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Worried Odfjell Drilling more than triples its result for the year

Odfjell Drilling beat tough market conditions in offshore to deliver significant growth in earnings in 2020, but the company fears that future financing opportunities are impacted by sliding values and overcapacity.

Photo: Odfjell Drilling
BY DAG HOLMSTAD, SHIPPINGWATCH

Norwegian offshore company Odfjell Drilling is smiling with one eye and crying with the other.

While Odfjell Drilling's earnings soar and surpass analyst expectations, the major Norwegian drilling company also worries that the offshore drilling market's overall weak state with overcapacity and the current financial restructurings undertaken by several operators will have a negative impact on Odfjell Drilling's future possibilities of securing financing.

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