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Odfjell Drilling Ltd: Awarded contract for drilling contract for Maria field development

07.09.2015

Wintershall Norge AS has awarded Odfjell Drilling's semi-submersible Deepsea Stavanger a contract for the drilling of production wells on the Maria field in the Haltenbanken area on the Norwegian Continental Shelf. The firm contract is for six wells with an expected duration of 574 days and an estimated contract value of USD 175 million. Contract commencement is estimated to 1 April 2017.
     
The contract additionally contains a one-well option prior to the firm contract and two wells after the firm period. The estimated contract value of the optional wells is USD 98 million.

- We appreciate the trust Wintershall and its partners show us in developing the Maria field. This contract represents yet another recognition of Odfjell Drilling's ability to provide efficient drilling operations in harsh environment areas and I can assure that Odfjell Drilling will demonstrate the company's firm commitment to the successful development drilling of the Maria field. This contract is an important addition to Odfjell Drilling's order backlog and increases the company's earnings visibility during a challenging market cycle. says CEO Simen Lieungh

Deepsea Stavanger is currently employed by BP in Angola on a contract that is expected to mature during November this year. Odfjell Drilling continues to market the rig in order to secure temporary employment for Deepsea Stavanger to fill the gap to its start-up on the Maria field.     

For further information, please contact:

Media contact:
Gisle Johanson, SVP Communications
e-mail: gijo@odfjelldrilling.com
Mobile: +47 414 40 050

IR contact:
Lasse H. Johannesen, VP Corporate Finance & Investor Relations
e-mail: laj@odfjelldrilling.com
Mobile: +47 995 06 908

Hamilton, Bermuda
7 September 2015
Odfjell Drilling Ltd.

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