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1. Company Snapshot

1.a. Company Description

Odfjell Drilling Ltd.owns and operates mobile offshore drilling units in Norway, the United Kingdom, Europe, Asia, Africa, and internationally.It operates through Mobile Offshore Drilling Units business (MODU), Energy business (Energy), and Well Services business (OWS) segments.


The MODU segment offers management services to other owners of drilling units; and operational management, regulatory requirements management, marketing, contract negotiations and client relations, and operation and mobilization preparation services.The Energy segment provides integrated drilling and maintenance services for fixed platform drilling rigs in the North Sea, as well as engineering services, including design, project management, and operation and support services.The OWS segment offers casing and tubular running services; wellbore cleaning; and drilling tool and tubular rental services for exploration wells and production purposes.


The company was founded in 1914 and is headquartered in Aberdeen, the United Kingdom.Odfjell Drilling Ltd.is a subsidiary of Odfjell Partners Ltd.

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1.b. Last Insights on ODL

Odfjell Drilling's recent performance was driven by a strong Q4 2025 earnings report, featuring record revenue and a significant order backlog. A strategic acquisition enhanced its fleet capabilities, while the company completed the acquisition of Deepsea Bollsta, renaming it Deepsea Bergen. Additionally, Equinor awarded Odfjell Drilling a multi-year contract for the Deepsea Aberdeen drillship. The company's growth prospects were further bolstered by Aker BP's start of oil production at the Solveig phase two development, connected to existing infrastructure.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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SFL signs $170m Canadian drilling contract for Hercules rig

Mar -09

Source:

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SFL - Announces $170 Million Contract for Semi-Submersible Rig Hercules

Mar -06

Source: globenewswire.com

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Assessing Odfjell Drilling (OB:ODL) Valuation After Strong Recent Share Price Momentum

Feb -27

Source:

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Odfjell Drilling Ltd (ODFJF) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic ...

Feb -25

Source:

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Aker BP starts oil production at Solveig phase two development

Feb -03

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Equinor Taps Deepsea Aberdeen for Drilling Operations Offshore Norway

Dec -19

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Odfjell completes acquisition of Deepsea Bollsta and secures refinancing

Dec -16

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Undiscovered European Gems to Explore in November 2025

Nov -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.23%)

6. Segments

Own Fleet

Expected Growth: 7%

Odfjell Drilling's Own Fleet segment growth is driven by increasing demand for deepwater drilling services, strategic partnerships, and expansion into new regions. The company's modern fleet and operational efficiency also contribute to growth. Additionally, the rising oil price and increasing exploration and production activities by oil majors further support the segment's growth.

External Fleet

Expected Growth: 9%

Odfjell Drilling's External Fleet segment growth of 9% is driven by increasing demand for offshore drilling services, rising oil prices, and strategic partnerships. The company's modern fleet and operational efficiency also contribute to growth. Additionally, Odfjell's expansion into new regions and diversification of services, such as well intervention and decommissioning, further support segment growth.

Corporate/Other

Expected Growth: 6%

Odfjell Drilling's Corporate/Other segment growth of 6% is driven by increased focus on operational efficiency, cost savings initiatives, and strategic investments in digitalization and technology. Additionally, the company's efforts to diversify its revenue streams and expand into new markets have contributed to this growth.

7. Detailed Products

Drilling Services

Odfjell Drilling Ltd. provides drilling services to the oil and gas industry, offering a range of drilling solutions to meet the specific needs of its clients.

Well Intervention Services

The company offers well intervention services, including coiled tubing, wireline, and pumping services, to help clients optimize well performance and extend the life of their wells.

Platform Drilling Services

Odfjell Drilling Ltd. provides platform drilling services, including drilling, completion, and workover operations, to support clients' offshore drilling activities.

Project Management Services

The company offers project management services, including planning, execution, and delivery of drilling projects, to help clients achieve their drilling objectives.

Engineering and Consultancy Services

Odfjell Drilling Ltd. provides engineering and consultancy services, including drilling engineering, well design, and operational support, to help clients optimize their drilling operations.

8. Odfjell Drilling Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Odfjell Drilling Ltd. is medium due to the availability of alternative drilling services and equipment providers in the market.

Bargaining Power Of Customers

The bargaining power of customers for Odfjell Drilling Ltd. is low due to the company's strong reputation and long-term contracts with major oil and gas companies.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Odfjell Drilling Ltd. is medium due to the company's dependence on a few key suppliers for drilling equipment and services.

Threat Of New Entrants

The threat of new entrants for Odfjell Drilling Ltd. is low due to the high barriers to entry in the drilling services market, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Odfjell Drilling Ltd. is high due to the competitive nature of the drilling services market, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.72%
Debt Cost 8.70%
Equity Weight 64.28%
Equity Cost 11.40%
WACC 10.44%
Leverage 55.57%

11. Quality Control: Odfjell Drilling Ltd. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PHX Energy

A-Score: 7.1/10

Value: 8.6

Growth: 7.2

Quality: 5.8

Yield: 10.0

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

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Deutsche Rohstoff

A-Score: 6.8/10

Value: 7.9

Growth: 9.1

Quality: 6.2

Yield: 5.6

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Odfjell Drilling

A-Score: 6.6/10

Value: 9.0

Growth: 3.3

Quality: 5.8

Yield: 6.2

Momentum: 9.0

Volatility: 6.0

1-Year Total Return ->

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Maurel & Prom

A-Score: 6.4/10

Value: 7.3

Growth: 6.0

Quality: 8.1

Yield: 8.8

Momentum: 5.5

Volatility: 3.0

1-Year Total Return ->

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Panoro Energy

A-Score: 5.8/10

Value: 9.0

Growth: 8.3

Quality: 6.3

Yield: 6.9

Momentum: 0.5

Volatility: 4.0

1-Year Total Return ->

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Saras

A-Score: 5.1/10

Value: 8.1

Growth: 6.0

Quality: 5.1

Yield: 5.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

99.1$

Current Price

99.1$

Potential

-0.00%

Expected Cash-Flows