Odfjell Technology Q2 EBITDA climbs 19% on acquisitions

Norway-based oilfield services company Odfjell Technology reported higher second-quarter 2026 revenue and EBITDA compared to the same period last year, with improved margins driven by recent acquisitions.

The Kaseum and Razor acquisitions added NOK 35 million to EBITDA in their first full quarter, strengthening the company’s position in lightweight well intervention and Plug & Abandonment services.

Odfjell Technology posted Q2 revenue of NOK 1.40 billion and EBITDA of NOK 243 million. The company’s underlying business also showed improvement, with EBITDA excluding acquisitions rising 2% year-over-year and 8% from the first quarter.

The company recorded order intake of NOK 1.1 billion in the second quarter. Its firm contract backlog stood at NOK 7.2 billion at quarter-end, with total backlog reaching NOK 11.4 billion.

Odfjell Technology paused dividend payments to fund the acquisitions. The company plans to resume dividend distributions following its third-quarter reporting.

Looking ahead, the company expects North Sea activity to remain steady through 2026 and anticipates rig count will increase into 2027.