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01.03.2017

Odfjell Drilling signs a letter of award with oil major for work in South Africa


Odfjell Drilling has signed a conditional letter of award with oil major for a one well contract to be drilled by the 6th generation semi-submersible, Deepsea Stavanger, offshore South Africa.

The contract commencement is back to back with completion of the upcoming contract with Wintershall Norge on the Maria field. The contract value including compensation for mobilization/demobilization period is estimated up to USD 55 million. The company expects the drilling of the well to take 60-80 days.

- We are very pleased to receive this sign of commitment and confidence. The companies have collaborated closely on this challenging project for many months and believe together we have a technical and operational solution to meet the unique combination of harsh environment conditions encountered on site.

This project with its technical complexities, deepwater and harsh environment is considered an ideal match for Odfjell Drilling as we strengthen our position as contractor of choice for challenging harsh environments. - says CEO Simen Lieungh.

For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
eikn@odfjelldrilling.com

Hamilton, Bermuda
1 March 2017
Odfjell Drilling Ltd.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.