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Odfjell Drilling Reports Full Q1 Fleet Coverage, Tight Market Outlook

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Scotland-headquartered Odfjell Drilling reported Q1 earnings Tuesday, showing that its owned rig fleet is fully contracted, supported by a firm contract backlog of about $2 billion and $3 million in priced options.

The drilling firm highlighted high utilization across its fleet, with financial utilization in Q1 remaining steady at 96%, the same as for the corresponding period a year ago.

The company said its contract coverage extends across most of its rigs, including units operating in the North Sea and other international markets.

Meanwhile, Odfjell described the Norwegian market as tight, citing limited supply and high barriers to entry for rigs operating on the Norwegian Continental Shelf.

Most units in the sector are either fully contracted, working overseas or would require significant investment to enter the market, the energy firm said.

Odfjell's next available rigs are not expected to enter the market until H2 2027.

Beyond Norway, Odfjell has outstanding tenders in markets including Namibia and the UK, alongside growing interest in deepwater projects.

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