Odfjell Technology Ltd - Update on Odfjell Offshore Ltd Tax Case
2026-09-02 14:38:10
Reference is made to the press release issued 17 April 2026 regarding the
unanimous verdict of the Gulating Court of Appeal in favour of Odfjell Offshore
Ltd ("OFO") in the longstanding tax case, and to the Norwegian Tax Authorities'
subsequent appeal to the Supreme Court in the press release issued 19 May 2026.
The Company has been notified that the Supreme Court's appeals committee has
decided not to admit the appeal. The unanimous verdict of the Gulating Court of
Appeal of 17 April 2026 in favour of OFO is therefore final and legally binding,
and the tax case is concluded.
Following the tax ruling in December 2022, the Group made an upfront payment on
1 February 2023 of NOK 307 million in taxes and interest for the financial years
2017 to 2021. The payment was financed and refunded by Odfjell Drilling Ltd
("ODL") under a letter of indemnity issued 1 March 2022, and the amount will be
repaid to ODL, plus interest and certain costs associated with the case and
therefore will have no cash effect for Odfjell Technology.
In addition, Odfjell Technology has paid income taxes of NOK 137 million for the
financial years 2022 to 2025 on the basis of the OFO tax losses being
disallowed. This amount, inclusive of interest, will be refunded to Odfjell
Technology, generating a positive cash effect.
This ruling also supports the use of further tax loses of NOK 70 million in 2026
and subsequent years, of which NOK 18 million was recognised in the first half
2026.
Further details of the tax case can be found in Note 11 of Odfjell Technology
Ltd's report for the second quarter 2026 and Note 8 in its Annual Report for
2025.
For further queries, please contact:
Gert Haugland
SVP Finance & Investor Relations
+47 926 61 638
gjha@odfjelltechnology.com
Or
Gillian Basson
Corporate Secretary
+44 (0)7796 547889
gbas@odfjelltechnology.com
Aberdeen, United Kingdom
2 September 2026
Odfjell Technology Ltd
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
suant to Section\
5-12 of the Norwegian Securities Trading Act. \