olivLaw · European equity research
Odfjell Technology Ltd OTL.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Odfjell Technology Ltd provides offshore operations, well intervention technology and design and engineering solutions to the energy sector, backed by a long-term contract backlog of NOK 11.5 billion. The company acquired a majority stake in Kaseum and Razor in 2026 to strengthen its position in technology-led interventions, which makes the development of its activity worth following as the market has stabilised.
At the close of 06 Nov 2026, Odfjell Technology Ltd (OTL.OL) stock was 59.70 NOK (−0.50% on the day), with market capitalisation 2.4 bn NOK, P/E 7.3 on diluted EPS of 8.17 NOK over the last 12 months, dividend yield 10.18%, beta 0.31, 52-week range 52.90–75.20 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 58.70 – 63.74
- in the lower half of the band · %B 0.20 · band width 8.2%
- SMA 50 / 200
- 60.97 / 62.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.3% | −0.6% | +0.3 pp | — |
| 3 months | +4.0% | −4.2% | +8.2 pp | — |
| 6 months | −11.8% | +4.3% | −16.2 pp | — |
| Year to date | +5.7% | +7.5% | −1.8 pp | — |
| 1 year | +5.1% | +9.9% | −4.8 pp | −4.7% |
| 3 years | +16.8% | +49.8% | −33.0 pp | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.5, median 6.9, max 7.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.0 bn | 5.4 bn | 5.5 bn |
| Revenue YoY | unavailable | +8.1% | +2.0% |
| Net income | 344.2 m | 253.2 m | 328.0 m |
| Net income YoY | unavailable | −26.4% | +29.5% |
| Diluted EPS | 8.53 | 6.24 | 8.17 |
| Diluted EPS YoY | unavailable | −26.8% | +30.9% |
| net % | 6.9% | 4.7% | 5.9% |
| Free cash flow | 460.6 m | 155.2 m | 123.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 697.6 m NOK
- Financial debt
- 1.4 bn NOK
- Net debt
- 696.5 m NOK
- Equity
- 1.3 bn NOK
- Total assets
- 4.4 bn NOK
- Debt / equity
- 1.10x
- Current ratio
- 1.79x
- ROE
- 24.8%
- ROA
- 7.7%
- FCF margin
- 2.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.0 bn | 5.4 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Operating income | 492.1 m | 490.7 m | 510.9 m | esef· 21 Oct 2026verified |
| Pre-tax income | 361.5 m | 295.2 m | 377.2 m | esef· 21 Oct 2026verified |
| Income tax | 17.3 m | 42.0 m | 49.2 m | esef· 21 Oct 2026verified |
| Net income | 344.2 m | 253.2 m | 328.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 8.53 | 6.24 | 8.17 | esef· 21 Oct 2026verified |
| Dividend per share | 2.53 | 4.19 | 6.08 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 658.8 m | 576.2 m | 697.6 m | esef· 21 Oct 2026verified |
| Current assets | 1.9 bn | 2.0 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Total assets | 3.7 bn | 4.2 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Short-term debt | 10.3 m | 3.1 m | 5.2 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.1 bn | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.0 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 2.6 bn | 2.8 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Equity | 1.1 bn | 1.4 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 39.5 m | 39.4 m | 39.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 698.0 m | 519.7 m | 581.7 m | esef· 21 Oct 2026verified |
| Capex | 237.4 m | 364.5 m | 457.9 m | esef· 21 Oct 2026verified |
| Free cash flow | 460.6 m ≈ | 155.2 m ≈ | 123.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -221.9 m | -375.2 m | -452.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | -395.1 m | -253.6 m | 33.5 m | esef· 21 Oct 2026verified |
| Dividends paid | 100.0 m | 165.1 m | 239.9 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn NOK
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.1% | 82 (vs peers) | 19% |
| Net margin · Quality | 5.9% | 58 (vs peers) | 11% |
| FCF conversion · Quality | 37.7% | 11 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 7.3x | 80 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 10.2% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 193.8% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial82/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation74/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Odfjell Technology Ltd (OTL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.5 bn NOK in 2025; YoY growth 2.0%; net margin 5.9%; ROE 24.8%.
The estimated value range is 67.22–165.88 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 113.66 NOK, the price of 59.70 NOK leaves a potential of 90.4% (value / price − 1) and a margin of safety of 47.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.1%
- Current ratio: 1.8x
- P/E (TTM): 7.3x
- Shareholder yield (distributions): 10.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 37.7%
- Payout ratio (FCF): 193.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| OTL.OLOdfjell Technology Ltd | 2.4 bn | 7.3 | 24.8% | 5.9% | +2.0% | +7% / +18% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for OTL.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 34.98 Total return -33% · Per year -33% | 61.91 Total return 14% · Per year 14% | 93.37 Total return 69% · Per year 69% |
| 3 years | 32.24 Total return -23% · Per year -8% | 64.37 Total return 40% · Per year 12% | 106.82 Total return 120% · Per year 30% |
| 5 years | 29.71 Total return -14% · Per year -3% | 66.92 Total return 67% · Per year 11% | 122.21 Total return 178% · Per year 23% |
- Exit P/E± 16.09
- Net margin± 11.26
- Annual revenue growth± 9.48
- Annual dilution± 0.95
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Odfjell Technology Ltd provides offshore operations, well intervention technology and design and engineering solutions to the energy sector, backed by a long-term contract backlog of NOK 11.5 billion 1. The company acquired a majority stake in Kaseum and Razor in 2026 to strengthen its position in technology-led interventions, which makes the development of its activity worth following as the market has stabilised 1.
SWOT
Strengths
- The company has a solid portfolio of long-term contracts and a consolidated presence in the North Sea 1.
- The group generated positive operating cash flow and, according to management, keeps its leverage under control 1.
- The company owns technology for well intervention, which supports its position in higher-margin services 1.
Weaknesses
- Projects & Engineering faces weaker demand in the near term, which could weigh on results 1.
- The company depends on a majority shareholder who controls a significant share of the common stock, limiting the dispersion of capital 1.
- Parent company profit has been influenced by dividends from subsidiaries, and losses at parent level could continue if these flows decline 1.
Opportunities
- The acquisition of a 70% stake in Kaseum and Razor could strengthen the position in technology-led interventions with better margins 1.
- If activity in the region stabilises, the company could benefit from a more predictable long-term contract portfolio 1.
- Floating offshore wind projects through Odfjell Oceanwind could open new sources of revenue 1.
Threats
- Oil price fluctuations and changes in operator investment could reduce demand for the company's services 1.
- The Middle East conflict could disrupt activity in some countries and supply chains 1.
- The energy transition and related regulation could change the long-term structure of the market in which the company operates 1.
Risks
- Dependence on operator investmenthigh
Activity levels depend on operator investment decisions, commodity prices and access to capital, factors that can change quickly 1.
- Geopolitical riskshigh
The regional conflict could reduce activity in some countries and create uncertainty over markets, supply chains and projects 1.
- Credit risk on Iran clientsmedium
Receivables from clients in Iran are subject to impairment, and recovery could be delayed by the conflict, although management believes the basis for collection is in place 1.
- Acquisition integration riskmedium
The purchase price allocation for Kaseum and Razor was still incomplete at the reporting date, and integration could bring costs or results below expectations 1.
- Tax risklow
An uncertain tax position relates to the Odfjell Offshore tax case, and the final outcome could affect the company's obligations 1.
Investment thesis
What would need to be true (bull case)
- The company has a large long-term contract backlog and solid EBITDA, which gives it visibility over revenue 1.
- The Kaseum and Razor acquisition could add technology-led services with better margins and support growth in well interventions 1.
- If activity stabilises in the coming quarters, operating cash flow could support dividends and lower indebtedness 1.
What would break the thesis
- Projects & Engineering is expected to be softer in the near term, which could reduce revenue in the short run 1.
- Parent company profit depends largely on dividends from subsidiaries, and losses could continue if these flows decline 1.
- The Middle East conflict and exposure to Iran clients could affect results and collections in the coming period 1.
What to watch
- Integration of Kaseum and Razor and completion of the purchase price allocation2026
- Activity trends in Kuwait, Qatar and Saudi Arabia after the regional conflict2026
- Level of new contracts relative to the NOK 11.5 billion backlognext 10-K
- Outcome of the Odfjell Offshore tax case and recovery of Iran receivables2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Odfjell Technology Ltd is the parent company of a group that provides offshore operations services, well services technology and projects and engineering solutions to the energy industry 1. The company was listed on the Oslo Stock Exchange in March 2022 after being spun off from Odfjell Drilling Ltd 1. The group is organised into three Business Areas: Well Services, Operations and Projects & Engineering 1. In fiscal 2025 operating revenue was NOK 5,533 million and EBITDA was NOK 801 million 1.
Segments
Well Services
The Well Services area focuses on technology for intervention and plug and abandonment of wells, with an emphasis on technology-led offerings, while the group expands its portfolio through acquisitions in the field 1.
Operations
The Operations area holds the group's most solid contract portfolio, which according to management provides earnings visibility in the near term 1.
Projects & Engineering
The Projects & Engineering area is expected to be softer in the near term, reflecting lower SPS scope and continued operator cost discipline 1.
Market context
Market growth has levelled off after several years of positive development, influenced by oil price fluctuations and supply imbalances, while continued investment in oil and gas remains important for global energy demand 1. The company has a strong North Sea presence supported by a stable contract base 1.
Management describes market activity as stabilising entering 2026, which supports near-term visibility of revenue, although the outlook remains subject to commodity prices and client investment decisions 1.
Trends
- Stabilising activitytailwind
Management considers activity levels to have stabilised entering 2026, which supports near-term earnings visibility from the contract backlog 1.
- Energy transitionmixed
The energy transition could change the long-term composition of the market through regulation and shifts in capital allocation, although investment in oil and gas remains necessary 1.
- Weaker project activityheadwind
Activity in Projects & Engineering could be weaker in the near term if SPS scope declines and operators keep cost discipline 1.
- Middle East geopolitical tensionsheadwind
The 2026 conflict could temporarily reduce activity in some countries of the region, and a prolonged disruption to global oil supply could influence drilling and investment 1.
Competitive position
The company operates in a global oil and gas services market where competition comes from well services and intervention providers, and advantage depends on technology, long-term contracts and regional presence 1. The supplied sources do not explicitly name competitors, so the list below remains limited.
- Well intervention service providers
Competitors in well intervention and abandonment, where Odfjell Technology is extending its technology through acquisitions 1.
- North Sea offshore service providers
Competitors for offshore contracts in the region where the company has a solid presence 1.
- Energy project engineering companies
Competitors in the Projects & Engineering area, where demand could be lower in the near term 1.
- Digital well technology providers
Competitors in digital technology for well construction and intervention 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Odfjell Technology Ltd · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.