Odfjell Says It Will Not Install Scrubbers to Comply with Global Sulphur Cap

OSLO, Sept 13 (Reuters) - Chemical tanker firm Odfjell said it will not invest in scrubbers to clean fuel on its vessels to comply with new stricter emission rules from 2020 but instead buy fuel which meets the new standards. To combat air pollution, the International Maritime Organization (IMO), the United Nations' shipping agency, has set global regulations to cap the … [Read more...]

Odfjell Sees Significant Earnings Upside for Its Chemical Tankers

OSLO, June 5 (Reuters) - Chemical tanker firm Odfjell sees significant upside potential to its earnings ahead as low-yielding contracts expire, new vessels are brought in and market rates for transporting chemicals recovers, it said on Tuesday. In total, 18 of Odfjell's ships come off time-charter (TC) contracts this year, out of a fleet of 83 vessels. "We still have a … [Read more...]

Norway’s Odfjell Drilling to Expand Fleet as Offshore Rig Market Recovers

OSLO, April 20 (Reuters) - Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry. After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some … [Read more...]

Oil Slump No Obstacle for Norwegian Driller Seeing 300% Returns

By Mikael Holter (Bloomberg) -- While other offshore rig operators are still struggling to survive the worst oil-market slump in a generation, one Norwegian company has managed to turn things around. Odfjell Drilling Ltd., which owns four rigs and specializes in drilling in harsh environments, has seen its stock rise almost 300 percent in the last year to trade near a … [Read more...]

Odfjell Exits European Short Sea Market

  Norway-based chemical tanker owner Odfjell SE has exited the European regional trade with the sale of three vessels to an unnamed buyer. In a statement posted to its website, Odfjell said that it has signed an agreement for the sale of Bow Balearia, Bow Bracaria and Bow Brasilia, all 5,800 dwt and built in 1997-1998, marking the last remaining vessels within the … [Read more...]