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Odfjell Drilling Ltd: Q2 report 2016

25.08.2016

Odfjell Drilling Ltd. reports for the second quarter of 2016:

  • Operating revenue of USD 183 million
  • EBITDA of USD 73 million
  • EBIT of USD 31 million
  • Net profit of USD 9 million

"The quarterly results reflect our great operational performance and quality in operations, and the effect of our continued initiatives to reduce costs in our organisation. We are further pleased to inform that we have received a firm offer from our bank syndicate to refinance the drilling units Deepsea Atlantic and Deepsea Stavanger." says CEO, Simen Lieungh.

Odfjell Drilling reports the following material events:

  • Secured long term refinancing of Deepsea Atlantic and Deepsea Stavanger.
  • Impairment write-down of Deepsea Atlantic and Deepsea Stavanger in total of USD 158.5 million as at 30 September 2015.
  • Deepsea Stavanger commenced the one well drilling contract with JX Nippon west of Shetland (UK) on 10 May 2016 and it was completed on 8 July 2016.
  • Platform drilling portfolio for Statoil in Norway will be reduced from 1 October 2016.  
  • Well services division re-entered the Iranian market with its first operations commenced early July 2016.

            
Please see the attached report for the second quarter of 2016.

For further queries, please contact:

Investor Relations:
Eirik Knudsen, Vice President Corporate Finance & Investor Relations
+47 934 59 173 / eikn@odfjelldrilling.com

Hamilton, Bermuda
25 August 2016
Odfjell Drilling Ltd.

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

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