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Odfjell Drilling Ltd : Report for the 1st quarter 2014

23.05.2014

Odfjell Drilling reports:

Operating revenue for the first quarter 2014 of USD 274 million

EBITDA for the first quarter 2014 of USD 75 million

Profit for the first quarter 2014of USD 23 million

Earnings per share for the first quarter 2014 of USD 0.11

    - The results for the first quarter of 2014 have been negatively affected by reduced demand for engineering services in the Norwegian market. As a result the company has taken measures to reduce its cost base within the Drilling & Technology segment in Norway. Except for the reduced financial utilization of the mobile offshore drilling unit "Deepsea Metro II" in this period, the remaining fleet has operated satisfactorily. The Well Services segment has continued delivering steady margins on its services in the period - says  Simen Lieungh, President & CEO.

The recovery plan for the newbuild under construction, "Deepsea Aberdeen", established after the water ingress incident at yard in December 2013, has been further verified and the company re-confirms its expected yard delivery date in October/ November this year.

Other highlights in the first quarter 2014 report:

  • BP declared two 2-year options for Platform Drilling Services in UK
  • "Deepsea Atlantic" completed its 5 year class survey and planned modifications in 25 days
  • Odfjell Drilling became the major shareholder in Robotic Drilling Systems AS  
  • New USD 450 million senior credit facility agreement
  • "Deepsea Stavanger" secured further work for BP Angola through 2015

Please see the attached report for the first quarter of 2014.

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
23 May 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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