- Business
- Odfjell Technology Ltd Odfjell Technology Ltd (OTL.OL) operates as an international technology and engineering company focused on delivering specialist services, equipment, and competence across the offshore energy value chain, including well services, drilling operations, and projects and engineering solutions; its Well Services segment provides casing and tubular running services with automated and conventional options, drilling tool and tubular rental services, wellbore clean-up tools such as Hydraflow Advanced Wellbore Cleaning System and RapTr-X Asymmetric Hydraulic Whipstock, specialist well intervention products, remedial and abandonment services including plug and abandonment (P&A) and slot recovery, well management, and rigless solutions; the Operations segment handles production of drilling and well completion on client rigs; while the Projects & Engineering segment offers engineering and integrity services, design, building supervision, project management, and operational support for newbuilds, renewals, and yard stays. Founded in 1973 and headquartered in Aberdeen, United Kingdom, the company maintains operations worldwide in more than 20 countries across Europe, Asia Pacific, the Middle East, Africa, and the Americas, serving approximately 200 customers annually in offshore and onshore oil and gas markets with around 1,800 employees emphasizing safety, efficiency, and sustainability to reduce time, cost, and carbon emissions. Recent developments include the 2024 acquisition of McGarian TDC Ltd for £3 million to bolster P&A and slot recovery capabilities, a strategic equity investment in Reelwell in March 2025 acquiring a 10% stake for $3.8 million to advance DualLink digital pipe technology under a five-year cooperation agreement, and a January 2025 partnership with R&D Solutions to expand plug and abandonment services in Australia and Southeast Asia.