Odfjell Technology Ltd
Sector unknown·OTL · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature. The focus on alternative energy sources and the transition to greener energy is expected to impact the energy market in the coming decades.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“The energy transition is key to the future of all, but there is a gap between the supply of renewable energy and demand. Oil and gas is therefore expected to remain a vital part of the energy mix in the foreseeable future, with the key word being "transition".”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Across all our Business Areas, we see growth potential in the decommissioning market, as infrastructure comes to the end of its operational life. More than 2,000 wells in the UK alone are likely to be permanently abandoned over the next decade and P&A represents a significant proportion of decommissioning spend.”
Annual report 2024A · The company itself
Market
“Elisabeth Haram Executive Vice President, Well Services Operations During 2024, the Operations Business Area expanded its contract portfolio with key contract awards and strategic extensions. Notably, we secured a new drilling services contract for the Grane and Visund platforms with Equinor Energy AS, while the Johan Sverdrup contract option was exercised, further strengthening our collaboration with Equinor. In addition, we were awarded a five-year contract with Repsol Norge AS for drilling services on the Yme Inspirer jack-up rig, covering drilling, completion, well intervention, maintenance, engineering, and future P&A work.”
Annual report 2024A · The company itself
Market
“Operations Operations secured a new drilling services contract for the Grane and Visund platforms with Equinor Energy AS, while the Johan Sverdrup contract option was exercised. In addition, a five-year contract with Repsol Norge AS for drilling services on the Yme Inspirer jack-up rig was awarded. We continue to provide integrated drilling services including onshore support, production drilling and completion, well maintenance, facility maintenance planning and plugging and abandonment which is a service we see increasing demand for.”
Annual report 2024A · The company itself
Market
“Operations The main service offering of the segment is production drilling and well completion on clients' rigs. Other types of services offered are slot recovery, plug and abandonment, work-overs and maintenance activities, as well as rig installation services. In this segment, the Group offers platform drilling services on both fixed production platforms and on floating production platforms with subsea blowout preventers (BOP), along with the management of and performance of the same services on jack-up rigs.”
Annual report 2024A · The company itself
Market
“The Group is organised into three main Business Areas: ▪Well Services ▪Operations ▪Projects & Engineering Corporate Strategy The mission of Odfjell Technology is to safely deliver services and technology which reduce time, costs, and carbon emissions.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature. The focus on alternative energy sources and the transition to greener energy is expected to impact the energy market in the coming decades.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“The energy transition is key to the future of all, but there is a gap between the supply of renewable energy and demand. Oil and gas is therefore expected to remain a vital part of the energy mix in the foreseeable future, with the key word being "transition".”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Across all our Business Areas, we see growth potential in the decommissioning market, as infrastructure comes to the end of its operational life. More than 2,000 wells in the UK alone are likely to be permanently abandoned over the next decade and P&A represents a significant proportion of decommissioning spend.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Additionally, our involvement in geothermal and lithium well projects has contributed to increasing green revenues, aligned with Odfjell Technology’s vision to support the energy transition.”
Annual report 2024A · The company itself
Market
“The Group is organised into three main Business Areas: ▪Well Services ▪Operations ▪Projects & Engineering Corporate Strategy The mission of Odfjell Technology is to safely deliver services and technology which reduce time, costs, and carbon emissions.”
Annual report 2024A · The company itself
Asia and emerging markets
Geography
StrategyPositive impact: strengthens
“The upcoming delivery of a mobile workover unit service with Brunei Shell Petroleum opens both an exciting geographical market and type of service, with huge potential. Commencement for workover operations in Southeast Asia in 2025 is a milestone as the first operation beyond the North Sea for Operations.”
Annual report 2024A · The company itself
Market
“A major milestone this year was securing a contract with Brunei Shell Petroleum Company Sendirian Berhad for the provision of a Mobile Workover Unit in Southeast Asia, supported by a subcontract with X Rig AS. This contract, set to commence in Q2 2025, has an estimated firm duration of 24 months and adds approximately USD 64 million in revenue backlog.”
Annual report 2024A · The company itself
Geography
“We secured a major contract for workover services with Shell Brunei in Southeast Asia, opened a new sales office in Houston and added projects in Canada, Namibia and Congo to our portfolio, strengthening our presence in key regions.”
Annual report 2024A · The company itself
Geography
“The revenue has been positively impacted by the operations in Namibia and increased activities in Kuwait and Saudi Arabia, partially offset by the non-renewal of a key contract in Norway.”
Annual report 2024A · The company itself
Geography
“Additionally, we expanded into promising new markets, including Australia, Indonesia, Canada, and Namibia, while strengthening our existing presence in mainland Europe. These efforts have supported our journey towards being a global player, with Well Services now present in 30 countries across the world.”
Annual report 2024A · The company itself
Denmark
Geography
Market
“Notably, we secured a new drilling services contract for the Grane and Visund platforms with Equinor Energy AS, while the Johan Sverdrup contract option was exercised, further strengthening our collaboration with Equinor. In addition, we were awarded a five-year contract with Repsol Norge AS for drilling services on the Yme Inspirer jack-up rig, covering drilling, completion, well intervention, maintenance, engineering, and future P&A work.”
Annual report 2024A · The company itself
Market
“On the operational side, we secured contracts with Repsol Norge AS for the Yme Inspirer and with Equinor for the Grane and Visund platforms. Equinor's options for the Johan Sverdrup and Mariner platforms and bp’s option for the Clair field were also exercised.”
Annual report 2024A · The company itself
Geography
“We secured a major contract for workover services with Shell Brunei in Southeast Asia, opened a new sales office in Houston and added projects in Canada, Namibia and Congo to our portfolio, strengthening our presence in key regions.”
Annual report 2024A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“In addition, we signed a strategic cooperation agreement with Reelwell AS to introduce the innovative DualLink technology to the North Sea which will set new standards for drilling efficiency and downtime reduction.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Innovation remained central to our work, with the launch of the Project Execution Tool, a digital platform designed to improve project management, visualise data, and enhance execution efficiency.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Innovation and digitalisation continued to drive efficiency, with energy efficiency upgrades to Linus, advancements in rig management systems, digital field worker tools, and the further development of the ONIX system – our digital platform to store, manage, visualise and share data for equipment compliance and oversight.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Electrification
Technology
DriverPositive impact: strengthens
“However, there is an increased appetite for field development and production spending across the segments, as we bridge the gap while moving to renewables.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“The energy transition is key to the future of all, but there is a gap between the supply of renewable energy and demand. Oil and gas is therefore expected to remain a vital part of the energy mix in the foreseeable future, with the key word being "transition".”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The Group’s vision is to use its heritage and expertise to support the energy transition. This involves developing services and operations in the renewables sector while continuing to support the Group's traditional vital oil and gas market, and grow service offerings such as jack-up management.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Wind power
Technology
DriverPositive impact: strengthens
“However, there is an increased appetite for field development and production spending across the segments, as we bridge the gap while moving to renewables.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The Group’s vision is to use its heritage and expertise to support the energy transition. This involves developing services and operations in the renewables sector while continuing to support the Group's traditional vital oil and gas market, and grow service offerings such as jack-up management.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“It also includes our investment in Odfjell Oceanwind, which is developing floating offshore wind solutions.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Construction
End markets
Market
“P&E activity on SPS work will continue in 2025 supporting a number of assets as they go through their five yearly recertification. We have seen an increased need for our Engineering competence on modification and upgrades and have growth ambitions to diversify our portfolio further.”
Annual report 2024A · The company itself
Market
“Kurt Meinert Fjell Executive Vice President, Operations Projects & Engineering 2024 was a year of high activity levels and strategic execution for our Projects & Engineering (P&E) business area. With a growing portfolio of clients and a strong focus on asset lifecycle services, we continued to deliver high-quality solutions across floating and fixed installations.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Energy efficiency
Technology
StrategyPositive impact: strengthens
“Innovation and digitalisation continued to drive efficiency, with energy efficiency upgrades to Linus, advancements in rig management systems, digital field worker tools, and the further development of the ONIX system – our digital platform to store, manage, visualise and share data for equipment compliance and oversight.”
Annual report 2024A · The company itself
Market
“Our Energy Efficiency service, assists asset owners to map energy consumption and carbon emissions providing advice on reducing these.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Energy security
Regulation
DriverPositive impact: strengthens
“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“As energy security is increasingly important for our clients, we remain committed to supporting safe, efficient, and cost-effective offshore operations.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“We also made strategic investments to expand our portfolio, including the acquisition of McGarian TDC Limited to enhance our Plug & Abandonment offerings.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“At the same time, we will actively explore opportunities for acquisitions and international expansion in line with our strategy.”
Annual report 2024A · The company itself
Semiconductors and electronic components
Raw materials and inputs
StrategyPositive impact: strengthens
“This year, we continued to push boundaries with developments in wellbore cleanup tools, as well as entering into a strategic cooperation agreement with Reelwell AS. This partnership enables us to supply the DualLink powered wired pipe technology to projects in the North Sea, further reinforcing our commitment to delivering cutting-edge technology.”
Annual report 2024A · The company itself
Market
“Segment Overview Well Services Well Services provides technology for hands-free tubular running operations, high specification drilling tubulars and downhole tools. In addition, we have a vast inventory of equipment and our in-house engineering is specialised in the development of new technology.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“In addition, we signed a strategic cooperation agreement with Reelwell AS to introduce the innovative DualLink technology to the North Sea which will set new standards for drilling efficiency and downtime reduction.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automotive
End markets
Market
“Segment Overview Well Services Well Services provides technology for hands-free tubular running operations, high specification drilling tubulars and downhole tools.”
Annual report 2024A · The company itself
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“These efforts reflect our belief that the energy transition requires thoughtful and collaborative action. Culture is at the heart of everything we do.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Real estate
End markets
Market
“P&E activity on SPS work will continue in 2025 supporting a number of assets as they go through their five yearly recertification. We have seen an increased need for our Engineering competence on modification and upgrades and have growth ambitions to diversify our portfolio further.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Factors that, in the Group’s view, could affect its results materially, include: volatile oil and gas prices, global political changes regarding energy composition and developments in the renewables sector, competition within the oil and gas services industry, changes in clients’ spending budgets and developments in the financial and fiscal markets.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Financially, we have seen a growth in revenue this year, albeit EBITDA is slightly down due to product mix and lower bonuses in Operations.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverPositive impact: strengthens
“Additionally, our involvement in geothermal and lithium well projects has contributed to increasing green revenues, aligned with Odfjell Technology’s vision to support the energy transition.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“All offshore contracts are associated with risk and responsibilities, including technical, operational, commercial, and political risks.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cyber security remains a critical focus as we adapt to an increasingly digital landscape.”
Annual report 2024A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Global trade volumes
Macro
DriverPositive impact: strengthens
“Our Business Well Services In 2024, our Well Services Business Area achieved significant progress through a focused strategy on global expansion and operational excellence. By adapting to market opportunities and challenges, we delivered solid revenues across all regions, setting the stage for continued growth.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Through initiatives like Human Performance Principles training, and campaigns promoting diversity and inclusion, we are fostering a supportive, safe, and high-performing environment.”
Annual report 2024A · The company itself
Solar power
Technology
DriverPositive impact: strengthens
“However, there is an increased appetite for field development and production spending across the segments, as we bridge the gap while moving to renewables.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“Strengthening our UK operations, bp and Equinor exercised key contract extensions. bp extended our platform rig operation and maintenance contract for the Clair Phase 1 and Clair Ridge facilities, as well as the Andrew platform, securing our presence in the Clair field until at least 2027.”
Annual report 2024A · The company itself
Geography
“We secured a major contract for workover services with Shell Brunei in Southeast Asia, opened a new sales office in Houston and added projects in Canada, Namibia and Congo to our portfolio, strengthening our presence in key regions.”
Annual report 2024A · The company itself
Climate change and extreme weather
Macro
DriverPositive impact: strengthens
“Operational excellence was demonstrated through the safe decommissioning of two platforms in the UK, showcasing our capabilities in managing complex end-of-life projects.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Factors that, in the Group’s view, could affect its results materially, include: volatile oil and gas prices, global political changes regarding energy composition and developments in the renewables sector, competition within the oil and gas services industry, changes in clients’ spending budgets and developments in the financial and fiscal markets.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
United States
Geography
Geography
“One of the year's key milestones was the establishment of a new sales office in Houston, USA, strategically positioning us for growth in the Americas.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 5.43 bn NOK |
| Revenue growth vs. the year before, same method | 8.1 % |
| EBITDA reported by the company | 0.83 bn NOK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 6.24 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.