Odfjell Drilling Ltd : Share buy-back program suspended
The Board of Odfjell Drilling Ltd. (the "Company") has decided to suspend the share buy-back program initiated on 15 September 2014 due to the significant weakening of market fundamentals and the re-contracting risk for the Company's mobile offshore drilling units.
The share buy-back program comprised up to 5,000,000 shares representing up to 2.5% of the issued share capital and was limited to USD 20 million. The program had an initial duration up to the 2015 Annual General Meeting. The buy-back of shares was put on hold on 12 January 2015.
In total, the Company has bought 1,263,100 of its own shares, equal to 0.63% of the total issued shares. The average price paid per share is NOK 16.24. The Company will cancel the repurchased shares.
For further queries, please contact:
Lasse H. Johannesen, Vice President Corporate Finance & Investor Relations
+47 995 06 908 / email@example.com
Gisle Johanson, SVP Communications
+47 414 40 050 / firstname.lastname@example.org
25 February 2015
Odfjell Drilling Ltd.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.