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Odfjell Drilling Ltd (ODLL.OL)

ODLL.OL on Oslo Stock Exchange

37.70NOK
18 May 2018
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Latest Key Developments (Source: Significant Developments)

Odfjell Drilling calls a special general meeting on May 16
Friday, 20 Apr 2018 04:48am EDT 

April 20 (Reuters) - Odfjell Drilling Ltd ::SAYS A SPECIAL GENERAL MEETING OF SHAREHOLDERS OF ODFJELL DRILLING LTD. WILL BE HELD ON MAY 16.SAYS PROPOSES TO APPROVE AN INCREASE OF THE AUTHORIZED SHARE CAPITAL OF THE COMPANY FROM US$2,300,000 TO US$2,800,000 BY.THE CREATION OF AN ADDITIONAL 50,000,000 COMMON SHARES OF PAR VALUE US$0.01 EACH RANKING PARI-PASSU WITH THE EXISTING COMMON SHARES OF THE COMPANY.SAYS PROPOSES TO AUTHORIZE THE BOARD OF DIRECTORS TO ISSUE UP TO 38,000,000 NEW COMMON SHARES IN CONNECTION WITH THE PRIVATE PLACEMENT OF NEW COMMON SHARES OF THE COMPANY.SAYS PROPOSES TO AUTHORIZE THE BOARD OF DIRECTORS TO ISSUE UP TO 4,327,778 NEW COMMON SHARES IN CONNECTION WITH THE.CONTEMPLATED SUBSEQUENT OFFERING OF NEW COMMON SHARES OF THE COMPANY. .SAYS PROPOSES TO AUTHORIZE THE BOARD OF DIRECTORS TO ISSUE TO THE CHIEF EXECUTIVE OFFICER OF THE COMPANY, SIMEN LIEUNGH, UP TO 960,000 OPTIONS TO PURCHASE AN AGGREGATE OF 960,000 COMMON SHARES OF COMPANY, ON SUCH TERMS AS THE BOARD OF DIRECTORS MAY DETERMINE IN ITS SOLE DISCRETION, AND TO AUTHORIZE THE BOARD OF DIRECTORS TO ISSUE UP TO 960,000 COMMON SHARES OF THE COMPANY ON EXERCISE OF SUCH OPTIONS.  Full Article

Statoil awards Odfjell Drilling a contract at Heidrun platform
Tuesday, 3 Apr 2018 05:37am EDT 

April 3 (Reuters) - Odfjell Drilling Ltd ::AWARDED CONTRACT FOR PLATFORM DRILLING SERVICES FOR STATOIL ON THE.‍STATOIL HAS AWARDED ODFJELL DRILLING A CONTRACT FOR DRILLING SERVICES FIXED PLATFORMS ON HEIDRUN LOCATED ON NORWEGIAN CONTINENTAL SHELF​.‍ODFJELL DRILLING CURRENTLY OPERATES BOTH GRANE AND HEIDRUN UNTIL OCTOBER THIS YEAR, AND WILL THEREAFTER CONTINUE OPERATIONS ON HEIDRUN​.‍FIRM CONTRACT IS FOR 4 YEARS WITH 3 X 2 YEARS OPTIONAL PERIODS. ESTIMATED FIRM CONTRACT VALUE IS APPROXIMATELY USD 20 MILLION PER YEAR SUBJECT TO OPERATIONAL ACTIVITY DURING CONTRACT DURATION​.‍AS EARLIER ANNOUNCED, ODFJELL DRILLING WILL COMMENCE OPERATIONS ON MARINER AND JOHAN SVERDRUP FIELD FOR STATOIL DURING SECOND HALF 2018​.  Full Article

Odfjell Drilling Q4 results above forecast, sees better market
Wednesday, 28 Feb 2018 02:02am EST 

Feb 28 (Reuters) - Odfjell Drilling Ltd ::ODFJELL DRILLING Q4 REVENUES $‍171​ MILLION (REUTERS POLL $160 MILLION).ODFJELL DRILLING Q4 EBITDA $‍67​ MILLION (REUTERS POLL $59.6 MILLION).ODFJELL DRILLING Q4 NET RESULT $‍14​ MILLION (REUTERS POLL $4.2 MILLION).BASED ON THE PREFERENCE OF NEW AND MORE EFFICIENT UNITS COMBINED WITH A HIGH REACTIVATION COST, WE BELIEVE THAT SCRAPPING OF OLDER MIDWATER AND HARSH ENVIRONMENT DRILLING UNITS WILL CONTINUE OVER THE NEXT FEW YEARS‍​.IN COMBINATION WITH A MORE HEALTHY MARKET ENVIRONMENT, WE BELIEVE THIS WILL BRING THE HARSH ENVIRONMENT MARKET BACK INTO BALANCE WITH SUBSEQUENTLY IMPROVED DAY RATES.WE ARE CURRENTLY OBSERVING A RECOVERY IN THE OIL PRICE WITH LEVELS MORE SOUND AND SUSTAINABLE FOR THE DRILLING AND OIL SERVICE MARKET‍​.CONTRACT BACKLOG IS $2.6 BILLION, WHEREOF $1.3 BILLION IS FIRM BACKLOG VERSUS $2.8 BILLION AT END Q4, WHEREOF $1.6 BILLION WAS FIRM BACKLOG‍​‍​.  Full Article

Odfjell Drilling wins $105 mln Aker BP rig contract
Thursday, 21 Dec 2017 12:23pm EST 

Dec 21 (Reuters) - Odfjell Drilling Ltd ::‍FIRST CALL-OFF UNDER AKER BP ALLIANCE HAS BEEN RECEIVED TODAY​.COVERS A 12 MONTHS CONTRACT FOR DEEPSEA STAVANGER AND WILL START AS SOON AS UNIT RETURNS TO NORWAY AFTER ITS CONTRACT WITH TOTAL IN SOUTH AFRICA, EXPECTED TO BE IN Q2 2019​.‍FIRM CONTRACT VALUE IS APPROXIMATELY USD 105 MILLION EXCLUDING POTENTIAL PERFORMANCE BONUSES​.  Full Article

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

BRIEF-Odfjell Drilling to buy $505 mln rig from Samsung for Aker BP work

* ODFJELL DRILLING PURCHASES "DEEPSEA NORDKAPP" (FORMER STENA MIDMAX) AND IS