Good day. Welcome to the Odfjell Drilling Q2 2021 investor call. At this time, I would like to turn the conference over to Eirik Knudsen. Please go ahead, sir.
Thank you, Keith, and welcome to this investor conference call for Odfjell Drilling, where we present the Q2 of 2021. My name is Eirik Knudsen. I'm head of investor relations in Odfjell Drilling. CEO Simen Lieungh is currently on travel but joining by phone and will participate in the Q&A session following the presentation. Our new CFO from 1st of September, Jone Torstensen, and VP Finance, Frode Syslak, are also present.
I will go through the presentation today, Simen and the rest of us will be available for Q&A thereafter. For the sake of good order, we make reference to our disclaimer on page two of the presentation. Let us move to page number three. As normal, the agenda for today's call is a short summary of the Q2 2021. We go on to the segment reporting and ESG.
We go to financial information, and finally, we make a short summary and open for Q&A session. Let's move over to page four and the key financials for this quarter. We delivered a revenue of $233 million and an EBITDA of $85 million in the Q2 . The company had, per end of June 2021, a leverage ratio of 2.7 and an equity ratio of 48%.
The group's total backlog, including priced option, is at $2.4 billion at the end of the Q2 . Turning to page five and the key summary of this quarter. We had strong operational performance across all modules. More info about this later on. Equinor has allocated six wells to Deepsea Atlantic so far year to date, taking firm operations to end of 2021. Equinor also awarded a three-well contract to Deepsea Stavanger and included the rig in the master frame agreement.
An alliance agreement with BP for platform drilling services was signed. Finally, the REAP 5 process for Deepsea Aberdeen and the Odfjell Drilling service facilities were completed early July this year.
Moving to page six and some comments on the financial utilization. Deepsea Stavanger commenced the Aker BP contract on 10th of April this year, and the remaining units have in the Q2 all been operating on the NCS for Equinor, Wintershall, Aker BP, and Neptune.
All of our fully owned units have performed with high financial utilization during the last quarter, with an average of close to 99%. Deepsea Yantai had some issues with the BOP early in the quarter, affecting the overall financial utilization. If we then move to the contract status for the drilling units on page seven.
As mentioned in the introduction, Deepsea Atlantic is now fully booked throughout this year and will start the Johan Sverdrup phase II contract back to back early in 2022. Deepsea Stavanger is currently working for Lundin on a 3-well contract, which started early July. The unit will directly return to Aker BP for one more well, which we expect to end in Q4.
Commencement of the Equinor 3-well contract is estimated to be early Q1 next year, and we expect any open gaps between these contracts to be filled with work. Aberdeen commenced the contract with Wintershall in February this year, and we expect the rig to be in operations until the start of the Breidablikk campaign for Equinor in Q2 next year.
Deepsea Nordkapp, with the last option being exercised by Aker BP in March this year, the rig has now firm contractual period to end of June 2023. In addition, Aker BP has a 12-month option, which can take the unit to June 2024. Deepsea Yantai works for Neptune on the Norwegian Continental Shelf on a well-based contract. The firm scope is expected to end in Q1 next year.
Neptune has furthermore 8 optional wells which can be added to the program. This brings the total backlog for MODU to $1.4 billion, where $0.4 is priced options. If we then move to page eight and the energy segment and platform drilling contract status. Platform drilling continues to add backlog. We now have 16 platforms in our contract portfolio, divided over six clients on both the Norwegian and U.K. continental shelves.
We are very pleased with the last alliance agreement, which BP UK awarded in the Q2 . This contract secures operations on Clair, Andrew, and Clair Ridge to February 2025, plus a 2, +2 year options. The total backlog for platform drilling is now $1.1 billion, whereof $0.6 is priced options. Moving to page 9 and well services.
The well services business currently serves more than 200 customers across 20 countries, offering diversified service line within well intervention, tubular running, casing drilling, and tool rental. Well services, Norway is the largest contributor on the revenue side, with close to 60% of the revenue year to date, and the remaining part is evenly split between Europe and Middle East and Asia.
Well services has been affected by COVID-19 restrictions in some regions over the last year. We have well observed an increased in operational activity in the Norwegian market and expect in the short to medium term to face an overall increase in activity level for this segment. Moving to page 10 and the backlog overview. At the end of June this year, the total order backlog was $2.4 billion, whereof $1.4 billion is from contracts.
For the sake of good order, revenue from frame agreements and call- off contracts in well services and revenue from technology and mooring management is not included in the backlog figure. Turning to page 11 and ESG. Odfjell Drilling has a strong focus on ESG, and we issued our first sustainability report for 2020 earlier this year.
In short, we have an overall ambition to be net zero emission company by 2050 with a milestone of 40% emission reduction in 2026. There are multiple ongoing zero emission drilling projects on our rigs. For example, a battery hybrid solution has been installed on Deepsea Atlantic. A similar system will be rolled out on all of our units. For a full presentation of the strategy, reference is made to the 2020 sustainability report published on our website.
With regards to the market outlook on page 12, we continue to see COVID-19 related uncertainty in some market segments, despite the oil price recovery. The significant oversupply in the global rig market is currently being addressed through all the recent and ongoing Chapter 11 processes. We expect further scrapping and market consolidation as a consequence.
The harsh environment segment, however, continues to be in balance with a preference by the E&P companies for higher spec drilling units, sustainable drilling solutions and efficiency. The tax incentive scheme has increased activity on the Norwegian Continental Shelf and will be important for the activity in the next few years to come. This will have a positive impact for all of our business segments.
Let's move over to the financial section. We start with the group summary financials on page 14. The group operating revenue was $233 million compared to $167 million in Q2 last year. The group EBITDA was $85 million compared to $81 million in Q2 last year. The increase in EBITDA is mainly due to increased EBITDA in the MODU segment, partly offset by decreased EBITDA in the energy segment. More comments to this will follow on the next slides.
Moving to the MODU segment on page 15. The operating revenue for the MODU segment was $160 million compared to $118 million in Q2 last year. The EBITDA was $77 million compared to $68 million in Q2 last year. The change is mainly explained by Deepsea Stavanger as the rig was in operation most of this quarter while carrying out SPS and preparing for the Total E&P South Africa contract during Q2 last year.
We have had satisfactory bonus achievements in this quarter. For the energy segment on page 16, the operating revenue was $51 million compared to $32 million. The EBITDA was $2 million compared to $5 million in Q2 last year. The decrease is mainly explained by lower financial performance in the platform drilling due to reduced incentive payments and also reduced engineering profitability compared to the same quarter last year.
Moving on to the well services segment on page 17. The operating revenue was $30 million compared to $24 million in Q2 last year. EBITDA was $7 million, same as last quarter last year. The EBITDA margin was 23% this quarter compared to 29% in Q2 last year. Norway and Middle East and Asia markets have maintained a consistent level of profitability. However, the results for the European countries were impacted by the COVID-19 pandemic.
On page 18, we have shown the bridge from segment EBIT of the segments to the group consolidated profit before tax by adjusting for eliminations and corporate overhead and net financial items. I will not go further into the details on this slide. We go to page 19 and the balance sheet for the group.
The group's gross interest bearing debt was $1.1 billion end of June 2021, and we have no debt maturities before mid-2023. We had $137 million in cash and cash equivalents end of June 2021 and an equity ratio of 48%. If we then turn to page 20 and the summary of the group's cash flow and some highlights on this quarter. The net cash from operation was $44 million compared to $89 million in Q2 last year.
There was a negative change in working capital of $27 million, and this was mainly explained by the changes in operational activity for Deepsea Stavanger this quarter compared to last quarter last year. Investing activities of $29 million in Q2 2021 were mainly related to CapEx in the MODU business area. We furthermore repaid $67 million in bank debt during the quarter.
The cash position at the end of June 2021 was $137 million, compared to $154 million in Q2 last year. If we summarize the Q2 quarter on page 21, we see for the MODU, we continue to build backlog and be the preferred partner within harsh environments. We have an attractive harsh environment asset and healthy outlook. On the Energy side, we signed a strategic alliance agreement with BP in the U.K. for platform drilling activities.
We further will focus to develop the service portfolio into new areas. Well services, continue high activity, although the market has been affected by less demand due to COVID-19. On the financial side, we have earnings visibility through the $2.4 billion in order backlog. We completed the refinancing before the summer. Now we have no debt maturities before mid-2023.
We continue to repay debt, and we have a sound cash position at the end of the Q2 . This concludes the presentation, and we will now open for a Q&A session.
Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that's star 1 to ask a question. We'll pause for a moment to allow everyone an opportunity to signal for questions.
Once again, if you would like to ask a question, please signal by pressing star 1 on your telephone keypad. It appears we have no questions at this time. I'd like to turn the call over to Mr. Knudsen for any additional comments or closing remarks.
Okay. Thank you so much for listening in. If you have any questions, please don't hesitate to contact us. Have a nice afternoon. Thank you.
This concludes today's conference. Thank you for your participation. You may now disconnect.