over time.Says market for rig financing is still challenging and additional funding sources may not be available to the Group in the future for refinancing existing facilities as they mature.Says with a volatile rig market and illiquid second-hand market, there is a risk that future broker valuations may not meet the minimum value clauses agreed with lenders.Says market outlook and contract situation for the group's mobile offshore drilling units may also affect.covenant risk since reduced revenues from drilling operations directly affect the operating results and cash flow from operations.  Full Article

Odfjell Drilling Q2 above forecast, takes $158.5 mln impairment
Thursday, 25 Aug 2016 

: Odfjell Drilling Q2 revenues $183 million (Reuters poll $192 million) . Odfjell Drilling Q2 EBITDA $73 million (Reuters poll $62.0 million) . Odfjell Drilling Q2 net result $9 million (Reuters poll $2 million) . Says mobile drilling units "Deepsea Atlantic" and "Deepsea Stavanger" have been written-down as at 30 September 2015 in the total amount of USD 158.5 million (not included in Q2 2016 figures but has effect on historical figures, impairment comes after discussions with The financial supervisory authority of Norway. Old figures are restated) . Says have received firm offer from bank syndicate to refinance drilling units Deepsea Atlantic and Deepsea Stavanger . Says drilling and oil service market remains weak with no signs of improvement near term . The Group’s contract backlog is USD 3.0 billion, whereof USD 1.8 billion is firm backlog. The comparable figure at the end of Q2 2015 was USD 4.2 billion, whereof USD 2.2 billion was firm backlog Further company coverage: [ODLL.OL] (Reporting By Joachim Dagenborg) ((joachim.dagenborg@thomsonreuters.com;)).  Full Article

Odfjell Drilling: Norway's FSA requests impairments for two rigs
Thursday, 26 May 2016 

Odfjell Drilling : Q1 revenues $158 million (Reuters poll $155 million) . Q1 EBITDA $44 million (Reuters poll $42.3 million) . Q1 net result $-21 million (Reuters poll $-15.5 million) . Says Norway's FSA has requested impairments for two rigs, company says disagrees and may appeal . Say strategic focus areas are "to strengthen our order backlog and improve our financial flexibility" . Says within the next few years we believe the continued scrapping of older rigs in combination with required exploration and development drilling will bring the market back to balance and subsequent improved day rates . Says weakening of the drilling and oil service market has continued since year-end 2015 and firm do not see any signs of improvement near- to medium term . Order backlog at $3.3 billion .Says is working to conclude the re-financing of $950 million debt facility ahead of November 2016 maturity.  Full Article

Odfjell Drilling Ltd wins rig contract from JX Nippon
Monday, 18 Jan 2016 

Odfjell Drilling Ltd:JX Nippon Exploration and Production has awarded Odfjell Drilling's semi- submersible Deepsea Stavanger a contract for drilling one exploration well located West of Shetland on the UK Continental Shelf.Contract duration is estimated to be between 60 and 75 days and expected commencement is Q2 2016.  Full Article