Odfjell Drilling Ltd : Minutes of the Annual General Meeting 2016
Odfjell Drilling Ltd. (the "Company") advises that the 2016 Annual General Meeting of the Company was held on June 29, 2016 at 09.00 a.m. at the Fairmont Hamilton Princess Hotel, 76 Pitts Bay Road, Pembroke, Hamilton HM08, Bermuda.
The following resolutions were passed:
1: To approve an amendment to Bye-Law 40 of the Company's Bye-Laws such that it shall read as follows:
"The Board shall consist of not less than four Directors or such number in excess thereof as the Members may determine."
2-6: To re-elect the Board of Directors:
- Carl-Erik Haavaldsen, Chairman of the Board
- Helene Odfjell, Director
- Bengt Lie Hansen, Director
- Henry Hamilton III, Director
- Kirk L. Davis, Director
7: To appoint PricewaterhouseCoopers AS as the auditor of the Company and to authorize the Company's Directors to determine their remuneration.
8: To approve the remuneration of the Company's Board of Directors up to a total amount of fees not to exceed US$250,000 for the year ended December 31, 2015.
In addition, the audited consolidated financial statements for the Company for the year ended December 31, 2015 were presented to the Meeting. The Chairman further noted that the Company received on 24 May 2016 an enforcement decision by the Norwegian Financial Supervisory Authority (the "FSA") concluding that the rigs "Deepsea Atlantic" and "Deepsea Stavanger" were impaired as of 30 September 2015. The Company's Board of Directors decided on 13 June 2016 not to appeal the enforcement decision by the FSA. The Chairman noted that the Company will present updated quarterly figures as per 30 September 2015 and onwards when disclosing its 2nd quarter 2016 financial report scheduled to 25 August 2016.
The Board of Directors' guidelines for the remuneration of the executive personnel were also presented to the Meeting.
For further information, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
Mobile: +47 934 59 173
29 June 2016
Odfjell Drilling Ltd.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.