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Odfjell Drilling Ltd: IPO - Update on offer price, shortening of the offer period and listing process



24 September 2013: Odfjell Drilling IPO - Update on offer price, shortening of the offer period and listing process

Reference is made to the initial public offering of the shares (the "Offering") of Odfjell Drilling Ltd ("Odfjell Drilling", the "Company", OSE ticker: "ODL").

Since the start of the bookbuilding period on 16 September 2013, the Joint Bookrunners have received significant interest from international and domestic investors. Based on the orders received, it has been decided to update the indicative price range to NOK 40-42 per share. The book is oversubscribed throughout the updated indicative price range. Further, it has been decided to shorten the offer period so that the application period in the retail offering will end on 26 September 2013 at 12:00 hours (CET) and the bookbuilding period in the institutional offering will end at 26 September 2013 at 17:00 hours (CET). The first day of listing will be 27 September 2013. The other relevant dates set out in the prospectus will change accordingly. 

As notified to the market on 12 September 2013, the Company has applied for the listing of its shares on the Oslo Stock Exchange. It is expected that the board of directors of the Oslo Stock Exchange will approve the listing application subject to the Company satisfying i) free float of at least 25% of its shares and ii) at least 500 shareholders each holding shares with a value of more than NOK 10,000 as of the date of the listing. Since the start of the bookbuilding and application period on 16 September 2013, the Joint Bookrunners have received more than 1,000 orders meaning that this listing requirement is expected to be satisfied. As notified to the market on 19 September 2013, the Joint Bookrunners have also registered orders such that the Offering is oversubscribed within the indicative price range hence securing at least 25% free float.

For further queries, please contact:
Gisle Johanson, SVP Communications, Odfjell Drilling
+47 414 40 050


This announcement is not and does not form a part of any offer for sale of securities. 

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA Member State other than Norway that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Odfjell Drilling believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. 

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. 

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