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Odfjell Drilling Ltd: Report for the 4th quarter 2013 and preliminary results for 2013

28.02.2014

Odfjell Drilling reports: Operating revenue for the fourth quarter 2013 of USD 289 million. EBITDA for the fourth quarter 2013 of USD 88 million. Profit for the fourth quarter 2013 of USD 25 million. Earnings per share for the fourth quarter 2013 of USD 0.12

The Board of Directors has declared a cash dividend of USD 0.05 per share for 2013. The ex-dividend date is set to be 18 March 2014, record date is 20 March 2014 and payment date is on or about 8 April 2014.The dividend for 2013 represent 15 % of the Odfjell Drilling Group's profit for 2013 and will be distributed in NOK.

On a full year basis Odfjell Drilling delivered operating revenue of USD 1,174 million in 2013 compared to USD 1,094 million in 2012. The EBITDA margin increased from 30% to 33% on an annual basis.

  • We are satisfied with the Company's development in 2013 and will continue our efforts to further improve efficiency and performance in our services and operations, says CEO Simen Lieungh.

Following the water ingress incident at the DSME yard in South Korea on 28 December 2013, a revised time schedule for recovery and project finalisation for the "Deepsea Aberdeen" newbuild project has been established. According to the revised time schedule, Odfjell Drilling will take delivery of the rig in October/November 2014 with the objective to commence drilling operations during first quarter 2015. As a result, the project cost is estimated to increase by USD 10 million.

 Please see the attached report for the fourth quarter and preliminary results for 2013.

For further queries, please contact:

Investor Relations:
Lasse H. Johannesen, Vice President Corporate Finance & Investor Relations
+47 995 06 908 / laj@odfjelldrilling.com

Media contact:
Gisle Johanson, SVP Communications
+47 414 40 050 / gijo@odfjelldrilling.com

Hamilton, Bermuda

28 February 2014
Odfjell Drilling Ltd.

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

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