Odfjell Technology reported a 19% year-over-year increase in second-quarter EBITDA to NOK 243 million, driven by acquisitions of Kaseum and Razor, which contributed NOK 35 million in their first full quarter.
Revenue for the quarter totaled NOK 1.40 billion, while underlying EBITDA—excluding acquisitions—rose 2% from the prior year and 8% sequentially. Order intake reached NOK 1.1 billion, with the firm contract backlog at quarter-end standing at NOK 7.2 billion. Total backlog, including options, amounted to NOK 11.4 billion.
The company suspended dividend payments to fund the acquisitions of Kaseum and Razor, which expanded its capabilities in lightweight well intervention and Plug & Abandonment services. Odfjell Technology plans to resume dividend distributions following its third-quarter earnings report.
Management expects North Sea oilfield activity to remain stable through 2026, with rig counts projected to rise into 2027.
