Odfjell Technology Ltd is pleased to report its financial and operational results for the three months period ended31st December 2023 . For the full results, please see the attached report and presentation.Simen Lieungh , Chief Executive Officer Odfjell Technology AS, remarked that "We are delighted with the performance for both this quarter and for the full year 2023. Our revenue has grown by 29% and our EBITDA has grown by 25% in 2023 compared to 2022, which is the result of strong performance and improved activity levels in all regions and segments. In 2023, we have demonstrated the ability to convert our earnings to free cash and have strengthened our balance sheet, providing us the flexibility to act and invest in accordance with our long term strategy." Highlights: Concluded the year with another strong quarterly financial performance - significant free cash flow due to working capital improvements; - Q4 Revenue ofNOK 1,342m - Q4 EBITDA ofNOK 223m - Q4 EBIT ofNOK 136m - Q4 Net profit ofNOK 137m - Q4 Backlog ofNOK 12.3bn Full year financials; - Revenue ofNOK 5bn a 29% improvement on 2022 - EBITDA ofNOK 840m a 25% improvement on 2022 - EBIT ofNOK 492m a 28% improvement on 2022 - Net profit ofNOK 344m a 36% improvement on 2022 - Free cash flow of 493m a 99% improvement on 2022 - Leverage ratio of 0.6x with net debt ofNOK 511m Approved Q4 dividend distribution ofNOK 25m with payment inMarch 2024 . High value contracts won: Backlog increased byNOK 1.5bn from Q3 to Q4 2023 to bring the total backlog toNOK 12.3bn which includes recently won contracts inNorway with OSM Thome to provide upgrade and modification services on Heidrun-B, frame agreement with AkerBP ASA to provide HVAC services and contract withRepsol Norge AS for drilling services on YME Inspirer. Chief Executive OfficerSimen Lieungh , Chief Financial OfficerJone Torstensen and SVP Finance & Investor RelationsGert Haugland , of Odfjell Technology AS will be hosting a webcast Friday 16th February to present the results as well as providing an outlook for the Company at09:30am UK time / 10:30hrs Norway Time. Stakeholders can either use the following link for the webcast or listen via telephone using the details below. Webcast link: https://brrmedia.news/ND4_Q423 Conference call details:USA Local: +1 786 697 3501 Norway Local Oslo: +47 2 156 3318UK -Wide: +44 (0) 33 0551 0200 Password (if prompted) Quote Odfjell Technology when prompted by the operator Participants will be asked for name and company. For further queries, please contact:Gillian Basson , Corporate Secretary +44 (0) 7796 547 889 gbas@odfjelldrilling.comAberdeen, United Kingdom 16 February 2024 Odfjell Technology Ltd This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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