Odfjell Technology reported a record quarterly EBITDA of NOK 243 million for Q2 2026, a 19% increase from the previous quarter, as the Oslo-listed oilfield services provider maintained operational momentum across its core segments.
Revenue totaled NOK 1.4 billion, up 1.5% sequentially and matching the company’s guidance of NOK 1.47 billion for the full year. EBITDA margin expanded by 260 basis points to 17.4%, driven by improved performance in Well Services and Operations. Adjusted EBITDA, excluding recent acquisitions, rose 8% from Q1 and 2% year-on-year. Free cash flow turned positive at NOK 46 million, reversing a negative NOK 64 million in Q1 2026 and a negative NOK 73 million in Q2 2025.
Well Services revenue increased 11% sequentially to NOK 583 million, with EBITDA of NOK 182 million and a 31% margin. The segment benefited from contributions from recently acquired Kaseum and Razor, which added NOK 70 million in revenue and NOK 35 million to EBITDA in their first full quarter. Operations revenue declined 7% to NOK 597 million due to planned maintenance, though EBITDA improved to NOK 49 million with an 8.2% margin. Projects & Engineering revenue rose 8% sequentially to NOK 154 million, with EBITDA broadly stable at NOK 60 million.
Order backlog totaled NOK 7.2 billion in fixed contracts, up from NOK 6.7 billion a year earlier, while total backlog including options reached NOK 11.4 billion to NOK 11.5 billion. Order intake for the quarter was NOK 1.1 billion, including a letter of intent from the Adura joint venture between Equinor and Shell. The company’s leverage ratio stood at 1.33x debt-to-EBITDA, with available liquidity of NOK 1 billion.
Management noted regional disruptions in the Middle East, including evacuations in Kuwait and the UAE, reduced Well Services earnings by an estimated NOK 7 million to NOK 10 million. Capital spending in Well Services is expected to remain between 20% and 25% of EBITDA. Dividend payments remain paused, with a resumption anticipated after Q3 2026 if performance continues to improve. The company’s stock was trading around $60.4, approximately 19% below its 52-week high and 14.8% above its low, with a P/E ratio of 8.35.
