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Odfjell Drilling Ltd: Report for the second quarter of 2014

29.08.2014

 29.08.2014 Odfjell Drilling Ltd. reports for the 2nd quarter 2014:

- Operating revenue of USD 272 million

- EBITDA of USD 91 million

- Profit of USD 29 million

- Earnings per share of USD 0.14

"The financial results for the second quarter of 2014 are reflecting reduced demand for engineering and well services primarily in the North Sea market. At the same time we see a positive trend in operational regularity of our mobile offshore drilling units internationally, resulting in increased financial utilisation of these units", says CEO Simen Lieungh.

Odfjell Drilling reports the following material events in the second quarter of 2014:

  • 6 wells contract extension for "Deepsea Stavanger" with BP Angola with additional 2 x 2 wells options.
  • New USD 450 million senior secured credit facility
  • Divestment of ownership in PSW Group

Please see the attached report for the second 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
29 August 2014
Odfjell Drilling Ltd.

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