As all four ODL rigs are contracted through late 2026 or beyond, the primary pushback on the equity—along with the low free float—is the lack of catalysts. However, we contend that there are sufficient upcoming triggers, with dividends expected to increase starting from the Q4/24 report, followed by a refinancing in 2025 that could further boost dividends. Additionally, we expect ODL to improve the economic terms from the four managed rigs, as well as secure more backlog for its fleet during 202 ....
