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Odfjell Drilling Ltd:Buy-back of own shares

12.09.2014

The Board of Odfjell Drilling Ltd. (the "Company") has resolved to utilise its proxy pursuant to the bye-laws to purchase shares in accordance with existing regulations at Oslo Stock Exchange.

The Company has decided to initiate a buy-back program of up to USD 20 million. The shares will be purchased from the open market and in accordance with the Safe Harbour provisions of the EU Commission Regulations for buy-back programs.

The buy-back program will comprise up to 5,000,000 shares, representing up to 2.5% of the issued share capital. The highest price to be paid per share will be NOK 45. However, the price per share being acquired may not exceed the price of the last independent trade or the highest current independent bid at the regulated marked where the transaction is carried out. The highest number of shares to be acquired per day will be 25% of the daily average trading volume 20 trading days prior to the start-up of the program.

The buy-back program is being initiated 15 September 2014 and will continue up to the 2015 Annual General Meeting. The Company will cancel the repurchased shares.

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
12 September 2014
Odfjell Drilling Ltd.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.