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Odfjell Drilling Ltd : PRIMARY INSIDER NOTIFICATION

20.04.2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcement by Odfjell Drilling Ltd ("Odfjell Drilling" or the "Company") on 19 April 2018 regarding the successful completion of a private placement in the Company (the "Private Placement").

In connection with the completion of the Private Placement, the board of directors of the Company has proposed to the Special General Meeting to grant 960,000 options in the Company to its CEO, Simen Lieungh.

One option will give the right to subscribe one new common share in the Company at a subscription price per share equal to the subscription price of NOK 36 in the Private Placement. The options will be exercisable after two, three and four years, in three tranches of 320,000 shares each.

Following the grant, Simen Lieungh will hold 952,381 shares and 960,000 options in the Company.

For further information, please contact:

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

Hamilton, Bermuda

19 April 2018
Odfjell Drilling Ltd.

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