Odfjell Technology buying majority stake in lightweight intervention and P&A businesses

February 26, 2026, by Nadja Skopljak

UK-headquartered Odfjell Technology, a spin-off of Odfjell Drilling, has entered into agreements to acquire a majority stake in two businesses supporting lightweight intervention and plug and abandonment (P&A).

Odfjell Technology will acquire a 70% ownership stake in Kaseum Holdings Limited and Razor Oiltools Limited at completion, securing operational control and full financial consolidation, with the businesses to continue operating as separate legal entities within the Odfjell Technology group and founders and key management to remain.

Kaseum is a developer of patented, non-explosive wireline intervention tools, supported by a modular technology platform and recurring consumable revenues, while Razor is a specialist intervention and P&A service provider.

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The remaining 30% will be acquired through a structure, which includes a call option for Odfjell Technology and a corresponding seller put option, paving the way to full ownership within three years.

“The transaction will strengthen Odfjell Technology’s position in high-margin, technology-led services and support the Group’s long-term strategic direction,” Odfjell Technology said.

“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.”

The transaction implies a total enterprise value of £38.5 million (around €45 million) for 100% of Kaseum and Razor combined. Cash consideration payable at closing amounts to approximately £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.

Odfjell Technology will fund the acquisition through existing facilities and a bond tap. Subject to customary conditions, the transaction is expected to be completed in the first half of March.