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Odfjell Drilling Ltd (ODLL.OL)

ODLL.OL on Oslo Stock Exchange

28 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Odfjell Drilling in rig deal with OMV
Friday, 21 Apr 2017 06:48am EDT 

April 21 (Reuters) - Odfjell Drilling Ltd :Deepsea Bergen rig signs a one well contract with OMV.Signed a firm contract with OMV for one firm "high pressure high temperature"-well ("hpht-well") in pl 644 plus options for two additional hpht-wells on norwegian continental shelf.Contract commencement is scheduled to q1 2018 and has an expected duration of approx. 100 days (excluding options).  Full Article

Odfjell Drilling signs $55 mln deal offshore South Africa
Wednesday, 1 Mar 2017 02:12am EST 

Odfjell Drilling Ltd : Has signed a conditional letter of award with oil major for a one well contract to be drilled by Deepsea Stavanger, offshore South Africa . Contract value including compensation for mobilization/demobilization period is estimated up to $55 million . Company expects drilling of well to take 60-80 days .Contract commencement is back to back with completion of the upcoming contract with Wintershall Norge on the Maria field.  Full Article

Odfjell Drilling q4 EBITDA beats forecast, takes $80 mln impairment
Tuesday, 28 Feb 2017 01:36am EST 

Odfjell Drilling Ltd : Odfjell drilling q4 revenues $149 million (Reuters poll $162 million) . Odfjell drilling q4 ebitda $78 million (Reuters poll $62.0 million) . Odfjell drilling q4 net result $-75 million (Reuters poll $2 million) . Usd 80 million in total impairment write-down of deepsea atlantic and deepsea stavanger . The drilling and oil service market remains weak, but there are however signs of market stabilization and a modestly increasing number of enquiries . Due to the substantial supply of new build rigs in recent years, especially in the UDW market (ultra deepwater), the gap between supply and demand is significant . The effect of the efficiency programs carried out by the oil companies have led to a substantial cost reduction in field development and production . This combined with an increased oil price is expected to lead to an increased activity level in the medium to long term .Within the next few years we believe the continued scrapping of older midwater and harsh environment units in combination with required exploration and development drilling will bring the harsh environment market back to balance and subsequent improved day rates.  Full Article

Odfjell Drilling participates in Deepsea Metro I restructuring
Monday, 27 Feb 2017 02:09am EST 

Odfjell Drilling Ltd : Participation in Deepsea Metro I financial restructuring . Odfjell Drilling AS, a subsidiary of Odfjell Drilling Ltd. is the manager of the drillship Deepsea Metro I, a vessel owned by Golden Close Maritime Corp, a company owned 40 pct by Odfjell Drilling through Deep Sea Metro Ltd . Odfjell Drilling has decided to contribute to a solution, whereby Odfjell Drilling AS as part of a larger restructuring of GCMC has accepted to enter into a four year management contract with a reduced fee, in return of receiving USD 40 million in bonds issued by GCMC. After the restructuring has been completed, it will hold approximately 9 per cent of the senior secured bonds and the convertible bonds issued by GCMC .Odfjell Drilling's current indirect shareholding in GCMC, which was written down to zero in an impairment write down made in the second quarter of 2015, will be reduced to about nil after the restructuring.  Full Article

Odfjell Drilling Q2 above forecast, takes $158.5 mln impairment
Thursday, 25 Aug 2016 02:06am EDT 

: 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 01:48am EDT 

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 01:48am EST 

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

Odfjell Drilling Ltd: Positive tax effect from Supreme Court ruling
Tuesday, 15 Dec 2015 01:59am EST 

Odfjell Drilling Ltd:Received a Supreme Court verdict Ruling in favour of Odfjell Rig Ltd for tax assessment for Years 2009 - 2011.Estimated effect of verdict on Odfjell Drilling's consolidated profit statement in 2015 is a reversal of booked tax expenses of nok 400 million plus interest and a corresponding positive equity effect.  Full Article

Odfjell Drilling in $175 mln deal from April 2017
Monday, 7 Sep 2015 06:39am EDT 

Odfjell Drilling Ltd:Wins drilling contract for the Maria field development for the semi-submersible Deepsea Stavanger.Contract is with Wintershall Norge Firm contract is for six wells with an expected duration of 574 days and an estimated contract value of $175 million.Contract commencement is estimated to April 1, 2017.Contract additionally contains a one-well option prior to firm contract and two wells after firm period.Estimated contract value of optional wells is $98 million.Continues to market rig in order to secure temporary employment for Deepsea Stavanger to fill gap to its start-up on the Maria field.  Full Article

Odfjell Drilling says to initiate process to sell Deepsea Metro II
Friday, 14 Aug 2015 04:34am EDT 

Odfjell Drilling Ltd:The board of directors of Chloe Marine Corporation Ltd. has formally resolved to initiate a process to sell the ultra deepwater drillship "Deepsea Metro II".Has appointed Pareto Offshore AS as exclusive broker for the sale of the vessel.The ultra deepwater drillship, Deepsea Metro II, is owned by Chloe Marine Corporation Ltd, a company owned by Deep Sea Metro Ltd., a joint venture between Metro Exploration (60%) and Odfjell Drilling (40%).Odfjell Drilling is the manager of the vessel.  Full Article

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