Odfjell Drilling Ltd. says Namibia contributed US$27.1 million (about N$477 million) to its external fleet revenue in the first half of 2025, down from US$49.4 million (around N$871 million) in the same period last year.
The company linked the decline to the redeployment of the Deepsea Bollsta rig from Namibian waters to the North Sea, where it resumed operations with OMV.
Despite the short-term dip, Odfjell underscored Namibia’s long-term significance. “Demand in areas such as Namibia, Canada, South Africa, Australia and the UK continues to be considered by operators, and projects are anticipated to be matured from 2027 and onwards,” the company said.
With the Deepsea Mira expected to enter full operations and the Orange Basin emerging as a key global energy frontier, Odfjell noted: “Internationally, work is expected to remain short-term in West Africa, with longer term work expected to increase in line with the development of offshore Namibia and Mozambique.”
In the second quarter, external fleet revenue rose to US$47 million, up from US$45 million a year earlier. The Bollsta contributed US$7 million after mobilising from Namibia, while the Deepsea Yantai added US$1 million from higher management fees.
Results were weighed down by idle time for Hercules, which posted a negative US$5 million, and lower contributions from the Deepsea Mira, which remained in preparation offshore Namibia at a negative US$1 million.
External fleet EBITDA rose to US$9 million compared to US$7 million in the prior year, driven mainly by Bollsta (US$3 million) and Yantai (US$1 million).
At group level, Odfjell reported record quarterly earnings, with operating revenue increasing to US$219 million (around N$3.87 billion), up from US$191 million in Q2 2024, and EBITDA rising to US$108 million (from US$85 million). Net profit more than doubled to US$42 million, compared with US$16 million a year earlier.
For the first half of 2025, group operating revenue reached US$423 million (about N$7.48 billion), up from US$385 million last year. Liquidity stood at US$217 million, while net debt dropped to US$458 million from US$504 million at the end of 2024.
The company also raised its dividend to 18 cents per share, paying out US$43.2 million for the quarter.
Odfjell Drilling is an international drilling and well services company that operates a fleet of offshore drilling units and provides drilling and engineering services to oil and gas companies worldwide.
It is headquartered in Norway and has a strong presence in multiple regions, including operations and offices in Namibia, where it supports exploration and development activities such as those in the Orange Basin.
