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olivLaw · European equity research

Odfjell Drilling Ltd ODL.OL

Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway

99.50NOK−1.49% · 1 dayClose 06 Nov 2026

Odfjell Drilling owns and operates a fleet of high-specification harsh-environment offshore drilling units and also provides management services for third-party owned units. In fiscal 2025 the company reported operating revenue of USD 901 million and EBITDA of USD 451 million, supported by strong demand on the Norwegian Continental Shelf and the acquisition of the Deepsea Bergen rig.

At the close of 06 Nov 2026, Odfjell Drilling Ltd (ODL.OL) stock was 99.50 NOK (−1.49% on the day), with beta 0.31, 52-week range 76.70–111.40 NOK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 0.69 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.31
Volatility (1y) 29%
52-week range
76.70111.40

Price history

Loading chart…

Technical reading

RSI (14)
39.1
weak (30–45)
Bollinger (20, 2)
99.84 – 111.79
below the lower band · %B -0.03 · band width 11.3%
SMA 50 / 200
102.18 / 96.06
mixed trend
MACD (12, 26, 9)
0.53 / 1.64
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+2.4%−0.6%+3.0 pp—
3 months+12.0%−4.2%+16.2 pp—
6 months+0.7%+4.3%−3.6 pp—
Year to date+13.7%+7.5%+6.2 pp—
1 year+25.9%+9.9%+16.0 pp−4.7%
3 years+161.8%+49.8%+112.0 pp+12.7%
5 years+433.5%+42.8%+390.7 pp—
Max drawdown (1y)
−26.2%
25 Feb 2026 → 01 Jul 2026
Max drawdown (5y)
−26.2%
25 Feb 2026 → 01 Jul 2026
Compound annual growth (5y)
+39.8%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

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.

Fiscal years

Fiscal year202320242025
Revenue732.5 m775.1 m901.2 m
Revenue YoYunavailable+5.8%+16.3%
Net income222.1 m64.7 m167.0 m
Net income YoYunavailable−70.9%+158.1%
Diluted EPS0.940.270.69
Diluted EPS YoYunavailable−71.3%+155.6%
net %30.3%8.3%18.5%
Free cash flow198.5 m155.7 m-215.9 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
103.3 m USD
Financial debt
1.0 bn USD
Net debt
908.5 m USD
Equity
1.4 bn USD
Total assets
2.7 bn USD
Debt / equity
0.71x
Current ratio
1.00x
ROE
11.8%
ROA
6.8%
FCF margin
-24.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
732.5 m
2024
775.1 m
2025
901.2 m

esef· 21 Oct 2026verified

Operating income
2023
306.4 m
2024
150.5 m
2025
269.6 m

esef· 21 Oct 2026verified

Pre-tax income
2023
222.4 m
2024
78.5 m
2025
191.2 m

esef· 21 Oct 2026verified

Income tax
2023
300.0 k
2024
13.8 m
2025
24.2 m

esef· 21 Oct 2026verified

Net income
2023
222.1 m
2024
64.7 m
2025
167.0 m

esef· 21 Oct 2026verified

Diluted EPS
2023
0.94
2024
0.27
2025
0.69

esef· 21 Oct 2026verified

Dividend per share
2023
0.12
2024
0.24
2025
0.67

esef· 21 Oct 2026derived

Balance sheet · USD

Cash
2023
129.2 m
2024
118.1 m
2025
103.3 m

esef· 21 Oct 2026verified

Current assets
2023
254.2 m
2024
246.1 m
2025
245.0 m

esef· 21 Oct 2026verified

Total assets
2023
2.3 bn
2024
2.2 bn
2025
2.7 bn

esef· 21 Oct 2026verified

Short-term debt
2023
149.6 m
2024
95.0 m
2025
92.8 m

esef· 21 Oct 2026verified

Long-term debt
2023
561.8 m
2024
527.3 m
2025
919.0 m

esef· 21 Oct 2026verified

Current liabilities
2023
312.5 m
2024
256.1 m
2025
244.6 m

esef· 21 Oct 2026verified

Total liabilities
2023
914.8 m
2024
811.8 m
2025
1.2 bn

esef· 21 Oct 2026verified

Equity
2023
1.4 bn
2024
1.4 bn
2025
1.4 bn

esef· 21 Oct 2026verified

Shares outstanding at year end
2023
236.3 m
2024
239.6 m
2025
238.6 m

esef· 21 Oct 2026derived

Cash flow · USD

Operating cash flow
2023
264.7 m
2024
287.7 m
2025
401.5 m

esef· 21 Oct 2026verified

Capex
2023
66.2 m
2024
132.0 m
2025
617.4 m

esef· 21 Oct 2026verified

Free cash flow
2023
198.5 m ≈
2024
155.7 m ≈
2025
-215.9 m ≈

esef· 21 Oct 2026derived

Investing cash flow
2023
-85.9 m
2024
-130.3 m
2025
-617.2 m

esef· 21 Oct 2026verified

Financing cash flow
2023
-196.4 m
2024
-163.7 m
2025
197.3 m

esef· 21 Oct 2026verified

Dividends paid
2023
28.4 m
2024
57.2 m
2025
159.5 m

esef· 21 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
16.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
79.1%
computed by olivLawFY 2025
Net income growth (YoY)
158.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
155.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-238.7%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
29.9%
computed by olivLawFY 2025
Net margin
18.5%
computed by olivLawFY 2025
FCF margin
-24.0%
computed by olivLawFY 2025

Returns

ROE
11.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
6.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
11.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
11.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
96.9%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
908.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
401.5 m USD
computed by olivLawFY 2025
Capital expenditure
617.4 m USD
computed by olivLawFY 2025
Free cash flow
-215.9 m USD
computed by olivLawFY 2025
FCF conversion
-129.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

99.50 NOK

06 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
11.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
18.5%
computed by olivLawFY 2025
Revenue growth (YoY)
16.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 21 Oct 2026
verified 62derived 6

Score by group

27% · Insufficient data

Estimated value range

Low
7.55
USD per share
Mid
11.86
USD per share
High
16.81
USD per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.32 – 21.80 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E6.32 – 21.80 (Mid 13.63)
    19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6x
    ABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
  • Dividend discount (DDM)8.79 – 11.82 (Mid 10.08)

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%

FactorValueScoreWeight used
ROIC · Quality11.1%59 (vs peers)38%
Net margin · Quality18.5%89 (vs peers)23%
FCF conversion · Quality-129.3%0 (on a fixed band)23%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.0x17 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial17/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality51/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 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 DRILLING LTD (ODL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 901.2 m USD in 2025; YoY growth 16.3%; net margin 18.5%; ROE 11.8%.

The estimated value range is 7.55–16.81 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 18.5%

What contradicts it

  • FCF conversion: -129.3%
  • Current ratio: 1.0x

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Norway · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 20.0x
EV/EBITDA
—
vertical median 9.0x
P/S
—
vertical median 1.3x
P/B
—
vertical median 1.8x
ROE
11.8%
vertical median 2.9%
above median (+302.2%)
Net margin
18.5%
vertical median 3.1%
above median (+502.0%)
EBIT margin
29.9%
vertical median 5.5%
above median (+441.6%)
Revenue YoY
16.3%
vertical median 6.0%
above median (+171.4%)
Net debt/EBITDA
—
vertical median 1.5x
Dividend yield
—
vertical median 5.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AKER.OLAker Asa79.8 bn20.37.9%21.4%+42.5%+36% / +59%
AFG.OLAf Gruppen Asa21.5 bn19.839.7%3.4%+4.4%+8% / +69%
ELK.OLElkem Asa19.2 bn39.31.9%2.7%−15.7%+10% / +73%
ATEA.OLAtea Asa18.5 bn21.419.7%2.3%+8.1%+11% / +36%
AKSO.OLAker Solutions Asa17.4 bn6.822.5%4.1%+19.2%+18% / −12%
AUSS.OLAustevoll Seafood Asa16.6 bn37.11.6%1.1%+11.1%−7% / +10%
BRG.OLBorregaard Asa15.6 bn25.111.4%8.0%+1.3%−18% / −9%
BONHR.OLBonheur ASA11.2 bn7.817.1%11.4%−10.8%+17% / +44%
AFK.OLArendals Fossekompani Asa10.3 bn—-2.3%-3.1%−14.9%+39% / +31%
B2I.OLB2 Impact Asa8.8 bn14.311.0%16.4%+2.6%+40% / +238%
AKVA.OLAkva Group Asa5.7 bn31.213.7%4.2%+24.4%+74% / +152%
ELMRA.OLElmera Group Asa5.1 bn32.010.5%1.3%−0.9%+32% / +98%
BOUV.OLBouvet Asa5.0 bn14.280.7%9.2%−0.2%−19% / −16%
CLOUD.OLCloudberry Clean Energy Asa4.0 bn61.91.3%13.1%+34.0%−5% / +29%
ABG.OLAbg Sundal Collier Holding Asa3.6 bn10.734.9%16.8%+12.4%−13% / +20%
ANDF.OLAndfjord Salmon Group As2.2 bn—-5.7%-12,770.4%+328.9%−18% / −11%
BMA.OLByggma Asa1.6 bn—-25.3%-11.9%−2.5%+61% / +15%
APR.OLAppear Asa1.4 bn10.530.1%16.1%+32.3%−53% / unavailable
AZT.OLArcticzymes Technologies Asa1.1 bn108.92.9%8.6%+7.9%−8% / −48%
CAPSL.OLCapsol Technologies Asa884.6 m—-89.4%-114.8%−25.0%−33% / −66%
BOR.OLBorgestad Asa553.2 m36.12.1%1.4%−3.0%−7% / +41%
ARR.OLArribatec Group Asa234.6 m4.822.1%9.3%+15.7%−33% / −55%
DELIA.OLDellia Group Asa73.5 m1.522.6%7.7%+140.0%−62% / unavailable
ABTEC.OLAqua Bio Technology Asa11.1 m0.1—7,297.7%−87.2%−82% / −97%
AGLX.OLAgilyx Asa——-182.4%-12,189.3%+20.3%−40% / −41%

1- and 3-year price returns: for ODL.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

Scenarios are not available. input data missing

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 Drilling owns and operates a fleet of high-specification harsh-environment offshore drilling units and also provides management services for third-party owned units. In fiscal 2025 the company reported operating revenue of USD 901 million 1 and EBITDA of USD 451 million 1, supported by strong demand on the Norwegian Continental Shelf and the acquisition of the Deepsea Bergen rig.

SWOT

Strengths

  • High-specification harsh-environment fleet with extensive contract coverage and high utilisation on the NCS.
  • Solid firm backlog and good visibility on future revenues, supported by medium- and long-term contracts.
  • Balanced capital structure with a high equity ratio and a refinancing extending final maturities to 2031.

Weaknesses

  • Dependence on a single geographic area for the Own Fleet, particularly the Norwegian Continental Shelf.
  • Higher interest-bearing net debt after acquisitions, which exposes the company to financing costs.
  • External Fleet units have variable utilisation, and some, such as Hercules, are currently warm stacked.

Opportunities

  • Growing international tendering, particularly in Namibia and Canada, could broaden the client base.
  • Sector consolidation could offer further acquisition and supply rationalisation opportunities.
  • Expanding the priced options in the backlog could strengthen long-term revenue visibility.

Threats

  • Volatility in oil and gas prices could reduce rig demand and pressure day rates.
  • A decline in re-contracting conditions could affect revenues, especially after existing contracts expire.
  • Macroeconomic developments and regulatory changes could affect operators' capital expenditure decisions.

Risks

  • Industry cyclicalityhigh

    The offshore drilling industry is cyclical and depends on oil and gas prices, global economic conditions and operators' investment decisions 1.

  • Re-contracting riskmedium

    In the near to medium term, re-contracting risk for the Own Fleet is limited by existing contracts, but prolonged downtime or weaker conditions would affect earnings 1.

  • Debt and interest exposuremedium

    Net debt rose after acquisitions, and interest rate exposure is managed through a mix of fixed and floating-rate debt 1.

  • Currency risklow

    The group is exposed to USD, GBP and NOK fluctuations, managed through natural hedges in contracts and selective financial instruments 1.

  • Client credit risklow

    Clients are mainly large oil companies with strong credit profiles, so credit risk is considered low and is actively monitored 1.

Investment thesis

What would need to be true (bull case)

  • Strong demand on the Norwegian Continental Shelf, combined with a limited supply of high-specification rigs, could support day rates and fleet utilisation in the coming years 1.
  • The solid firm backlog and the Deepsea Bergen acquisition, contracted through 2028, could provide revenue visibility over the medium term 1.
  • EBITDA margin improvement could continue if cost discipline and high utilisation are maintained 1.

What would break the thesis

  • Sector cyclicality and sensitivity to oil and gas prices could reduce rig demand and pressure day rates 1.
  • Higher net debt after acquisitions could limit financial flexibility if financing conditions worsen 1.
  • Dependence on a single geographic area for a large part of the fleet could expose the company to regulatory or local demand changes 1.

What to watch

  • Development of day rates and new contracts on the NCS2026
  • Outcome of the international tenders in Namibia and Canada2027
  • Level of net debt and financing costs after the Deepsea Bergen acquisitionQ1 2027
  • Result of the advisory vote on the remuneration report at the annual general meeting2026

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 Drilling Ltd is the parent company of the Odfjell Drilling Group, incorporated in Bermuda with tax residence in the United Kingdom, and with operational management in Norway, the UK and Malta 1. The Group owns and operates high-specification mobile offshore drilling units for harsh environments and provides management services for third-party owned units 1. The shares have been listed on the Oslo Stock Exchange since 2013 1.

The Group's strategy rests on operational excellence, disciplined capital allocation and securing high-quality backlog, with 2025 priorities including securing backlog at satisfactory day rates and increasing shareholder distributions 1. The company follows a progressive dividend policy, and total dividends paid in 2025 amounted to USD 159 million 1.

Activities are organised in two segments, Own Fleet and External Fleet 1. During 2025 the Own Fleet operated exclusively on the Norwegian Continental Shelf with high financial utilisation 1.

Segments

Own Fleet

The Own Fleet operated exclusively on the Norwegian Continental Shelf in 2025 with high utilisation and extended contracts, including Deepsea Aberdeen, whose firm coverage now extends to 2029 1. The Deepsea Bergen acquisition, contracted with Equinor through 2028, added approximately USD 355 million of firm backlog 1.

External Fleet

The External Fleet includes units contracted to third parties, such as Deepsea Yantai, contracted on the NCS until mid-2026, and Deepsea Mira, which operated offshore Namibia before demobilisation 1. Hercules was mobilised to Norway and is currently warm stacked 1.

Market context

Demand on the Norwegian Continental Shelf remains strong, characterised by a tight supply of Tier 1 harsh-environment rigs, high entry barriers and increasing day rates, with the fleet fully contracted into 2026 1. Tendering activity in international markets, particularly Namibia and Canada, increased, with project maturity expected in 2027–2028 1. Performance nevertheless remains subject to commodity price volatility and macroeconomic developments 1.

Industry consolidation during 2025 supports disciplined capital allocation and supply rationalisation, which contributes to a relatively constructive environment for specialised rig operators 1. Energy security and the need to sustain offshore production continue to support demand for drilling services 1.

Trends

  • Rising day rates on the NCStailwind

    Improved day rates and high utilisation supported the group's operating revenue in 2025 1. If this trend holds, it could continue to support margins in the Own Fleet segment 1.

  • Scarcity of Tier 1 rigstailwind

    The limited supply of high-specification harsh-environment units and high entry barriers support the company's contract terms 1. This factor is positive while demand remains high 1.

  • Oil and gas price volatilityheadwind

    The offshore drilling industry is cyclical and influenced by oil and gas prices, global economic conditions and operators' capital expenditure decisions 1. If hydrocarbon demand weakens, re-contracting the units could become more difficult 1.

  • Delayed international demandmixed

    Tendering in Namibia and Canada has increased, but project maturity is expected only in 2027–2028, so the benefits are deferred 1. The effect may be mixed depending on how quickly projects materialise 1.

Competitive position

Odfjell Drilling operates in a sector where offshore drilling contracts are contested, and its customers are mainly large international and national oil companies 1. The competitive advantage cited by the company rests on its high-specification harsh-environment fleet and high contractual coverage 1.

High entry barriers on the Norwegian Continental Shelf limit the number of participants able to offer Tier 1 rigs, which protects the company's position in that market 1. Sector consolidation during 2025 also reduced oversupply 1.

  • Harsh-environment offshore rig operators

    Competitors offering comparable units for Norwegian Continental Shelf contracts; the source does not name them, so no ticker is given.

  • Rig operators active in Namibia and Canada

    Participants in the international tenders where the company observed rising activity in 2025; the source does not name them.

  • Oil companies using in-house drilling capacity

    Operators that might prefer other contracting models or own capacity; the source gives no details.

  • Other offshore drilling service providers

    Providers competing for the same large clients in tender situations; the source does not identify them.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Odfjell Drilling 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.

Odfjell Drilling Ltd (ODL.OL): stock, results, valuation and forecast · olivLaw