Odfjell Technology

What Odfjell Technology does

Odfjell Technology is a publicly listed (Oslo Børs: OTL) energy and renewables services company headquartered in Aberdeen, United Kingdom, spun off from Odfjell Drilling on 28 March 2022. The company operates three integrated service pillars: Projects & Engineering (feasibility, FEED, facility engineering, integrity & inspection, HVAC-R, marine and subsea services), Operations (platform operations, mobile offshore unit management, plug & abandonment (P&A), modular operations, and Rig Inspection Services), and Well Services (tubular running services, wellbore cleanup, remedial and abandonment, and drilling tool rental). It traces its operational heritage to the 1970s through Odfjell Drilling's entry into platform drilling in 1978 (Statfjord B) and formation of Odfjell Well Services in the mid-1990s.

The company's technology stack combines proprietary well-intervention tools — including the CRTi Top Drive Casing Running Tool, patented WiFi-controlled Sliplifter with Integrated Safety Clamp, Hydraflow Advanced Wellbore Cleaning System (HAWCS), DrillRdillo, ArdVAC, RapTr-X asymmetric whipstock, MAXGrip/MagVac fishing magnets — with the NORSOK-certified XRIG modular drilling and workover unit (137 full-scale tests, 2,500 operating hours). Revenues are generated through multi-year managed-services contracts with oil and gas operators (platform drilling), unit-priced drilling tool rentals maintained to NS-1/NS-2 standards, and professional-services fees for engineering and well intervention work.

Customer base spans international oil companies (Equinor, BP, EnQuest), national oil companies (Kuwait Oil Company, Petronas), and independents (Hunt Oil, Eavor) across the North Sea, Middle East (Kuwait, Saudi Arabia, UAE), Southeast Asia, and the Americas. FY2024 revenue was NOK 5,427 million with NOK 825 million EBITDA, supported by a NOK 13.3 billion contract backlog and 2,570 employees across 11 offices in 20+ countries. GTM is sales-led and event-driven (OTC, ADIPEC, OEUK, IPTC, GeoTHERM, D&A events), supplemented by channel partnerships (OSP, XRIG, ANT) for geographic and P&A expansion, with adjacent ventures in floating offshore wind (Odfjell Oceanwind) and geothermal.

Name

Odfjell Technology

Legal name

Odfjell Technology Ltd

Website

https://odfjelltechnology.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Odfjell Technology is a publicly listed (Oslo: OTL) Aberdeen-headquartered energy services firm spun off from Odfjell Drilling in 2022, providing integrated platform operations, well services, and projects & engineering to oil and gas operators across 20+ countries.

Ownership category

akta.pro rank

Product category

Oilfield Services

NAICS

Drilling Oil and Gas Wells (213111), Mining and Oil and Gas Field Machinery Manufacturing (33313), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533), Services-Engineering Services (8711)

akta.pro primary industry

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM)

Keywords

• Oilfield services
• Platform drilling operations
• Well intervention services
• Drilling tool rental
• Offshore engineering solutions

Headquarters

HQ city

Aberdeen

HQ country

United Kingdom

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Platform Operations Services: Contract-based platform drilling and operations services for fixed and floating production platforms in the North Sea. Revenue generated through long-term contracts with major oil and gas operators.
2. Well Services: Tubular running services, wellbore cleanup, fishing and remedial services, and drilling tool rental. Services span the entire well lifecycle from construction to abandonment.
3. Drilling Tool Rental: Rental of high-performance drilling tools including drill pipe, tubing, jars, shock tools, heavy-weight drillpipe, stabilizers, and specialized downhole equipment.
4. Engineering Solutions: Comprehensive engineering services including feasibility studies, concept development, FEED, facility engineering, operational drilling engineering, and commissioning.
5. Integrated Operations: Bundled service packages combining casing running, tubular rentals, fishing, milling, inspection, project engineering and offshore execution for integrated operations.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Odfjell Technology is a global oilfield services provider delivering integrated solutions across three pillars: Projects & Engineering (feasibility, FEED, facility and drilling engineering), Operations (contract platform drilling on fixed and floating platforms, plug and abandonment, modular operations), and Well Services (tubular running, wellbore cleanup, fishing/remedial, drilling tool rental). The company serves oil and gas operators across more than 20 countries with a workforce of approximately 2,570 employees.

Product overview

Odfjell Technology is an oilfield services and technology company that provides a comprehensive portfolio of products and services for the energy industry. The offering consists of three main service pillars: Projects & Engineering (covering Energy, Integrity & inspection, Project management, Engineering solutions, HVAC-R, Marine services, and Subsea services), Operations (covering Platform operations, MOU management, P&A operations, Modular operations, and Rig Inspection Services), and Well Services (covering Tubular running services, Remedial and abandonment, Wellbore cleanup, and Drilling tool rental). The company also manufactures and rents specialized well intervention tools including the DrillRdillo™ Drilling Scraper, Casing Running Tool (CRTi), UltraElevator, UltraFMS, Sliding Spider, RapTr-X™ Asymmetric Whipstock System, XRIG modular drilling unit, MAXGrip Fishing Magnet, ArdVAC™ Venturi Junk XTractR, Hydraflow Advanced Wellbore Cleaning System, MagVac Fishing Magnet, and MagStar tools. The product portfolio is complemented by the XRIG modular drilling unit for flexible drilling operations.

Differentiator

Problem solved

Functional benefit

Brands

• Odfjell Well Services (OWS): Well Services division of Odfjell Technology, providing tubular running, wellbore clean-up, well intervention, remedial and abandonment services
• Rig Inspection Services (RIS)
• Odfjell Oceanwind
• Hydraflow Advanced Wellbore Cleaning System (HAWCS)

Products and services

• Well Services Comprehensive well services covering tubular running services, wellbore cleanup, fishing and remedial services, drilling tool rental, and plug and abandonment operations. Offered across the full well lifecycle from construction through abandonment, serving operators globally in more than 30 countries.
• Operations Services Operational support services including contract platform drilling operations on fixed and floating production platforms, mobile offshore unit (MOU) management, plug and abandonment (P&A) integrated operations, modular operations, and Rig Inspection Services (RIS).
• Projects & Engineering Services Comprehensive project management and engineering solutions covering energy, integrity and inspection, project management, engineering solutions, HVAC-R departments, marine services, and subsea services. Includes feasibility studies, concept development, FEED, facility engineering, operational drilling engineering, and commissioning.
• Drilling Tool Rental Rental of high-performance drilling tools including drill pipe, tubing, jars, shock tools, heavy-weight drill pipe, stabilizers, and specialized downhole equipment, with inspection, maintenance, and certification services to NS-1 and NS-2 standards.
• XRIG Modular Drilling Unit NORSOK-certified combined drilling and hydraulic workover modular rig operated through partnership, approved for onshore and offshore operations. Has completed 137 successful full-scale tests and 2,500 hours of operations at the onshore test facility in Ålgård Technology Park.
• Tubular Running Services Specialized tubular running services utilizing proprietary remotely operated equipment including the CRTi Top Drive Casing Running Tool, WiFi-controlled sliplifter with integrated safety clamp, and WiFi-controlled scissor table tongs.
• Wellbore Cleanup Services Wellbore cleanup services using proprietary tools including the Hydraflow Advanced Wellbore Cleaning System (HAWCS), DrillRdillo drilling scraper, UltraMag HD casing magnet, ArdVAC Venturi XTRactR tool, MAGVac and MAXGrip fishing magnets, and MalstrømXT wellhead/BOP cleaning tool.
• Rig Inspection Services (RIS) Installation, rope access, and crane and lifting services sub-brand providing rig inspection and integrity services.

Quantifiable outcome

• Delivered drilling services since 2019 for North Sea operator with contract extended through November 2028
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature18 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Oilfield Services Professionals (OSP)coreStrategic or Co-development Partner · 10 June 2025Global strategic partnership formed in June 2025 aimed at enhancing offshore oilfield operations. Collaboration focuses on operational performance, digital innovation, and expanding services in key global markets. Odfjell Technology and OSP delivered first equipment shipment to support UAE operators.
• XRIG (Modular Drilling Unit)coreStrategic or Co-development PartnerPartnership to operate and manage XRIG modular drilling and workover unit. XRIG is a NORSOK-certified modular drilling unit approved for any onshore/offshore operations. Currently installed at test facility in Ålgård Technology Park where it has completed 137 successful full-scale tests and 2,500 hours of operations.
• P&A Campaign Strategic PartnerscoreStrategic or Co-development PartnerWorking in strategic partnerships and alliances to deliver fully integrated service for plug and abandonment campaigns. Partnerships include well management, modular rig provision, engineering and installation services.
• ANT (Applied New Technologies)minorStrategic or Co-development PartnerMemorandum of Understanding signed April 2026 to work together to deliver next generation advanced P&A solution in Southeast Asia.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Subsea 7: Subsea engineering, construction, and services contractor with significant North Sea presence. Overlaps with Odfjell in offshore engineering, subsea services, and platform support.
• Baker Hughes: Integrated oilfield services and industrial energy technology company. Competes with Odfjell in drilling tools, well services, and platform operations, and also touches offshore wind and energy transition segments.
• SLB (Schlumberger): World's largest oilfield services company offering drilling, completions, well intervention, and digital solutions globally. Comparable to Odfjell Technology in drilling, well services, and platform operations but at vastly larger scale across all major basins.
• Aker Solutions: Norwegian-based engineering and field services company serving offshore oil & gas and renewables. Comparable in projects, engineering, and offshore operations with a parallel energy transition pivot to offshore wind.
• Saipem: Italian engineering, drilling, and construction company with offshore EPCI and drilling services. Comparable in offshore engineering, platform services, and integrated well lifecycle solutions.
• Halliburton: Global OFS major with leading drilling services, well construction, and completion tool portfolios. Comparable in drilling tool rental, wellbore cleanup, and tubular running services across North Sea and international markets.

Regional players

• Vantage Drilling International: Offshore drilling contractor focused on ultra-deepwater and mid-water jackup operations. Partially comparable to Odfjell's offshore platform drilling focus, with a different geographic mix.

Direct peers

• Stena Drilling: Offshore drilling contractor operating harsh-environment jackups and semis. Comparable in North Sea platform drilling and offshore operations, though more focused on rig ownership than integrated services.
• Weatherford International: Oilfield services provider with strong drilling, evaluation, and well intervention offerings. Directly comparable to Odfjell's well services and drilling tool rental businesses across mature and emerging basins.
• Archer Limited: Global oilfield services company headquartered in Bermuda with strong North Sea platform drilling presence. Directly comparable to Odfjell's platform operations, well services, and drilling tool rental offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/odfjelltech
• Facebookfacebook.com/odfjelltechnology
• LinkedInlinkedin.com/company/odfjell-technology

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Odfjell Technology