Q1 2025 Odfjell Technology Ltd Earnings Call Transcript
Key Points
- Odfjell Technology Ltd (ODTLF) reported a stable performance with an EBITDA of NOK193 million and revenue of NOK1.3 billion, reflecting consistency with the previous quarter.
- The company has a strong balance sheet, providing flexibility for strategic growth both organically and through acquisitions.
- Odfjell Technology Ltd (ODTLF) has a robust order backlog of NOK13.1 billion, ensuring good revenue visibility and stability.
- The company has been consistently delivering dividends, with a NOK60 million dividend for the third consecutive quarter, equating to a direct yield of approximately 14%.
- Odfjell Technology Ltd (ODTLF) is well-positioned for growth in new regions, with ongoing projects and partnerships in the Gulf of Mexico and Brazil, and a positive market outlook in the Americas.
- The termination of the Brunei workover contract was a setback, although it has minimal financial impact for 2025.
- Well Services experienced a shift in product line mix, leading to lower margins, which the company aims to improve.
- High CapEx levels have been noted due to investments in high-margin projects and equipment replacement, impacting cash flow.
- The company faces challenges in the plug abandonment market, needing to develop or partner for certain technologies to remain competitive.
- There is no exposure to the US land market, which could limit potential growth opportunities in that region.
Welcome to Odfjell Technology's Q1 presentation. My name is Gert Haugland, I'm the SVP for Finance and Investor Relations in Odfjell Technology. I'm joined by our CEO, Simen Lieungh; and our CFO, Jone Torstensen.
You will find the presentation on our website, and we'll start with Simen talking about the key highlights and the market outlook, backlog and contract status before Jone go through the financial figures. We'll conclude with a Q&A session, and you can submit your questions either through the webcast portal or by using the dial-in numbers.
I hand it over to you, Simen, for the first part.
Thank you, Gert, and thank you all for calling into the Q1 presentation. I'll start with -- just to give you all reminder of the company's highlight or key numbers. Regarding size, we are today a company with 2,500 employees. We operate in more than 30 countries, as you see on the
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