Odfjell Technology Ltd reports fourth-quarter 2025 revenue of NOK 1,396 million
and EBITDA of NOK 213 million. Adjusted EBITDA was NOK 222 million, reflecting a
strong finish to the year with solid activity levels and improved performance in
key areas. 

The EBITDA margin for the quarter was 15%, supported by positive development in
Well Services and stable operations across the Group. 

Well Services continued its margin improvement trend throughout 2025. Q4
performance was driven by strong activity in Norway and Europe combined with
higher product sales. Operations delivered consistent performance under
long-term contracts, while Projects & Engineering improved EBITDA versus Q3,
supported by active capacity alignment and positioning to broaden its client
base. 

Working capital improved materially during the quarter, with a reduction of
approximately NOK 210 million, strengthening liquidity and reducing leverage.
The leverage ratio at year-end was 1.0x, supporting a robust balance sheet. 

The Group's contract backlog stands at NOK 11.5 billion, providing solid
visibility into 2026. Over the last twelve months, Odfjell Technology delivered
revenue of NOK 5.5 billion and EBITDA of NOK 801 million. 

Strategic acquisition of Kaseum and Razor 

After the quarter end, Odfjell Technology signed agreements to acquire 70% of
Kaseum Holding Limited and Razor Oiltools Limited, establishing a stronger
platform within Lightweight Well Intervention (LWI) and Plug & Abandonment
(P&A). 

The transaction strengthens the Group's technology offering through proprietary
wireline tools and provides immediate scale in intervention and P&A services.
The acquisition will be EBITDA accretive and will enhance the Group's margin
profile and cash generation going forward.  

The acquisition will be financed through a NOK 600 million bond tap under the
existing senior secured bond framework, combined with available liquidity. No
changes to bond covenants are required. Leverage ratio at year end incorporating
the transaction would remain moderate at approximately 1.3x NIBD to normalised
EBITDA, preserving financial flexibility. Please see separate press release for
further details. 

Dividend 

The Board of Directors has approved a quarterly dividend of NOK 60 million,
equal to NOK 1.52 per share and in line with previous quarters. 

Odfjell Technology AS CEO Simen Lieungh comments: 

"Q4 marked a strong finish to 2025. We delivered solid operational performance,
strengthened our cash position and materially improved working capital. 

The acquisition of Kaseum and Razor represents a strategic upgrade of our
intervention platform. It enhances our technology differentiation, improves our
margin mix and positions us for structural growth within P&A and wireline-based
LWI. 

Entering 2026, activity is expected to be broadly flat in the near term. We will
focus on execution, cash flow, and realising the full value of Kaseum and Razor.
Our strong backlog and enhanced intervention capabilities position us well for
improved performance into 2027." 

Highlights of the quarter 

- Revenue of NOK 1,396 million 

- EBITDA of NOK 213 million (NOK 222 million adjusted) 

- EBITDA margin of 15% 

- Quarterly dividend of NOK 60 million (NOK 1.52 per share) 

- Backlog of NOK 11.5 billion 

- Revenue LTM of NOK 5.5 billion 

- EBITDA LTM of NOK 801 million (NOK 827 million adjusted) 

- NOK 210 million working capital improvement 

- Leverage ratio of 1.0x at year-end 

- Strategic acquisition of Kaseum and Razor post quarter 


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 on 26th February 2026 to present the results, as well
as providing an outlook for the Company, at 09:30am UK time / 10:30am Norway
Time. 

 
Information on how to submit questions will be given at the beginning of the Q&A
session.  

Please join the event 5-10 minutes prior to scheduled start time.  

Webcast details:   

https://edge.media-server.com/mmc/p/zqw68mtb  

Participant call details:  

https://register-conf.media-server.com/register/BI33832f134eeb4865b2866b5db41d03
97 


Click on the call link and complete the online registration form.  

 
Upon registering you will receive the dial-in info and a unique PIN to join the
call as well as an email confirmation with the details.  

 
Select one of the following methods for joining the call:  

- Dial-In: A dial in number and unique PIN are displayed to connect directly
from your phone.  

- Call Me: Enter your phone number and click "Call Me" for an immediate
call-back from the system. The call will come from a US number.  

 
Participants will have the ability to "raise their hand" to ask a verbal
question during the Q&A.   

 
For further queries, please contact:  

Gillian Basson, Corporate Secretary  

T: +44 1224 856007 / M: +44 7796 547889  

[email protected]  

 
26th February 2026   

Aberdeen, United Kingdom  

Odfjell Technology Ltd  

 
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.