Odfjell Drilling Ltd. is an international offshore drilling company specializing in harsh environment operations with a state-of-the-art fleet of semi-submersible rigs. Founded in 1973 with maritime r... Odfjell Drilling Ltd. is an international offshore drilling company specializing in harsh environment operations with a state-of-the-art fleet of semi-submersible rigs. Founded in 1973 with maritime roots tracing back to 1914, it focuses on delivering safe, efficient drilling services in challenging regions such as the North Sea, Barents Sea, West of Shetland, and deepwater areas off South Africa. The company emphasizes quality, health, safety, security, and environmental stewardship, underpinned by core values of being creative, competent, result-oriented, committed, and safety-conscious. Led by CEO Kjetil Gjersdal since 2022, Odfjell Drilling employs over 1,600 people and invests heavily in employee development and competency. Following a 2022 reorganization, it concentrates solely on drilling operations, having spun off well services into Odfjell Technology. Renowned for high utilization rates, record-breaking wells, and strong financial performance—including a USD 1.5 billion contract backlog through 2026—it maintains a robust balance sheet with no major debt maturities until 2028 and holds leading positions in the global harsh environment drilling market.
In 2024, Odfjell Drilling was subject to the Corporate Sustainability Reporting Directive (CSRD)'s requirements, which mandated the company to publish EU Taxonomy disclosures.
The company reported the eligibility and alignment of Turnover, Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) with the EU Taxonomy, helping assess the extent to which its business activities align with Europe's environmental sustainability goals.
Odfjell Drilling has also provided an activity-level breakdown of its EU Taxonomy disclosures. This granular reporting enhances transparency around which economic activities of Odfjell Drilling are considered environmentally sustainable and contribute to at least one of the six environmental objectives defined under the EU Taxonomy framework.
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Total Taxonomy Aligned A1 Turnover
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Total Taxonomy Eligible A Turnover
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Total Taxonomy Non-Eligible B Turnover
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5.12 CCM/CCA - Underground permanent geological storage of CO2
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Total Taxonomy Aligned A1 Opex
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Total Taxonomy Eligible A Opex
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Total Taxonomy Non-Eligible B Opex
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5.12 CCM/CCA - Underground permanent geological storage of CO2
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Total Taxonomy Aligned A1 Capex
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Total Taxonomy Eligible A Capex
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Total Taxonomy Non-Eligible B Capex
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4.10 CCM/CCA - Storage of electricity
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5.12 CCM/CCA - Underground permanent geological storage of CO2
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7.7 CCM/CCA - Acquisition and ownership of buildings
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Limited Data Preview
You are viewing a limited preview of Odfjell Drilling’s EU Taxonomy dataset. The full dataset, available for download, includes eligibility and alignment metrics for turnover, CAPEX, and OPEX across all EU Taxonomy categories (A1, A2, A, B, and A+B), at both aggregate and activity level, with historical coverage back to undefined.
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a. Odfjell Drilling's Annual Report 2024
b. Odfjell Drilling's Annual Report 2023
Insights into Odfjell Drilling's Revenues from Sustainable Activities
In 2024, Odfjell Drilling reported EU Taxonomy-eligible revenues of USD 5.50 million, representing 0.7% of its total turnover. Of this amount, USD 5.50 million of Odfjell Drilling's revenues was classified as EU Taxonomy-aligned, indicating that 0.7% of the revenue-generating activities undertaken by the company substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of Odfjell Drilling's revenue is eligible under the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 5.50 million of its revenue was eligible under the EU Taxonomy, representing 0.7% of the company's total turnover. Of this amount, USD 5.50 million (0.7% of total revenue) was classified as Taxonomy-aligned. This means that 0% of Odfjell Drilling's revenue is eligible but not aligned, indicating that these activities did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards.a
How much of Odfjell Drilling's eligible revenue is aligned with the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 5.50 million of its revenue was aligned under the EU Taxonomy, representing 0.7% of its total turnover.a
This low alignment highlights either a limited focus on green activities or early-stage adoption of sustainability frameworks, underscoring opportunities for further alignment with EU climate objectives.
Odfjell Drilling's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Turnover
Total Taxonomy Eligible but Not Aligned A2 Turnover
How is Odfjell Drilling's taxonomy-aligned revenue distributed across the EU environmental objectives?
In 2024, Odfjell Drilling reported that its taxonomy-aligned revenue was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 0.7%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much revenue does Odfjell Drilling earn from selling climate-related solutions ?
In 2024, Odfjell Drilling reported that USD 5.43 million of its total revenue was associated with activities contributing to the EU taxonomy climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This accounted for 0.7% of the company's total revenue,indicating that Odfjell Drillinghas limited exposureon solutions that support climate action through its commercial activities.a
Insights into Odfjell Drilling's CAPEX from Sustainable Activities
In 2024, Odfjell Drilling reported EU Taxonomy-eligible CAPEX of USD 2.50 million,representing 2% of its total CAPEX. Of this amount, USD 2.40 million of Odfjell Drilling's CAPEX was classified as EU Taxonomy-aligned, indicating that 2% of the company's investments were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of Odfjell Drilling's capital expenditure (CAPEX) is eligible under the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 2.50 million of its capital expenditure (CAPEX) was eligible under the EU Taxonomy, representing 2% of the company's total CAPEX. Of this amount, USD 2.40 million (2% of total CAPEX) was classified as Taxonomy-aligned. This means that 0.1% of Odfjell Drilling's CAPEX is eligible but not aligned, indicating that these investments either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of Odfjell Drilling's eligible CAPEX is aligned with the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 2.40 million of its CAPEX was aligned under the EU Taxonomy, representing 2% of its total capital investment.a
This low alignment reflects that Odfjell Drilling is beginning to transition its capital allocation toward greener investments, but still retains substantial opportunities for further alignment with sustainability goals.
Odfjell Drilling's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Capex
Total Taxonomy Eligible but Not Aligned A2 Capex
How is Odfjell Drilling's taxonomy-aligned CAPEX distributed across the EU environmental objectives?
In 2024, Odfjell Drilling reported that its taxonomy-aligned capital expenditure (CAPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 2%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much Odfjell Drilling is investing in climate-related solutions?
In 2024, Odfjell Drilling allocated USD 2.46 million of its CAPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 2% of the company's total capital expenditure,indicating that Odfjell Drillinghas only marginally directed its capital expenditure toward climate-related activities, suggesting limited alignment with climate objectives.a
Insights into Odfjell Drilling's OPEX from Sustainable Activities
In 2024, Odfjell Drilling reported EU Taxonomy-eligible OPEX of USD 300,000,representing 0.8% of its total operating expenses (OPEX). Of this amount, USD 300,000 of Odfjell Drilling's OPEX was classified as EU Taxonomy-aligned, indicating that 0.8% of the company's operating expenses were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of Odfjell Drilling's operational expenditure (OPEX) is eligible under the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 300,000 of its operational expenditure (OPEX) was eligible under the EU Taxonomy, representing 0.8% of the company's total OPEX. Of this amount, USD 300,000 (0.8% of total OPEX) was classified as Taxonomy-aligned. This means that 0% of Odfjell Drilling's OPEX is eligible but not aligned, indicating that these expenditures either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of Odfjell Drilling's eligible OPEX is aligned with the EU Taxonomy?
In 2024, Odfjell Drilling reported that USD 300,000 of its OPEX was aligned under the EU Taxonomy, representing 0.8% of its total operational expenditure.a
This low alignment reflects limited operational focus on green activities, suggesting that sustainability considerations have yet to be fully integrated into core operating processes.
Odfjell Drilling's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Opex
Total Taxonomy Eligible but Not Aligned A2 Opex
How is Odfjell Drilling's taxonomy-aligned OPEX distributed across the EU environmental objectives?
In 2024, Odfjell Drilling reported that its taxonomy-aligned operational expenditure (OPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 0.8%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much of Odfjell Drilling's operational budget supports climate-related solutions?
In 2024, Odfjell Drilling allocated USD 278,400 of its OPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 0.8% of the company's total OPEX,indicating that Odfjell Drillinghas only a limited share of operational expenditure aligned with climate goals, signaling early-stage or minimal integration of climate objectives into its routine activities.a
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