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Odfjell Drilling Ltd (ODLL.OL)

ODLL.OL on Oslo Stock Exchange

33.40NOK
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Odfjell Drilling Q3 beats forecast, sees signs of market stabilization
Thursday, 23 Nov 2017 02:21am EST 

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

NABORS ACQUIRES ROBOTIC DRILLING SYSTEMS AS
Tuesday, 5 Sep 2017 12:57pm EDT 

Sept 5 (Reuters) - Nabors Industries Ltd :NABORS ACQUIRES ROBOTIC DRILLING SYSTEMS AS.SAYS ACQUIRED ROBOTIC DRILLING SYSTEMS AS, PROVIDER OF AUTOMATED TUBULAR, TOOL HANDLING EQUIPMENT FOR ONSHORE, OFFSHORE DRILLING MARKETS.SAYS ‍AS PART OF TRANSACTION, CO IS CONTINUING AN ONGOING RELATIONSHIP WITH RDS'S LARGEST PRIOR SHAREHOLDER ODFJELL DRILLING​.  Full Article

Nabors Industries to buy Robotic Drilling Systems -Odfjell Drilling
Thursday, 31 Aug 2017 02:12am EDT 

Aug 31 (Reuters) - Odfjell Drilling Ltd said on Thursday::Robotic Drilling Systems to be sold to Nabors.Transaction will generate an estimated accounting gain for Odfjell Drilling of approximately $11 million.Shareholders of robotic drilling systems as ("rds") have today entered into an agreement to sell all shares in rds to nabors industries.Odfjell drilling holds, through its fully owned subsidiary odfjell drilling technology ltd, approximately 37% of shares in rds.Full amount will be recognized upon closing which is expected to occur in q3 2017. Completion of transaction is subject to customary closing conditions.Odfjell drilling and nabors have signed a memorandum of understanding with intention to establish a strategic cooperation agreement.Odfjell Drilling added: "We are very pleased to sell RDS to Nabors. In the 3 years Odfjell Drilling has been a shareholder in RDS, we have worked closely with the company to develop and field-prove its robotic drilling products. The company is now at the verge of full scale commercialisation and we are confident that Nabors, having a manufacturing group in Canrig, will be a good future home for this exciting technology.".  Full Article

Odfjell Drilling reports weaker than expected Q2 results
Wednesday, 30 Aug 2017 02:03am EDT 

Aug 30 (Reuters) - Odfjell Drilling Ltd :Odfjell drilling q2 revenues $165 million (reuters poll $164 million).Odfjell drilling q2 ebitda $72 million (reuters poll $74.7 million).Odfjell drilling q2 net result $ 11 million (reuters poll $15.7 million).Says the drilling and oil service market remains weak, but there are signs of market stabilization and an increasing number of enquiries.Says believes 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 subsequently improved day rates within the next few years.Says observe an increased tender activity in the european and middle east markets, however the over-supply of equipment will, in the short to medium term, continue to keep pressure on prices.  Full Article

Odfjell Drilling wins $68 mln contract from Aker BP
Thursday, 10 Aug 2017 04:55am EDT 

Aug 10 (Reuters) - ODFJELL DRILLING LTD :SAYS SIGNED A CONTRACT WITH AKER BP ASA FOR DEEPSEA STAVANGER RIG FOR A PERIOD OF APPROXIMATELY 9 MONTHS WITH COMMENCEMENT IN FEBRUARY 2018 AND COMPLETION AROUND OCTOBER 2018.SAYS THE ONTRACT VALUE IS ESTIMATED UP TO $68 MILLION.SAYS THE RIG WILL BE USED FOR EXPLORATION AND DEVELOPMENT DRILLING AT VARIOUS LOCATIONS IN THE NORWEGIAN SEA AND THE BARENTS SEA.  Full Article

Odfjell Drilling wins $55 mln contract
Tuesday, 4 Jul 2017 07:50am EDT 

July 4 (Reuters) - Odfjell Drilling Ltd :Odfjell drilling awarded a contract with total e&p south africa.Further to conditional letter of award ("CLOA") as announced on 1 march 2017, odfjell drilling has now been awarded contract as described in CLOA.Contract commencement shall be between june 2018 and april 2019 and shall be back to back with completion of ongoing contract with wintershall norge on maria field or any subsequent contract.Contract is awarded by total e&p south africa and is for a one well plus one optional well to be drilled by 6th generation semi-submersible, deepsea stavanger, offshore south africa.Contract value including compensation for mobilization/demobilization period is estimated up to usd 55 million.Company expects drilling of firm well to take 60-80 days.  Full Article

Odfjell Drilling wins UK contract
Monday, 12 Jun 2017 02:11am EDT 

June 12 (Reuters) - Odfjell Drilling Ltd :Taqa bratani limited has awarded odfjell drilling a contract for platform drilling and maintenance services on five of its platforms in uk north sea.Contract period is two years, with additional yearly options. Contract is planned to start q3 2017.Is currently performing platform drilling operations for bp on uk continental shelf and will further start operations on mariner platform for statoil in 2018.  Full Article

Odfjell details Deepsea Bergen rig contract
Friday, 9 Jun 2017 09:05am EDT 

June 9 (Reuters) - Odfjell Drilling Ltd :Signs a contract for one well with Wellesley Petroleum as, will use rig Deepsea Bergen .Announced letter of intent on April 3 nFWN1HA0B3.Contract with wellesley petroleum as is for one firm exploration well, plus an optional well testing and sidetrack.The contract commencement is scheduled to Q3/Q4 2017 and will be followed by a contract on Norwegian Continental Shelf with OMV Norge.  Full Article

Odfjell Drilling q1 EBITDA below forecast, sees signs of increased activity
Wednesday, 31 May 2017 02:28am EDT 

May 31 (Reuters) - Odfjell Drilling Ltd :Odfjell drilling q1 revenues $148 million (Reuters poll $150 million).Odfjell drilling q1 ebitda $55 million (Reuters poll $59.3 million).Odfjell drilling q1 net result $-7 million (Reuters poll $-0.17 million).Odfjell drilling ltd: Drilling and oil service market remains weak but there are signs of market stabilization and increasing number of enquiries.Contract backlog $2.8 bln, whereof $1.5 bln is firm backlog .  Full Article

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

BRIEF-Nabors Industries to buy Robotic Drilling Systems -Odfjell Drilling

* Transaction will generate an estimated accounting gain for Odfjell Drilling of approximately $11 million