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Odfjell Drilling Ltd: USD 450 million credit facility


Hamilton, Bermuda. Odfjell Drilling Services Ltd., a subsidiary of Odfjell Drilling Ltd., has today entered into a USD 450 million senior secured credit facility agreement with Danske Bank A/S and DNB Bank ASA as Coordinators, and Danske Bank A/S, DNB Bank ASA, Nordea Bank Norge ASA and Swedbank AB (publ) as Mandated Lead Arrangers. The facility is divided in a revolving credit of USD 150 million and a term loan of USD 300 million, the latter of which is to be repaid in semi-annual instalments of USD 20 million. The facility has a tenor of 5 years.

Amounts borrowed under the facility shall be applied towards refinancing of an existing facility dated 4 November 2011 (maturing in 2015) with an outstanding amount of USD 267 million and for general corporate purposes of the Odfjell Drilling group.

The facility will be serviced by cash flow generated by the Well Services and Drilling & Technology businesses and management of Mobile Offshore Drilling Units.

Interest will be payable at the rate per annum of LIBOR plus a margin ranging from 200 basis points to 325 basis points, depending on the gross interest bearing debt to EBITDA measured on the Odfjell Drilling Services group.

The facility is guaranteed by Odfjell Drilling Ltd. and certain subsidiaries of Odfjell Drilling Services Ltd. and contains undertakings and covenants, and terms and conditions which are considered to be customary for similar types of bank financings.

For further information, please contact:

IR contact:

Lasse H. Johannesen, VP Corporate Finance & Investor Relations
Mobile: +47 995 06 908

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