Odfjell Technology Ltd has entered into agreements to acquire a 70% ownership
stake in Kaseum Holdings Limited and Razor Oiltools Limited, two complementary
businesses supporting lightweight intervention and Plug and Abandonment (P&A).
The transaction will strengthen Odfjell Technology's position in high-margin,
technology-led services and support the Group's long-term strategic direction. 

Strategic rationale 

The acquisition addresses a clear trend in the energy market, with increasing
activity in P&A and intervention driven by ageing fields and a shift toward
wireline-deployed, lightweight solutions. Kaseum and Razor together provide
proprietary technology, proven service capability, and immediate scale within
this segment. 

Kaseum is a developer of patented, non-explosive wireline intervention tools,
supported by a modular technology platform and recurring consumable revenues.
Razor is a specialist intervention and P&A service provider with a strong
reputation among operators, and access to selected Kaseum technologies. The
combined platform complements Odfjell Technology's existing offering and
accelerates its move toward higher-margin, capital-efficient services. 

Transaction structure 

Odfjell Technology will acquire 70% of the shares in each company at completion,
securing operational control and full financial consolidation from day one. The
remaining 30% will be acquired through a structure, which includes a call option
for Odfjell Technology and a corresponding seller put option, providing a clear
path to full ownership within three years. The structure aligns interests,
supports continued involvement of founders and key management, and limits
upfront capital outflow. 

Consideration and funding 

The transaction implies a total enterprise value of GBP 38.5 million for 100% of
Kaseum and Razor combined. Cash consideration payable at closing amounts to
approximately GBP 27 million, reflecting the 70% initial ownership. The
remaining 30% will be valued using a pre-agreed earnings-based formula, applying
fixed multiples to the results at the time of exercise, adjusted for net cash
and working capital. The acquisition will be funded through existing facilities
and a bond tap. There is no change to Odfjell Technology's bond terms or
covenant framework. 

Financial impact 

The acquisition will be immediately EBITDA accretive at Group level and will
improve Odfjell Technology's earnings mix through increased exposure to
high-margin intervention activities. No synergies are assumed or required for
the transaction rationale, but there will opportunities for enhanced performance
through collaboration. 

Governance and integration 

Kaseum and Razor will continue to operate as separate legal entities within the
Odfjell Technology group. Founders and key management will remain in the
businesses and are regarded as central to the continued development,
performance, and long-term success of both companies. There are no plans to
materially change the companies' operating models or market approaches. The
structure enables selective collaboration across sales, technology, and market
access, allowing Odfjell Technology to offer more comprehensive solutions to
customers. 

The phased ownership structure and limited initial operational overlap support a
low-risk integration, while preserving flexibility to capture collaboration and
growth opportunities. 


Completion 

Completion of the transaction is expected in first half of March 2026, subject
to customary conditions. 


For further queries, please contact:  
Gert Haugland, SVP Finance & Investor Relations  
+47 92661638  
gjha@odfjelltechnology.com 
 
Or  
 

Gillian Basson, Corporate Secretary  
+44 (0)7796 547889  
gbas@odfjelltechnology.com  

 

Aberdeen, United Kingdom  
26 February 2026  
Odfjell Technology Ltd 

 

This information is published in accordance with the requirements of the Oslo
Børs Rule Book II section 4.2.4 (1) no. 3 and is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.