Odfjell Drilling

What Odfjell Drilling does

Odfjell Drilling generates revenue through two complementary streams: long-term day-rate drilling contracts on its owned harsh-environment fleet, and asset-light rig management services for third-party rig owners such as CIMC and Northern Ocean. The company reported record Q4 2025 results with revenue of $245 million, EBITDA of $124 million (~51% margin), and net profit of $45 million, on 98% financial utilization, supported by a $2.5 billion firm order backlog that fully books the owned fleet through at least 2027. In December 2025, Odfjell Drilling completed the $480 million acquisition of the Deepsea Bollsta rig (renamed Deepsea Aberdeen), financed concurrently via $550 million in term loans and a $650 million senior secured bond issuance (7.25%, 2025/2031). The company's differentiating technology layer is a framework agreement with DrillDocs to deploy the AI-driven CleanSight computer vision system across its contracted fleet, enabling real-time wellbore monitoring and reduced non-productive time. Headcount stands at 1,600+ employees, and the company maintains ISO 9001, ISO 14001, GDPR, and Norwegian/UK transparency compliance frameworks under executive leadership of CEO Kjetil Gjersdal and CFO Ørjan Lunde.

Name

Odfjell Drilling

Legal name

Odfjell Drilling Ltd.

Website

https://odfjelldrilling.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Odfjell Drilling is a publicly listed offshore drilling contractor operating a fleet of seven harsh-environment semi-submersible rigs for major oil and gas operators on the Norwegian Continental Shelf and offshore Namibia, generating revenue through multi-year day-rate contracts and rig management services.

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Mining (2131)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Subsea Services & Equipment (Subsea Trees, Umbilicals, Installation, IMR) (EUALABAI)

Keywords

• Offshore drilling services
• Semi-submersible rigs
• Harsh-environment drilling
• Rig management services
• Oil and gas drilling

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Offshore Drilling Contract Services: Odfjell Drilling generates revenue primarily through day-rate contracts for offshore drilling operations using its fleet of semi-submersible rigs. Contracts are typically multi-year agreements with major oil and gas operators, providing predictable long-term revenue streams.
2. Rig Management Services: The company provides management services for rigs owned by third parties, such as the Deepsea Mira managed for Northern Ocean and Deepsea Yantai managed for CIMC, generating fees for operational management services.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Odfjell Drilling operates a fleet of seven semi-submersible drilling rigs for harsh-environment offshore exploration and production drilling, primarily on the Norwegian Continental Shelf and internationally. The company provides offshore drilling contract services to major oil and gas operators under long-term day-rate contracts, and also delivers rig management services for third-party owned rigs (e.g., Deepsea Yantai for CIMC, Deepsea Mira for Northern Ocean).

Product overview

Odfjell Drilling is an international offshore drilling company operating a fleet of seven state-of-the-art semi-submersible drilling rigs for harsh-environment operations. The fleet consists of owned units (Deepsea Aberdeen, Deepsea Nordkapp, Deepsea Atlantic, Deepsea Stavanger, Deepsea Bergen) and managed units (Deepsea Yantai owned by CIMC, Deepsea Mira owned by Northern Ocean). The company provides offshore drilling services primarily on the Norwegian Continental Shelf, with operations extending to Namibia. The Deepsea Nordkapp rig features AI-driven DrillDocs CleanSight computer vision technology for real-time wellbore monitoring. All owned fleet units are fully booked until at least 2027, with a total contract backlog of approximately $2.5 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• Deepsea Aberdeen (formerly Deepsea Bollsta) Semi-submersible deepwater drilling rig acquired by Odfjell Drilling from Deepsea Bollsta Rigs and Vessels and renamed Deepsea Aberdeen; a sixth-generation deepwater unit operating on the Norwegian Continental Shelf.
• Deepsea Nordkapp

Quantifiable outcome

• 98% financial utilization rate achieved in Q4 2025
• +2 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature1 record

Partnerships

Six partnerships are on record, tiered core and flagship.

• DrillDocscoreTechnology or Integration · 16 June 2026Odfjell Drilling operates under a framework agreement with DrillDocs for deployment of AI-driven CleanSight digital shaker surveillance system. The technology has been validated on Noble's Integrator rig and is being expanded across Aker BP's contracted rig fleet, with installation on Odfjell Drilling's Deepsea Nordkapp rig. The system reduces non-productive circulating time and enables near-real-time detection of borehole instability issues.
• CIMCcoreStrategic or Co-development Partner · 15 May 2026CIMC owns the Deepsea Yantai semi-submersible rig which is managed by Odfjell Drilling. The 2019-built rig operates on the Norwegian Continental Shelf for multiple companies including DNO, Wellesley Petroleum, and Well Expertise.
• ShellcoreStrategic or Co-development Partner · 12 December 2025Shell has contracted Odfjell Drilling to operate the Deepsea Mira for a new drilling campaign offshore Namibia in PEL 39 exploration block. The campaign involves partnership with QatarEnergy and Namibia's national oil company NAMCOR, with Namibia aiming to start oil production by 2030.
• Northern OceancoreStrategic or Co-development Partner · 9 July 2025Odfjell Drilling manages Northern Ocean's Deepsea Mira semi-submersible rig for exploration drilling operations. The rig was contracted by Rhino Resources for operations offshore Namibia including Volans-1X well and subsequent exploration. Contract value approximately $40 million for initial well plus optional wells.
• EquinorflagshipStrategic or Co-development PartnerEquinor is a major customer and strategic partner, operating Deepsea Atlantic for drilling operations on Norwegian Continental Shelf. The 2009-built sixth-generation deepwater unit was working for Equinor when the BOP incident occurred in April 2026. Odfjell Drilling has secured new drilling contracts with Equinor adding nearly $1 billion in firm order backlog.
• Aker BPflagshipStrategic or Co-development PartnerAker BP represents a flagship long-term partnership with Odfjell Drilling. The partnership includes Deepsea Nordkapp operations and a framework agreement for technology development. Aker BP is expanding AI-driven technology deployment across Odfjell Drilling's contracted rig fleet. The partnership was highlighted as a successful model at the 2026 IADC Drilling Africa Conference.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Borr Drilling: Borr Drilling is a pure-play jackup-focused drilling contractor with one of the youngest fleets in the industry. While Borr focuses on shallow-water jackups rather than harsh-environment semis, it competes in the broader offshore drilling tender market and represents a comparable public investment vehicle for offshore drilling exposure.
• Transocean: Transocean is one of the largest offshore drilling contractors globally, focused on deepwater and ultra-deepwater drilling with a fleet of drillships and harsh-environment semisubmersibles. It competes head-to-head with Odfjell for long-term contracts with the same major operators (Equinor, Shell) and represents a benchmark for day rates and contract structures in the offshore drilling sector.
• Noble Corporation: Noble Corporation is a leading offshore drilling contractor operating a global fleet of drillships and semisubmersibles. Following the merger with Maersk Drilling, Noble is the most direct public peer to Odfjell Drilling in harsh-environment semisubmersible operations and competes for the same IOC contracts on the Norwegian Continental Shelf.
• Valaris Limited: Valaris is a major offshore drilling contractor with a diversified fleet including semisubmersibles, drillships, and jackups. The company emerged from restructuring in 2021 and competes with Odfjell for international drilling tenders, particularly for IOC customers seeking flexible rig solutions across multiple geographies.
• Seadrill: Seadrill operates a fleet of harsh-environment semisubmersibles and drillships serving major IOCs and NOCs across the North Sea, Mediterranean, and West Africa. After emerging from Chapter 11 restructuring, Seadrill has re-entered the market with newer assets and competes directly with Odfjell for tenders requiring modern harsh-environment semisubmersibles.
• Stena Drilling: Stena Drilling operates a fleet of harsh-environment semisubmersibles primarily serving North Sea operators. As one of the few remaining harsh-environment specialists, Stena competes directly with Odfjell for Norwegian and UK Continental Shelf contracts and represents a comparable niche peer.

Broad incumbents

• Aker Solutions: Aker Solutions is a large Norwegian-based provider of engineering, procurement, construction, and maintenance services to the offshore energy industry. While broader than Odfjell's pure drilling focus, Aker Solutions overlaps in offshore operations and field development services and shares the Norwegian customer base including Aker BP, where former Odfjell CEO Simen Lieungh now chairs the Odfjell board.
• Saipem: Saipem is an Italian-based engineering and construction company providing drilling services alongside its broader EPCI portfolio. Saipem operates the Perro Negro jackup fleet and competes for both drilling and integrated offshore development contracts, making it a broad incumbent peer for tender-level competitive dynamics.
• Baker Hughes: Baker Hughes is a major oilfield services company providing drilling services, completions, and production solutions across the upstream lifecycle. While much broader than Odfjell, Baker Hughes' drilling services segment competes for integrated drilling contracts and shares the same harsh-environment operating environment.

Emerging players

• Northern Ocean: Northern Ocean owns the Deepsea Mira rig which is managed by Odfjell Drilling. As a pure-play owner-operator of harsh-environment semisubmersibles backed by Akastor (a prior investor), Northern Ocean represents both a customer and a closely connected peer with shared exposure to deepwater drilling rig economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/23938

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Odfjell Drilling