Solid underlying performance

Research evidence excerpt

Solid underlying performance

Equity Research - 14 May 2026 17:46 CEST

Reason: Post-results commentOdfjell Drilling

• Q1 EBITDA +4% vs. consensus, DPS of USD 0.25

• '26e EBITDA down due to BOP incident

• 17% '26e FCF yield with strong contract coverage Oil & Oil Services

Solid Q1 report Estimate changes (%)

Odfjell Drilling's Q1 report was solid. EBITDA was USD 154m, 5%/4% vs 2026e 2027e 2028e

ABGSCe/FactSet cons of USD 147m. EPS was USD 0.31 vs ABGSCe/ Sales -2.5 -0.3 -1.3

cons of USD 0.29. The beat vs expectations was mainly explained by EBIT -13.4 0.8 -2.2

strong performance bonuses for 3 rigs, partly offset by marginally lower EPS -19.5 -0.5 -4.6

Source: ABG Sundal Collier

uptime than expected (96% financial utilisation, 1pp below our 97%

estimate). ODL delivered FCF of USD 79m vs our USD 116m forecast, ODL-NO/ODL NO

mainly due to a USD -27m WC effect and higher capex. ODL increased its Share price (NOK) 13/5/2026 93.20

DPS to USD 0.25 compared to ABSGCe/cons at USD 0.26/0.25. Target price (115.00) 110.00

Continued strong outlook

We still believe the North Sea harsh-environment market will remain firm MCap (NOKm) 22,350

in the coming years, supported by limited open rig supply through '27 MCap (EURm) 2,080

while operators remain focused on smaller tie-backs to sustain production. No. of shares (m) 239.8

This lifts well intensity per barrel produced and, combined with ongoing Free float (%) 49.5

tenders, supports continued strong drilling demand. ODL reiterated its Av. daily volume (k) 660

positive market outlook for Norway and globally and anticipates day rates

will remain strong. It estimates the Deepsea AtlanticBOP incident will

Next event Q2 report 18 August 2026result in downtime of 3-4 months, implying the rig will be back in Aug 26.