Robotic Drilling Systems to be sold to Nabors
The shareholders of Robotic Drilling Systems AS ("RDS") have today entered into an agreement to sell all shares in RDS to Nabors Industries ("Nabors"). Odfjell Drilling holds, through its fully owned subsidiary Odfjell Drilling Technology Ltd, approximately 37% of the shares in RDS.
The transaction will generate an estimated accounting gain for Odfjell Drilling of approximately USD 11 million. The full amount will be recognized upon closing which is expected to occur in Q3 2017. The completion of the transaction is subject to customary closing conditions.
As part of the transaction Odfjell Drilling and Nabors have signed a Memorandum of Understanding with the intention to establish a strategic cooperation agreement which will ensure Odfjell Drilling access to RDS' robotic technologies for Odfjell Drilling's existing and future drilling rigs.
Quote from Per Lund, Senior Vice President, Innovation in Odfjell Drilling: "We are very pleased to sell RDS to Nabors. In the 3 years Odfjell Drilling has been a shareholder in RDS, we have worked closely with the company to develop and field-prove its robotic drilling products. The company is now at the verge of full scale commercialisation and we are confident that Nabors, having a manufacturing group in Canrig, will be a good future home for this exciting technology."
For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
31 August 2017
Odfjell Drilling Ltd.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.