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Odfjell Drilling Ltd : Financial Supervisory Authority

13.06.2016

Odfjell Drilling Ltd. (the "Company") received on 24 May 2016 an enforcement decision by the Financial Supervisory Authority (the "FSA") concluding that the rigs Deepsea Atlantic and Deepsea Stavanger were impaired as of 30 September 2015. The Company was ordered to recalculate the values in use for both rigs, taking into consideration assumptions that are more in line with external value estimates.

The Company's Board of Directors has decided not to appeal the decision of the FSA.

Odfjell Drilling Ltd. will present updated quarterly figures as from 30 September 2015 and onwards when disclosing its 2nd quarter 2016 financial report scheduled to 25 August 2016.

The notice is also made available on the Company's website: www.odfjelldrilling.com

For further information, please contact:

IR contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
e-mail: eikn@odfjelldrilling.com
Mobile: +47 934 59 173

Hamilton, Bermuda
13 June 2016
Odfjell Drilling Ltd.

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