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• Revenue: NOK 1.33 billion in Q3 2024, a growth of 5% compared to Q3 2023.

• EBIT: NOK 201 million in Q3 2024, a reduction of 5% from NOK 212 million in Q3 2023.

• Net Profit: NOK 39 million in Q3 2024, compared to NOK 5 million in Q3 2023.

• Cash Generated from Operations: NOK 186 million in Q3 2024, compared to NOK 45 million in Q3 2023.

• Cash Position: NOK 514 million in Q3 2024, compared to NOK 500 million in Q3 2023.

• Order Backlog: NOK 30.7 billion, with NOK 13.7 billion in stable operations.

• Dividend: Increased from NOK 45 million to NOK 60 million, with per share increase from NOK 1.14 to NOK 1.52.

• Debt Leverage Ratio: 0.7, indicating a comfortable level.

• Well Services Revenue: NOK 462 million in Q3 2024, a reduction of 1% from Q3 2023.

• Operations Revenue: NOK 644 million in Q3 2024, an increase of 6% from Q3 2023.

• Project Engineering Revenue: NOK 161 million in Q3 2024, an increase of 15% from Q3 2023.

• Available Liquidity: Approximately NOK 1 billion.

• CapEx Forecast: Estimated NOK 280 million to NOK 320 million for 2024.

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Release Date: November 07, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Odfjell Technology Ltd (STU:ND4) reported a strong order backlog of NOK30.7 billion, indicating robust future business prospects.

• The company increased its dividend from NOK45 million to NOK60 million, reflecting a commitment to returning value to shareholders.

• Odfjell Technology Ltd (STU:ND4) has a healthy balance sheet with available liquidity of over NOK1 billion, providing financial flexibility.

• The company has won more than 100 contracts this year, showcasing its competitive edge and market presence.

• Odfjell Technology Ltd (STU:ND4) is well-positioned in the plug and abandon market, which is expected to grow due to regulatory pressures and environmental concerns.

Negative Points

• The company's EBIT decreased by 5% compared to the previous year, indicating some challenges in maintaining profitability.

• There is a slowdown in market activity levels, with investments and activity levels being postponed, affecting short-term growth.

• The company faces volatility in oil prices and global unrest, contributing to market uncertainty.

• Odfjell Technology Ltd (STU:ND4) has experienced delays in startup and mobilization activities in some regions, impacting operational efficiency.

• The company's well services segment saw a reduction in revenue and EBITDA due to changes in product mix and maintenance interruptions.