Odfjell Technology Q2 EBITDA climbs 19% on acquisitions
Norway-based oilfield services firm Odfjell Technology saw a 19% increase in EBITDA for Q2 2026 compared to the same period in 2025, thanks to recent acquisitions, according to financial reports. The company reported revenue of NOK 1.40 billion and EBITDA of NOK 243 million. The Kaseum and Razor acquisitions contributed NOK 35 million to EBITDA in their first full quarter, bolstering Odfjell's position in lightweight well intervention and Plug & Abandonment services.
Odfjell Technology's underlying business also improved, with EBITDA excluding acquisitions growing 2% year-over-year and 8% from Q1 2026. The company generated NOK 1.1 billion in orders during the quarter, and its firm contract backlog was NOK 7.2 billion at the end of the period, with a total backlog of NOK 11.4 billion. Odfjell Technology temporarily halted dividend payments to finance the acquisitions but aims to resume distributions after reporting Q3 results.
The firm expects steady North Sea activity through 2026 and anticipates an increase in the rig count into 2027.
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