Odfjell Technology Ltd is pleased to report its financial and operational
results
for the three month period ended 30th September 2023.
– Operating revenue of NOK 1.275 billion, a 28.1% increase on Q3 2022
– EBITDA of NOK 212 million, a 12.9% increase on Q3 2022
– EBIT of NOK 129 million, a 24.3% increase on Q3 2022
– Net profit of NOK 85 million, a 93.6% increase on Q3 2022
Highlights:
– Overall, revenue and EBITDA in line with previous quarter, with substantial
growth compared to same quarter last year.
– Well Services business area delivers on our strategy to grow internationally
with strong activity level in all regions. New contracts in Africa, Canada and
Asia commenced in Q3 creating revenue and margin improvement.
– Projects & Engineering business area negatively affected by seasonal effects.
Still, activity level remained stronger than previous years due to a large
project portfolio.
– Operations business area margin affected by high amount of recharges for
maintenance work which is at lower margins.
– Liquidity affected by working capital build up due to timing effect of payroll
related taxes and increase in receivable balances. Expect improvement in working
capital in Q4 based on estimates for receivables and timing elements.
– Dividend distribution of NOK 25 million approved with payment in November
bringing the total dividend distribution for 2023 to NOK 100 million
– We are encouraged by our results year to date and our focus remains on
utilising the industry upcycle to create additional growth, generate cash and
deliver shareholder returns.
For the full results, please see the attached report and presentation.
Chief Executive Officer Simen Lieungh, Chief Financial Officer Jone Torstensen
and SVP Finance & Investor Relations Gert Haugland of Odfjell Technology AS will
be hosting a webcast and Q&A session at 10:30am CET to discuss the results.
Stakeholders can either use the following link for the webcast or listen via
telephone using the details below.
Webcast link:
https://brrmedia.news/OTL_Q323
Conference call details:
USA Local: +1 786 697 3501
Norway Local Oslo: +47 2 156 3318
UK-Wide: +44 (0) 33 0551 0200
Password (if prompted) Quote “Odfjell Technology Q3” when prompted by the
operator
For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889
gbas@odfjelltechnology.com
Aberdeen, United Kingdom
03 November 2023
Odfjell Technology Ltd
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.