Half Year 2026 Odfjell Technology Ltd Earnings Call

August 20, 2026

Gert Haugland: Good morning, and welcome to Odfjell Technology's Q2 presentation. My name is Gert Haugland. I am the SVP for Finance and Investor Relations in Odfjell Technology. I am joined by our CEO, Simen Lieungh, and our CFO, Eirik Knudsen. Today's presentation is available on our website. Please take notice of the disclaimer on page 2. Simen will now cover the key highlights, the market outlook, the backlog, and our capital allocation update. You can submit your questions through the webcast portal or by using the dial-in numbers. I now hand it over to Simen.

Gert Haugland: Good morning, and welcome to Odfjell Technology's Q2 presentation. My name is Gert Haugland. I am the SVP for Finance and Investor Relations in Odfjell Technology. I am joined by our CEO, Simen Lieungh, and our CFO, Eirik Knudsen. Today's presentation is available on our website. Please take notice of the disclaimer on page two. Simen will now cover the key highlights, the market outlook, the backlog, and our capital allocation update. You can submit your questions through the webcast portal or by using the dial-in numbers. I now hand it over to Simen.

Speaker #1: I'm joined by our CEO, Simon Leung, and our CFO, Erin Knudsen. Today's presentation is available on our website. Please take notice of the disclaimer on page 2.

Speaker #1: Simon will now cover the key highlights, the market outlook, the backlog, and our capital allocation update. You can submit your questions through the webcast portal or by using the dial-in numbers.

Speaker #1: I now hand it over to Simon.

Speaker #2: Thank you, Gert, and welcome to this call. First of all, I would like to say that I'm very happy to report we have record quarterly earnings this quarter.

Simen Lieungh: Thank you, Gert, and welcome to this call. First of all, I would like to say I am very happy to say that we have record quarterly earnings this quarter. We have earned NOK 243 million EBITDA and marginal 17.4% compared to 14.8% from previous quarter. It is also the first full quarter with Kaseum and Razor contributing with NOK 35 million to EBITDA, and with adjusted EBITDA excluding acquisition, still up 8% from previous quarters. These are the main drivers for the improvement. That is the Kaseum and Razor contribution. As we said before, we are running an improvement and performance program focusing on performance and cost discipline, and in OTL in general, also has improved over the last quarter. Regarding the market, we signed with Adura Energy, which is a JV between Equinor and Shell, taking care of the assets in the UK offshore sector.

Simen Lieungh: Thank you, Gert, and welcome to this call. First of all, I would like to say I am very happy to say that we have record quarterly earnings this quarter. We have earned NOK 243 million EBITDA and marginal 17.4% compared to 14.8% from previous quarter. It is also the first full quarter with Kaseum and Razor contributing with NOK 35 million to EBITDA, and with Adjusted EBITDA excluding acquisition, still up 8% from previous quarters. These are the main drivers for the improvement. That is the Kaseum and Razor contribution. As we said before, we are running an improvement and performance program focusing on performance and cost discipline, and in OTL in general, also has improved over the last quarter. Regarding the market, we signed with Adura Energy, which is a JV between Equinor and Shell, taking care of the assets in the UK offshore sector.

Speaker #2: We have earned $243 million in EBITDA, a margin of 77.4%, compared to 14.8% from the previous quarter. This is also the first full quarter with customer raises contributing $35 million to EBITDA.

Speaker #2: And with adjusted EBITDA, excluding acquisition, still up 8% from previous quarters. These are the main drivers for the improvement. That's the customer base's contribution.

Speaker #2: It's we are running as we said before, we are running an improvement and performance program focusing on performance and cost discipline and in OTL in general, also has improved over the last quarter.

Speaker #2: Regarding the market, we signed with Adura Energy, which is a JV between Equinor and Shell, taking care of the assets in the UK offshore sector. We signed an LOI, extending one of the largest integrated operations on the Mariner platform.

Simen Lieungh: We signed an LOI extending one of the largest integrated Operations on the Mariner platform. It was extended to November 2028 with a further two-year option added. This is extremely important achievement because that is one of the platforms we are really showing the integrated Operation and the synergies between the different divisions in OTL and showing that these are building together a value creation for the clients. We have a strong order intake of NOK 1.1 billion. That is including the said Adura LOI. We also see notable, as we say, Well Services wins in Kuwait, UK, Spain, and Malaysia. I will come back to the market later to share with you how we see the market going to the next half and onwards. I will come back to that.

Speaker #2: It was extended to November 28th, with a further two-year option added. This is an extremely important achievement because that's one of the platforms where we are really showing the integrated operation and the synergies between the different divisions in OCL, and showing that these are building together a value creation for the client.

Speaker #2: We have a strong order intake of $1.1 billion. That's including the said Adura LOI. But we also see notable, as we say, real service wins in Create UK, Spain, and Malaysia.

Speaker #2: I will come back to the market later to share with you how we see the market going into the next half and onwards.

Speaker #2: But I'll come back to that. We had strong cash flow during the quarter, with about NOK 1 billion in liquidity and a leverage ratio of 1.33.

Simen Lieungh: We had a strong cash flow during the quarter, about NOK 1 billion in liquidity with a leverage ratio of 1.33 with the debt to EBITDA and somewhat down from the previous quarters. The order backlog is about NOK 11.5 billion. The market share things about there, somewhat similar to what we said last quarter. North Sea is stable. We see a lot of increased tendering. One of the major KPIs we see globally, not only for the North Sea, is the rig count. Around the world, we operate, as you all know, in more than 30 countries. We have a huge number of clients out there, and we see that the rig count in general are coming up. We also see, finally, an improvement in the deepwater market, which also is an indication of increased activity from the big majors and similars.

Speaker #2: With a debt-to-EBITDA ratio, and somewhat down from the previous quarters. So the order backlog is about NOK 11.5 billion. The market share is about there as well.

Speaker #2: Somewhat similar to what we said last quarter, the North Sea is stable. We see a lot of increased tendering. One of the major KPIs we see globally, not only for the North Sea, is the rig count.

Speaker #2: Around the world, we operate, as you all know, in more than 30 countries. We have a huge number of clients out there, and we see that the rig count, in general, is coming up.

Speaker #2: We also see, finally, an improvement in the deepwater market, which is also an indication of increased activity from the big majors and similar companies. That is, in general, an important observation that we are seeing here.

Simen Lieungh: That is, in general, an important observation that we are seeing here. We also see the tendering activity in general is coming heavy up. Middle East is always of the late. As you all know, the war in the Middle East has caused disruption in our business. We have increased costs for evacuation of people, especially from Kuwait and in the Emirates. However, we have to say that the impact is not good, relatively limited. It could have been much worse. We have seen around us that there are other companies being hit harder, but over, I would say, impact is significant compared to the numbers. But in general, it could have been much worse. That is also impacting the performance, especially within Well Services. The day Middle East gets more into normal mode around it, we think that is going to be picked up.

Speaker #2: And we also see the tendering activity in general is coming up heavy. The Middle East is always a bit late. As you all know, the war in the Middle East has caused disruption in our business.

Speaker #2: We have increased costs for evacuation of people, especially from Kuwait and in the Emirates. However, we have to say that the impact is relatively limited.

Speaker #2: It could have been much worse. We have seen around us that there are other companies being hit harder. But overall, I would say the impact is significant compared to the numbers.

Speaker #2: But in general, it could have been much, much worse. That is also impacting the performance, especially within rail services and the day the Middle East gets more into normal operandi.

Speaker #2: We think that's going to be picked up. We have quite good dialogue with the clients down there. As you all know, with the especially within the acquisition we did with especially with the raiser, we see we are building up their presence in Saudi.

Simen Lieungh: We have quite good dialogue with the clients down there. As you all know, especially within the acquisition we did, especially with Razor, we see we are building up their presence in Saudi, and we also build up their presence in the US market, Gulf of Mexico. In general, that is what to say there. What is also quite interesting, and which is a trend clearly, that we operate here up in the north, UK, Norway, with quite mature fields. Also in the Gulf of Mexico, we see more activity building up demand on plug and abandonment. In that respect, it is important to say that our acquisition of Razor and Kaseum, together with our alliance with Halliburton in Norway, puts us in a well position for capturing our share of the market in that future.

Simen Lieungh: We have quite good dialogue with the clients down there. As you all know, especially within the acquisition we did, especially with Razor, we see we are building up their presence in Saudi, and we also build up their presence in the US market, Gulf of Mexico. In general, that is what to say there. What is also quite interesting, and which is a trend clearly, that we operate here up in the north, UK, Norway, with quite mature fields. In the Gulf of Mexico, we see more activity building up demand on plug and abandonment. In that respect, it is important to say that our acquisition of Razor and Kaseum, together with our alliance with Halliburton in Norway, puts us in a well position for capturing our share of the market in that future.

Speaker #2: And we also build up their presence in the US market, Gulf of Mexico. So in general, that's what to say there. What's also quite interesting, and which is a clear trend, is that we operate here up in the north—UK, Norway—with quite mature fields, also in the Gulf of Mexico.

Speaker #2: We see more activity building up demand on plug abandonment. And in that respect, it's important to say that our acquisition, our raiser and customer together with our alliance with Halliburton in Norway, puts us in a well position for capturing our share of the market in that future.

Speaker #2: Just as an example, is what we have won on Ekofisk already, and the other projects we are following up in the UK and the Norwegian sector.

Simen Lieungh: Just an example is what we have won on Ekofisk already and the other projects we are following up in the UK and the Norwegian sector. We see an increased demand in that respect. Regarding our growth profile or initiatives, as I said, we are pushing hard to grow more in the Middle East. I mentioned Saudi Arabia and Americas, US Gulf, also partly South America. We are now gradually seeing the synergies by using our Well Services international network for providing tools and equipment, sales, services around the world. Especially, we have already employed people from Razor into the Americas and into the Middle East, especially with the focus on Saudi Arabia. We expect now, and we see now the gradually starting the synergies by combining Razor and Kaseum into our own network, that will be beneficial for the growth into the future.

Speaker #2: We see an increased demand for that in that market, in that respect. So regarding our growth profile or initiatives, as I said, we are pushing hard to grow more in the Middle East.

Speaker #2: I mentioned Saudi Arabia and America's US Gulf, also partly South America. We see, we are now gradually seeing the synergies by using our Well Services International network for providing tools and equipment, sales, services around the world. Especially, we have already employed people from Raiser into the Americas and into the Middle East, especially with the focus on Saudi Arabia.

Speaker #2: We expect now, and we see now, the gradual start of the synergies by combining raiser and customer into our own network, which will be beneficial for growth in the future.

Speaker #2: The reason we acquired Customer Raiser is that we are looking for more technology-led differentiation. So those acquisitions absolutely bring us into that category. And we also see more demand on the PowerWide drill pipe with RealWell.

Simen Lieungh: The reason we acquired Kaseum and Razor, we are looking for more technology-led differentiation. Those acquisitions absolutely bring us into that category. We also see more demand on the powered wired drill pipe with Reelwell. We are currently running several operations for more energy here in Norway, testing out the full-fledged of that equipment. So far, the results are promising. We come back to our capital discipline, because as I said, our improvement and performance program focus on performance improvements and cost discipline. That's why we also will come back to that. Eirik will share with you some more of those details somewhat later in the presentation. Little back to the order backlog.

Speaker #2: And we are currently running several operations for war energy here in Norway, testing out the full range of that equipment. So far, the results are promising.

Speaker #2: We come back to our capital discipline because, as I said, our improvement and performance program focuses on performance improvements and cost discipline, and that's why we also will come back to that.

Speaker #2: And Eirik will share with you some more of those details later in the presentation. A little back to the order backlog.

Speaker #2: I think the good thing is that in this quarter, we have increased the fixed part of the backlog from $6.7 billion last year to $7.2 billion.

Simen Lieungh: I think, the good thing is that in this quarter, we have increased the fixed part of the backlog from 6.7 last year to 7.2 billion, resulting in the full backlog, including most of the options in Operations to 11.4 billion NOK, which is stable, as you see go backwards. We keep that level 11 to 12, 13, and that's okay for us as long as we can add on profitable backlog into the portfolio. Most of the backlog is oriented again towards Operations, significant also within Well Services. Just remind you of the way we pull backlog and report backlog in Well Services for Operations is clearly the length of the projects we run drilling and operations on platforms. Within Well Services, there are more frame agreements and things are more kind of not that fixed.

Speaker #2: Resulting in the full backlog, including most of the options in operations, to NOK 11.4 billion, which is stable. As you see going backwards, we keep that level—11 to 12, 13—and that's okay for us as long as we can add on profitable backlog into the portfolio.

Speaker #2: Most of the backlog is oriented again towards operations. Significant also within Well Services. Just to remind you, the way we pull backlog and report backlog in Well Services for operations is clearly the length of the projects. We run drilling and operations on platforms within Well Services.

Speaker #2: There are more frame agreements, and things are more, kind of, not that fixed. So, we normally bring in just 60% of the 56 — 60% of the potential backlog.

Simen Lieungh: We normally bring in just 56%, 60% of the potential backlog, but what we report. So in theory, there are more in there, but we have also always been on the conservative side regarding Well Services backlog. But the theory is much higher. Projects & Engineering has, of course, by the nature of the business, smaller backlog, but still quite significant compared to or linked to what they actually are doing the business in Projects & Engineering. The backlog is spread between super majors and very, very small. You see, there's a quite huge number of orders coming in, and they are spread all over the world. I think we have something like, if you count clients out there, I think we are close to 300 clients. Different sizes, of course, spread all over the regions we are working.

Simen Lieungh: We normally bring in just 56%, 60% of the potential backlog, but what we report. In theory, there are more in there, but we have also always been on the conservative side regarding Well Services backlog. The theory is much higher. Projects & Engineering has, of course, by the nature of the business, smaller backlog, but still quite significant compared to or linked to what they actually are doing the business in Projects & Engineering. The backlog is spread between super majors and very, very small. You see, there's a quite huge number of orders coming in, and they are spread all over the world. I think we have something like, if you count clients out there, I think we are close to 300 clients. Different sizes, of course, spread all over the regions we are working.

Speaker #2: But what we report—so, in theory, there are more in there. But we have also always been on the conservative side regarding well services backlog.

Speaker #2: But the theory is much higher. P&E has, of course, by the nature of the business, more of a backlog. But still, it's quite significant compared to, or linked to, what they're actually doing.

Speaker #2: The business is in project and engineering. The backlog is spread between super majors and very, very small companies. You see there's quite a huge number of orders coming in, and they are spread all over the world.

Speaker #2: And I think we have something like, if you count clients out there, I think we are close to 300 clients—different sizes, of course, spread all over the regions.

Speaker #2: We are working, but it's stable and good, and we think the quality of the backlog is absolutely acceptable. Operations—platform operations—you see here the platforms we operate.

Simen Lieungh: But it's stable and good, and we think the quality of the backlog is absolutely acceptable. Operations, platform operations, you see here the platforms we operate, it's about 15 in total. Two of them are not active. But to show you here is that, to show you, the dark blue is the fixed part. The green are options. Why do we show them? Because we also put the options into the backlog, except for Ekofisk, because they're so long. The last win we did there was 5 and a half year fixed, and the options were up to 10 years, two times 5 years, not showing here on the scale, but that's up to anyway 2040 plus. We don't report those options into the backlog because they are so kind of long. That's very different from the other type of options.

Simen Lieungh: It's stable and good, and we think the quality of the backlog is absolutely acceptable. Operations, platform operations, you see here the platforms we operate, it's about 15 in total. Two of them are not active. To show you here is that, to show you, the dark blue is the fixed part. The green are options. Why do we show them? Because we also put the options into the backlog, except for Ekofisk, because they're so long. The last win we did there was 5 and a half year fixed, and the options were up to 10 years, 2x 5 years, not showing here on the scale, but that's up to anyway 2040+. We don't report those options into the backlog because they are so kind of long. That's very different from the other type of options.

Speaker #2: It's about 15 in total, two of them are not active. But to show you here is that to show you the dark blue is the fixed part.

Speaker #2: The green are options. Why do we show them? Because we also put the options into the backlog, except for EcoFisk, because they're so long.

Speaker #2: The last win we did there was five and a half year fixed. And the options were up to 10 years, two times five years.

Speaker #2: That's not shown here on the scale because that's out to about 2040 plus. So we don't report those options into the backlog because they are so kind of long-term.

Speaker #2: So that's very different from the other type of options. The reason we also want to show these options is that, while we can't say they're 100% certain, we feel it's very much ours to lose.

Simen Lieungh: The reason we also want to show these options is that these are, we say, not necessarily 100% right, but we say it is very much ours to lose. These options are, as long as we perform well, efficiency, HSE-wise and so forth, statistically 85% to 90% of these options are declared. It is relevant to put them into the backlog. Absolutely. Because they are much more likely to win them than to lose them. It kind of indicates the total work we are going to execute. That is why we report normally the options as part of the backlog, except from the long 2 times 5-year options on Ekofisk, because that is 10 years after the first 5 is an alternative. All right. Next step is to talk a little about capital allocation. We said last time that we paused dividend for up to 2 quarters.

Simen Lieungh: The reason we also want to show these options is that these are, we say, not necessarily 100% right, but we say it is very much ours to lose. These options are, as long as we perform well, efficiency, HSE-wise and so forth, statistically 85% to 90% of these options are declared. It is relevant to put them into the backlog. Absolutely. Because they are much more likely to win them than to lose them. It kind of indicates the total work we are going to execute. That is why we report normally the options as part of the backlog, except from the long 2x 5-year options on Ekofisk, because that is 10 years after the first five is an alternative. All right. Next step is to talk a little about capital allocation. We said last time that we paused dividend for up to 2 quarters.

Speaker #2: These options are, as long as we perform well—efficiency, HSE-wise and so forth—statistically, 85 to 90 percent of these options are declared. So it's relevant to put them into the backlog.

Speaker #2: Absolutely, because they're much more likely to win them than to lose them. So it kind of indicates the total work we are going to execute.

Speaker #2: So that's why we normally report the options as part of the backlog, except for the long two times five-year options on Ekofisk, because that's 10 years after the first five, which is an eternity.

Speaker #2: All right, the next step is to talk a little about capital allocation. We said last time that we have postponed the dividend for up to two quarters.

Speaker #2: We are not intending to pay any dividend this quarter either. But after next quarter, we are paying a dividend—that's our absolute ambition. And why?

Simen Lieungh: We are not intending to pay any dividend this quarter either. But after next quarter, we are paying dividend. That is our absolute ambition. And why? Because we found it right, 100% supported by our board. Administration and board said very clearly that we want to be careful and build up the acquisitions to realize the synergies, to make sure we have capacity to do things when it comes up. We see a lot of interesting investment cases coming. I will just remind you, we are building up a network for Razor and Kaseum into over a business network. We are pushing the tools and equipment from those 2 companies into those markets. So we are also investing in presence in those markets. First shot will be scale up in the US, and secondly, we see a potential scale-up already this year in Saudi Arabia.

Simen Lieungh: We are not intending to pay any dividend this quarter either. After next quarter, we are paying dividend. That is our absolute ambition. Why? Because we found it right, 100% supported by our board. Administration and board said very clearly that we want to be careful and build up the acquisitions to realize the synergies, to make sure we have capacity to do things when it comes up. We see a lot of interesting investment cases coming. I will just remind you, we are building up a network for Razor and Kaseum into over a business network. We are pushing the tools and equipment from those two companies into those markets. We are also investing in presence in those markets. First shot will be scale up in the US, and secondly, we see a potential scale-up already this year in Saudi Arabia.

Speaker #2: Because we found it, right? One hundred percent supported by our board. So, administration and the board said very clearly that we want to be careful and build up the acquisitions to realize the synergies, to make sure we have capacity to do things when it comes up.

Speaker #2: We see a lot of interesting investment cases coming. And I just remind you, we are building up a network for raising my case into, over, kind of a network.

Speaker #2: Business network. We are pushing the tools and equipment from those two companies into those markets, so we are also investing in presence in those markets.

Speaker #2: First shot will be scale-up in the US, and secondly, we see a potential scale-up already this year in Saudi Arabia. So, our intention, as I say, is to show discipline in these aspects.

Simen Lieungh: Our intention, as I say, is to show discipline in this aspect. It is absolutely our intention to come back to what we did from the very beginning of the company's history, to pay dividend, but also to be clear, to invest into very interesting opportunities that we are seeing and getting. Again, remind our investors and potential shareholders that Odfjell Technology is a company in a growth situation. But at the same time, we have to handle all the different uncertainties in the market. I mentioned Middle East. Middle East is a super important area for us. Currently, there are a lot of uncertainties. We have to bear all with them, we have to handle them. That is why we also decide to go more safe than sorry and be disciplined and allocate the capacity we have in the right pockets.

Simen Lieungh: Our intention, as I say, is to show discipline in this aspect. It is absolutely our intention to come back to what we did from the very beginning of the company's history, to pay dividend, but also to be clear, to invest into very interesting opportunities that we are seeing and getting. Again, remind our investors and potential shareholders that Odfjell Technology is a company in a growth situation. At the same time, we have to handle all the different uncertainties in the market. I mentioned Middle East. Middle East is a super important area for us. Currently, there are a lot of uncertainties. We have to bear all with them, we have to handle them. That is why we also decide to go more safe than sorry and be disciplined and allocate the capacity we have in the right pockets.

Speaker #2: It's not—it's absolutely our intention to come back to what we did from the very beginning of the company's history, to pay dividend.

Speaker #2: But also, to be clear, to invest into very interesting opportunities that we are seeing and getting. So again, I want to remind our investors and potential shareholders that Odfjell Technology is a company in a growth situation, but at the same time we have to handle all the different uncertainties in the market.

Speaker #2: I mentioned the Middle East. The Middle East is a very important area for us. Currently, there are a lot of uncertainties. We have to bear with them.

Speaker #2: We have to handle them. So that's why we also decide to go more safe than sorry, and be disciplined and allocate the capacity we have in the right pockets.

Speaker #2: So that's the reason I hope we can come back in the next quarter and say that we are back on track with dividends, and I actually think that's going to happen.

Simen Lieungh: That is the reason I hope we can come back to the next quarter and say that we are back on track on dividends, and I actually think that is going to happen. Eirik, the floor is yours.

Speaker #2: So, Eirik, the floor is yours.

Eirik Knudsen: Yeah. Thank you, Simen. I will now go through the financial, starting on the group financials. Revenue grew 1.5% both year-on-year and quarter-on-quarter to close to NOK 1.4 billion with activity held steady across all three business areas. As Simen mentioned, the EBITDA reached 243 this quarter. That is an increase of 19% from Q1 and also lifting the margin to 17.4% from 14.8%. This was also the full quarter with Kaseum and Razor, which contributed with NOK 35 million. The business excluding the acquisition also grew with adjusted EBITDA of 2% year-on-year and 8% on the first quarter. Free cash flow turned positive at NOK 46 million, a marked improvement, I would say, from -NOK 64 million in the first quarter and -NOK 73 million a year ago.

Eirik Knudsen: Yeah. Thank you, Simen. I will now go through the financial, starting on the group financials. Revenue grew 1.5% both year-on-year and quarter-on-quarter to close to NOK 1.4 billion with activity held steady across all three business areas. As Simen mentioned, the EBITDA reached 243 this quarter. That is an increase of 19% from Q1 and also lifting the margin to 17.4% from 14.8%. This was also the full quarter with Kaseum and Razor, which contributed with NOK 35 million. The business excluding the acquisition also grew with Adjusted EBITDA of 2% year-on-year and 8% on the first quarter. Free cash flow turned positive at NOK 46 million, a marked improvement, I would say, from -NOK 64 million in the first quarter and -NOK 73 million a year ago.

Speaker #1: Yeah. Thank you, Simon. I will now go through the financials, starting with the group financials. Revenue grew one and a half percent, both year on year and quarter on quarter, to close to NOK 1.4 billion, with activity held steady across all three business areas.

Speaker #1: As Simon mentioned, the MBTR reached 243 this quarter. That's an increase of 19% from Q1, and also lifted the margin to 17.4%, up from 14.8%.

Speaker #1: This was also the full quarter with Case Raiser, which contributed NOK 35 million. The business excluding the acquisition also grew, with adjusted MBTR up 2% year-on-year and up 8% on the first quarter.

Speaker #1: Free cash flow turned positive at NOK 46 million—a marked improvement, I would say, from negative NOK 64 million in the first quarter and negative NOK 73 million a year ago.

Speaker #1: And this was driven by the MBTR growth, together with an improvement in working capital, and it reflects progress on converting a greater share of MBTR into free cash flow.

Eirik Knudsen: This was driven by the EBITDA growth together with an improvement in working capital, and it reflects progress on converting a greater share of EBITDA into free cash flow. To sum up on the group financials, steady revenue, a clear step up in earnings, and we have the free cash flow back in positive territory. Then we can move over to the segments, starting with Well Services. Revenue grew 11% quarter-on-quarter and 25% year-on-year to NOK 583 million, driven by Kaseum and Razor which contributed NOK 70 million of revenue in their first full quarter. The legacy business was fairly on level. EBITDA grew 18% quarter-on-quarter and 26% year-on-year to NOK 182 million, with a margin at 31%. In general, I would say the quarter has been satisfactory.

Speaker #1: So, to sum up on the group financials: steady revenue, a clear step up in earnings, and we have the free cash flow back in positive territory.

Speaker #1: And then we can move over to the segments and starting with world services. Revenue grew 11% quarter on quarter and 25% year on year to 583 million.

Speaker #1: Driven by Case Raiser, which contributed $70 million of revenue in their first full quarter. The legacy business was fairly on level. MBTR grew 18% quarter on quarter and 26% year on year to $182 million.

Speaker #1: With a margin at 31%. In general, I would say the quarter has been satisfactory. We have managed to successfully integrate Case Man Raiser, and we expect the synergies to further improve.

Eirik Knudsen: We have managed to successfully integrate Kaseum and Razor, and we expect the synergies to further improve in the period ahead as we are mobilizing to new regions within the Well Services network. Additionally, Norway had a strong performance within rental and TRS equipment, which was partly offset by lower activity in Africa. On the CapEx side, it was NOK 86 million compared to NOK 108 million in similar quarter last year. The level of CapEx is below from last year, and we continue with our high focus on CapEx discipline. Then we continue with Operations. Revenue declined 9% year-on-year and 7% quarter-on-quarter to NOK 597 million. The reduction was driven by scheduled maintenance on Grane for two months of the quarter and by Yme returning to maintenance mode.

Speaker #1: In the period ahead, as we are mobilizing to new regions within the World Services network. Additionally, Norway had a strong performance within rental and TRS equipment, which was partly offset by lower activity in Africa.

Speaker #1: On the CAPEX side, it was $86 million compared to $108 million in the same quarter last year. The level of CAPEX is below last year, and we continue with our strong focus on CAPEX discipline.

Speaker #1: And then we continue with operations. Revenue declined 9% year-on-year and 7% quarter-on-quarter to $597 million. The reduction was driven by scheduled maintenance on Grana for two months of the quarter and by Yme returning to maintenance mode.

Speaker #1: Despite that, MBTR grew 9% year-on-year to $49 million, with a margin at 8.2%—the strongest for the past three quarters. The improvement came from better cross-utilization of staff across the portfolio and an improved bonus scheme.

Eirik Knudsen: Despite that, EBITDA grew 9% year-on-year to NOK 49 million, with a margin at 8.2%, the strongest for the past three quarters. The improvement came from better cross-utilization of staff across the portfolio and an improved bonus scheme in line with our performance improvement program. On the right-hand side, you see that the rig counts active plus maintenance grew from 14 to 13 a year ago, and the shift within the quarter from active to maintenance reflects the move of Yme that I just mentioned. Then over to Projects & Engineering. Revenue was NOK 154 million, down 22% year-on-year from a quarter that included high SPF activities, but up 8% quarter-on-quarter. This is the second consecutive quarter of improvements.

Speaker #1: In line with our performance improvement program, on the right-hand side you see the rig count—active plus maintenance—grew from 13 to 14 a year ago, and the shift within the quarter from active to maintenance reflects the move of Yme that I just mentioned.

Speaker #1: And then over to Projects and Engineering. Revenue was NOK 154 million, down 22% year on year from a quarter that included high SPS activities, but up 8% quarter on quarter.

Speaker #1: And this is the second consecutive quarter of improvements. The MBTR was fairly stable at 60 million NOK with a margin at 10 and a half percent against 11 and a half percent in the first quarter as the revenue growth came at a lower average margin.

Eirik Knudsen: The EBITDA was fairly stable at NOK 60 million, with a margin of 10.5% against 11.5% in the first quarter, as the revenue growth came at a lower average margin. The chart on the right shows revenue by asset type, and I am happy to say that the mix is broadening. The semi-submersible are down 15% year-on-year to 38%, and production units, FPSOs, and fixed platforms now make up close to a third of the total. This reduces our dependency of a single asset class and shows the result of our effort to sell our services to new customer. We expect more of this diversification going forward. Then over to the cash flow for the quarter. Rather than reading the waterfall line by line, let me give you some commentary around the figures.

Speaker #1: The chart on the right shows revenue by asset type, and I'm happy to say that the mix is broadening. The SIM and Immersible are down 15% year on year to 38%.

Speaker #1: Production units, FPSOs, and fixed platforms now make up close to a third of the total. This reduces our dependency on a single asset class and shows the results of our efforts to sell our services to new customers.

Speaker #1: And we expect more of this diversification going forward. Now, moving over to the cash flow for the quarter—rather than reading the waterfall line by line, let me give you some commentary around the figures.

Speaker #1: This quarter, the cash flow from earnings—the operating cash flow—was positive with NOK 139 million, compared to a small negative in the first quarter.

Eirik Knudsen: This quarter, the cash flow of the earnings, the operating cash flow was positive with NOK 139 million compared to a small negative in the first quarter, and this was driven by EBITDA improvement and also less buildup of working capital. The buildup of working capital was also significantly lower than same quarter last year. As many of you will know, our working capital is seasonal. We build normally in the H1, and then we release in the H2, and usually with the largest release in the last quarter of the H2. On the CapEx side, the spending was high this quarter of NOK 93 million in total. However, this is due to periodization effects, and we continue to maintain a disciplined CapEx focus going forward. Lastly, the line called other investments, that is approximately NOK 48 million and is related to growth spend.

Speaker #1: This was driven by MBTR improvement and also less buildup of working capital. The buildup of working capital was also significantly lower than the same quarter last year.

Speaker #1: As many of you will know, our working capital is seasonal. We build normally in the first half and then we release in the second.

Speaker #1: And usually with the largest release in the last quarter of the second half. On the capex side, the spending was high this quarter at NOK 93 million in total; however, this is due to prioritization effects, and we continue to maintain a disciplined capex focus going forward.

Speaker #1: Lastly, the line called 'Other Investments' is approximately NOK 48 million and is related to growth spend. These are not recurring outflows. They are investments behind the growth strategy that Siemens earlier described—building our well intervention and P&A platform and our technology position.

Eirik Knudsen: These are not recurring outflows. They are investments behind the growth strategy that Simen earlier described, building our well intervention and P&A platform and our technology position. Putting these together, the free cash flow came in at +NOK 46 million against a -NOK 73 million in the same quarter last year. That is a swing of almost NOK 120 million, and it is the direction we are working towards, converting more of our EBITDA into cash. We ended the quarter with available liquidity of NOK 1 billion and a leverage at approximately 1.3, and we are, of course, comfortable with both of these. Then over to the next slide. This shows the development in revenue and EBITDA, and I would just like to pinpoint the step up in earnings based on the same revenue base, which is a strong signal that we are improving our EBITDA margin.

Speaker #1: Putting these together, the free cash flow came in at positive NOK 46 million, against negative NOK 73 million in the same quarter last year. That is a swing of almost NOK 120 million.

Speaker #1: And it's the direction we are working towards—converting more of MBTR into cash. We ended the quarter with available liquidity of NOK 1 billion and leverage at approximately 1.3.

Speaker #1: And we are, of course, comfortable with both of these. Then, over to the next slide. This shows the development in revenue and MBTR.

Speaker #1: And I would just like to pinpoint a step-up in earnings, based on the same revenue base, which is a strong signal that we are improving our MBTR margin.

Speaker #1: And then over to our performance improvement program, and it continues to deliver results in 2026. As mentioned before, in 2025 this resulted in savings of approximately $100 million.

Eirik Knudsen: Then over to our performance improvement program. It continues to deliver results in 2026. As mentioned before, in 2025, this resulted in savings of approximately 100 million. You can also see the numbers are working in this quarter. Operations is a clear example. Improved cross-utilization of staff was one of the contributors that lifted the margin to north of 8%, the strongest over the last three quarters. Projects & Engineering is another example where the capacity is held disciplined through a period where we have lower SPS activities. Going forward, the priority is cash conversion. We are targeting tighter working capital and CapEx discipline and with clear targets and accountability. The ambition is to convert a greater share of the EBITDA into free cash flow while accelerating earnings growth and strengthening the balance sheets.

Speaker #1: And you can also see the numbers are working in this quarter. Operations is a clear example. Improved cross-utilization of staff was one of the contributors that lifted the margin to north of 8%.

Speaker #1: The strongest over the last three quarters. And P&E is another example, where the capacity has been held disciplined through a period where we have lower SPS activities.

Speaker #1: Going forward, the priority is cash conversion. We are targeting tight working capital and capex discipline, with clear targets and accountability. The ambition is to convert a greater share of the MBTR into free cash flow, while accelerating earnings growth and strengthening the balance sheet.

Speaker #1: So to summarize, let me close with three main points to take away from today. The first is the earnings. We stepped up this quarter to a record of 243 million and with a margin of 17 and a half percent.

Eirik Knudsen: To summarize, let me close with three main points to take away from today. The first is the earnings. We stepped up this quarter to a record of NOK 243 million and with a margin of 17.5%. The second is the visibility. NOK 7.2 billion of firm backlog means that the earnings is based on contracts with customers we have worked with for many years. Third, the balance sheets. We have a strong balance sheet now with NOK 1 billion of available liquidity. That gives us the flexibility to both invest and also return capital to our shareholders going forward. We are happy with the developments, and our focus is to improve further by converting more of our earnings into cash and continuing the performance improvements you have seen this quarter. This concludes the presentation, and we open for Q&A.

Speaker #1: The second is the visibility. NOK 7.2 billion of firm backlog means that the earnings are based on contracts with customers we have worked with for many years.

Speaker #1: Third, as for the balance sheet, we have a strong position now with NOK 1 billion of available liquidity. That gives us the flexibility to both invest and also return capital to our shareholders going forward.

Speaker #1: We are happy with the developments, and our focus is to improve further by converting more of our earnings into cash and continuing the performance improvements you have seen this quarter.

Speaker #1: And this concludes the presentation, and we now open for Q&A.

Speaker #2: Thank you. As a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced.

Operator: Thank you. As a reminder, if you wish to ask a question, please press star, one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star, one, and one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time. Once again, if you would like to ask a question over the phone, please press star, one. Now we are going to take our first question. The question comes to line of Truls Olsen from Fearnley Securities. Your line is open, please ask the question.

Speaker #2: To withdraw a question, please press star 1 and then 1 again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time.

Speaker #2: Once again, if you would like to ask a question over the phone, please press star 11. And now we're going to take our first question.

Speaker #2: And the question comes to the line of Jules Olsen from Fernleigh Securities. Your line is open. Please ask your question.

Speaker #3: Thank you. Good morning, Siemens. Good morning, Erik. A question on CAPEX. If you go back a few years, you were running sort of CAPEX in the $200 millions.

Truls Olsen: Thank you. Good morning, Steven. Good morning, Eirik. A question on CapEx. If you go back a few years, you were running sort of CapEx in the 200s. Now you are in the 300 to 400s. As you think about growth and your ambitions, particularly within Well Services, is the current level, I know you do not guide, but say 300 to 400, is that a, call it sustainable level, or does it need to grow further for you to reach the ambitions that you are targeting right now?

Speaker #3: Now you're in the 300 to 400s. As you think about growth and your ambitions, particularly within world services, is the current level I know you don't guide, but say 300 to 400, is that a call it sustainable level or is it or does it need to grow further for you to reach the ambitions that you're targeting right now?

Speaker #1: Yeah. Hi, Jules. Thanks for the question. I think, in general, the maintenance level of the well services should be somewhere between 20 to 25 percent of the MBTR, as a rule of thumb.

Eirik Knudsen: Yep. Hi, Truls. Thanks for the question. I think in general, the maintenance level of the Well Services should be somewhere behind 20% to 25% of the EBITDA as a rule of thumb. You see now the Q2 is influenced by privatization. It is a little bit higher this quarter. But if you take the H1 as a guiding point, I think that also is a good mark for the H2. But I think 20% to 25% on the maintenance part on the CapEx side is a good estimate. Then when we are considering growth CapEx for Well Services, we are quite strict on the return criterias. We want to see payback on fairly decent terms. That is a very strict discipline going forward so that we spend money wisely.

Eirik Knudsen: Yep. Hi, Truls. Thanks for the question. I think in general, the maintenance level of the Well Services should be somewhere behind 20% to 25% of the EBITDA as a rule of thumb. You see now the Q2 is influenced by privatization. It is a little bit higher this quarter. If you take the H1 as a guiding point, I think that also is a good mark for the H2. I think 20% to 25% on the maintenance part on the CapEx side is a good estimate. Then when we are considering growth CapEx for Well Services, we are quite strict on the return criterias. We want to see payback on fairly decent terms. That is a very strict discipline going forward so that we spend money wisely.

Speaker #1: And you see now the second quarter is influenced by prioritization. It's a little bit higher this quarter. But if you take the first half as a guiding point, I think that also is a good mark for the second half.

Speaker #1: But I think 20 to 25 percent on the maintenance part and on the CAPEX side is a good estimate. And then, when we are considering growth CAPEX for Well Services, we are quite strict on the return criteria.

Speaker #1: We want to see payback on fairly decent terms. And that's kind of a very strict discipline going forward, so that we spend money wisely.

Speaker #1: We spend it on the product lines that create a solid return, and we're disciplined on the maintenance CAPEX.

Eirik Knudsen: We spend it on the product lines that creates a solid return, and that will get sustained on the maintenance CapEx.

Speaker #3: Okay, good. So, you talk a lot about converting EBITDA to cash, which basically ties into your working capital improvements. Are there other means and ways that you can improve your EBITDA, except obviously growing it?

Truls Olsen: Okay. Good. You talk a lot about converting EBITDA to cash, which basically ties into your working capital improvements. Are there other means and ways that you can improve your EBITDA except obviously growing it?

Speaker #1: Yeah. I would like to mention three things. Of course, one is to improve the MBTR by having focus on cost, and to improve the general performance.

Eirik Knudsen: Yeah, I would like to mention three things. Of course, is to improve the EBITDA by having focus on costs and to improve the general performance. The second is, of course, to improve the working capital and the tied-up working capital. We see that we are building up working capital strongly in the H1. We know it is going to be released in the H2. We are continuously working into how we can improve this going forward. And the third element is, of course, the CapEx that I just mentioned. So I think if we add up those three things, that will imply a greater share of the EBITDA being converted to cash. That is to sum up the main priorities from our side going forward.

Eirik Knudsen: Yeah, I would like to mention three things. Of course, is to improve the EBITDA by having focus on costs and to improve the general performance. The second is, of course, to improve the working capital and the tied-up working capital. We see that we are building up working capital strongly in the H1. We know it is going to be released in the H2. We are continuously working into how we can improve this going forward. The third element is, of course, the CapEx that I just mentioned. I think if we add up those three things, that will imply a greater share of the EBITDA being converted to cash. That is to sum up the main priorities from our side going forward.

Speaker #1: The second is, of course, to improve the working capital and the tide of working capital. We see that we are building up working capital strongly in the first half.

Speaker #1: We know it's going to be released in the second half, but we are continuously working on how we can improve this going forward.

Speaker #1: And the third mentioned. So I think if we add up those three things, that will imply a greater share of the MBTR being converted to cash.

Speaker #1: And that’s kind of to sum up the main priorities from our side going forward.

Speaker #3: Thank you. Final one from me, and that relates to the Middle East. Is it possible to quantify the impact on well services down there this quarter, and how do you think about that in the second half of the year?

Truls Olsen: Thank you. Final one from me, and that relates to the Middle East. Is it possible to quantify the impact it had on Well Services down there this quarter, and how do you think about that in the H2?

Speaker #1: Hi, Siemens here. Jules, I think it's—of course we can quantify. We have done that. The impact was very much in the beginning, where we had to evacuate everybody from Dubai into Malaysia.

Simen Lieungh: I see, Minar. Truls, I think, of course we can quantify. We have done that. The impact was very much in the beginning where we had to evacuate everybody from Dubai into Malaysia. They relocated there, the whole management plus families. We had to stop a lot of operations in the region because we just follow clients when there are drones, the missiles, debris falling from the sky, especially in Kuwait, a lot of the operations stopped. We still have platforms also in Saudi where operations has been paused. But we mitigate it differently. We try to find other things and other work for the people. So if it is a number it could be for Well Services, I would say if you sum up, it is not necessarily 100% right, but I guess it is some 7, 8, 9, 10 million impact on direct bottom line effect.

Simen Lieungh: Simen here. Truls, I think, of course we can quantify. We have done that. The impact was very much in the beginning where we had to evacuate everybody from Dubai into Malaysia. They relocated there, the whole management plus families. We had to stop a lot of operations in the region because we just follow clients when there are drones, the missiles, debris falling from the sky, especially in Kuwait, a lot of the operations stopped. We still have platforms also in Saudi where operations has been paused. We mitigate it differently. We try to find other things and other work for the people. If it is a number it could be for Well Services, I would say if you sum up, it is not necessarily 100% right, but I guess it is some 7, 8, 9, 10 million impact on direct bottom line effect.

Speaker #1: They relocated there—the whole management plus families. We had to stop a lot of operations in the region because we just follow clients when there are drones, missiles, debris falling from the sky, especially in Kuwait.

Speaker #1: A lot of the operations stopped. So if we just and we still have a platforms also in Saudi where operations has put on has been paused.

Speaker #1: But we mitigated differently. We tried to find other things and other work for the people. So if it's a number, it could be—well, services, I would say if you sum up, it's not necessarily 100 percent right, but I guess it's some $7, $8, $9, $10 million impact on direct bottom line.

Speaker #1: Effect. And it's not over, but we expect now that if things calm down—and I think everybody dreams about that—this will come back to normal.

Simen Lieungh: It is not over, but we expect now that if things calm down, and I think everybody dream about that, this will come back to normal. So it has been an impact, but as I said, relatively moderate compared to the worst case we saw at the beginning, because that was really bad. But significant impact anyway. So that is also part of the lack of margin improvements or EBITDA improvements in the Well Services area. Have to remember that. It is still war down there.

Simen Lieungh: It is not over, but we expect now that if things calm down, and I think everybody dream about that, this will come back to normal. It has been an impact, but as I said, relatively moderate compared to the worst case we saw at the beginning, because that was really bad. Significant impact anyway. That is also part of the lack of margin improvements or EBITDA improvements in the Well Services area. Have to remember that. It is still war down there.

Speaker #1: So it has been an impact, but as I said, relatively moderate compared to the worst case we saw at the beginning, because that was really bad.

Speaker #1: So, but significant impact anyway. So that's also part of the lack of margin improvements or MBTR improvements in the Well Services area. You have to remember that.

Speaker #1: It's still war down there.

Speaker #3: Yeah.

Truls Olsen: Yeah, sure.

Speaker #1: We have 200 people in the region, so all of these have to be taken care of and made safe, and evacuated when necessary.

Simen Lieungh: We have 200 people in the region, so all of this has to be taken care of and make it safe and evacuate when necessary. So there are absolutely costs there. So in a normal world, this number would have been significantly better.

Simen Lieungh: We have 200 people in the region, so all of this has to be taken care of and make it safe and evacuate when necessary. There are absolutely costs there. So in a normal world, this number would have been significantly better.

Speaker #1: So, there are absolutely costs there. So, in a normal world, this number would have been significantly better.

Truls Olsen: Understood. Difficult to guess on peace and war and all that in the Middle East. It appears though, but hopefully things. There has been some improvement in activity on the broader basis, and let's keep our fingers crossed. Okay. Thank you, guys.

Speaker #3: Understood. It's difficult to guess about peace and war and all that in the Middle East. It appears, though—hopefully—things, but there has been some improvement in activity on a broader basis, and let's keep our fingers crossed.

Speaker #3: Okay. Thank you guys.

Speaker #1: Yeah, I do it very much, and as I said, we are ramping up. We are moving equipment and people down to Saudi now to scale up Razer because we already see a lot of potential increase there.

Simen Lieungh: Yeah, I do it very much. As I said, we are ramping up. We are moving equipment, people down to Saudi now to scale up Razor because we already see a lot of potential increase there. That is one of the synergies we certainly see by buying Razor, especially Razor, in this case, the service side, is to complete our services in the region and Saudi, and it is going to be big. That is where we see the upside. All right. Thanks.

Speaker #1: And that's one of the synergies we certainly see by buying Razer. Especially Razer in this case, their server side is to complete our services in the region, and Saudi in the future is going to be—it's going to be big.

Speaker #1: So that's where we see the upside. All right.

Speaker #3: Thanks.

Speaker #2: Thank you. Yes. Because they're on the line for the questions on audio, please kindly proceed with any written questions.

Operator: Thank you. Dear speakers, there are no further questions on the audio line. Please kindly proceed with any written questions.

Speaker #1: Yes. We have a question from Jörgen Lande. He is asking if, just on the working capital for the remainder of 2026, should we expect it to continue to be developed along the lines in Q2?

Gert Haugland: Yes. We have a question from Jørgen Lande. He is asking if, just on the working capital for the remainder of 2026, should we expect it to continue to be developed along the lines in Q2?

Speaker #4: Yes. As mentioned in the previous question, we expect the working capital to be released in the second half, and in particular, in the fourth quarter.

Eirik Knudsen: Yeah. As mentioned in the previous question, we expect the working capital to release in the H2, and particularly in Q4. That was the trend last year. We definitely expect that trend also to be applicable for this year. Last year we saw a small buildup in Q3 and then a mass release in Q4. But we generally believe that in sum, it will be a strong relief for the H2.

Speaker #4: That was the trend last year. We definitely expect that trend also to be applicable for this year. Last year, we saw a small buildup in the third quarter and then a mass release in the fourth quarter.

Speaker #4: But we generally believe that for some, it will be a strong relief in the second half.

Speaker #1: Yeah, I think we have a few questions today, and I think we'll just conclude the Q&A session there. Thank you, everyone, for calling in.

Gert Haugland: Yeah. I think we have a few questions today, and I think we will just conclude the Q&A session there. Thank everyone for calling in.

Operator: Excuse me, Gert. We have just one more question that has come through on the audio line. Are you happy to take?

Speaker #2: Excuse me, Gert. We have just one more question come through on the audio line. Are you happy to take it?

Speaker #1: Of course. Of course.

Gert Haugland: Of course.

Simen Lieungh: Sure.

Eirik Knudsen: Of course.

Speaker #2: Of course, not a problem. Just give us a moment. And now, we're going to take another question from Truls Olsen from Furness Security. If your line is open, please ask your question.

Operator: Of course. Not a problem. Just give us a moment, and I will go and take another question from Truls Olsen from Fearnley Securities. Your line is open. Please ask your question.

Speaker #3: Hi guys. Since you didn't have too many questions, I thought I had a couple more, actually. And Siemens, thinking about the growth ambitions that you have outlined for a while now, relating particularly to America—the US—can you provide a bit more color on where you're at today and how you think about or intend to move forward?

Truls Olsen: Hi, guys. Since you didn't have too many questions, I thought I had a couple more, actually. Simen, thinking about the growth ambitions that you outlayed for a while now relating to particularly Quality America and the US, can you provide a bit more color where you're at today and how you think about or envision this to move forward?

Speaker #1: Well, yes. Thank you, Jules, again. In the US, we have employed two persons now from Razer. We are not going to be in the US.

Simen Lieungh: Well, yes. Thank you, Truls, again. In the US, we have employed two persons now from Razor. In the US, we're going to be very disciplined to this. We are not there to do a lot of type of work that creates a lot of crewing. We are there to rent out equipment. We are there to sell equipment if necessary, but we're not building up a huge portfolio of, for example, running huge TRS campaigns offshore, having typical 10, 15 people per operation. That's not going to happen. We don't see that as relevant for us. We have already sent equipment to the US base in the Gulf of Mexico, US side, and we actually hope and expect those equipment will be engaged quite soon. Then we will see work, and we'll see results from those operations.

Speaker #1: We're going to be very disciplined. We are not there to do a lot of the type of work that creates a lot of crewing.

Speaker #1: We are there to rent out equipment. We are there to sell equipment if necessary. But we're not building up a huge portfolio of, for example, running massive TRS campaigns offshore.

Speaker #1: Having typically 10, 15 people per operation, that's not going to happen. We don't see that as relevant for us. We have already sent equipment to the US base in Gulf of Mexico, US side.

Speaker #1: And we actually hope and expect that those equipment will be engaged quite soon. Then we will see work, and we will see results from those operations.

Speaker #1: So from Razer's side, I guess that one of the things—one of the reasons—we took Razer, or was successful to get to do the acquisition together with the administration there, is that their own desire was there to employ their equipment also in the US.

Simen Lieungh: From Razor's side, I guess that one of the reasons we took Razor or was successful to do the acquisition together with the administration there is that their own desire was there to employ their equipment also in the US, and I mentioned also Middle East. I am not guiding numbers, but I am guessing that H2 we will see good contribution on bottom line on EBITDA and a very good and nice cash conversion from that side. That is what to expect already this H2.

Speaker #1: And I mentioned also Middle East. So, I'm not guiding numbers, but I'm guessing that in the second half we'll see a good contribution on the bottom line on MBTA, and a very good and nice cash conversion from that side.

Speaker #1: That's what to expect already in this second half.

Speaker #3: Perfect. That was what I wanted to hear. Thank you.

Truls Olsen: Perfect. That was what I wanted to hear. Thank you.

Speaker #1: Yeah.

Simen Lieungh: Yeah.

Speaker #2: Thank you, Truls. And there are no further questions.

Operator: Thank you, Truls. There are no further questions.

Speaker #1: Okay, then we conclude the Q&A session. And thank everyone for calling in today. Thank you. Thank you.

Gert Haugland: Okay. Then we conclude the Q&A session, and thank everyone for calling in today. Thank you.

Eirik Knudsen: Thank you.

Simen Lieungh: Thank you.

Operator: This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

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Half Year 2026 Odfjell Technology Ltd Earnings Call

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