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ODFJELL DRILLING LTD - DISCLOSURE OF LARGE SHAREHOLDING

27.04.2018

Reference is made to the announcement by Odfjell Drilling Ltd ("Odfjell Drilling") earlier today, amongst others regarding the entering into of a preference share investment agreement and a warrant investment agreement with an affiliate of Akastor ASA.

Following the issuance of the preference shares (which is subject to the approval at a special general meeting of Odfjell Drilling), Odfjell Partners Ltd. will continue to own 142,000,000 common shares in Odfjell Drilling, which will  represent 56.16% of the share capital and 59.98% of the votes in Odfjell Drilling on a fully diluted basis (i.e. after completion of the private placement announced by Odfjell Drilling on 19 April 2018 to be considered at a special general meeting of Odfjell Drilling on 16 May 2018). Immediately after completion of the private placement (and prior to the issuance of the preference shares and the issuance of new shares in the subsequent repair offering announced by Odfjell Drilling), the shares of Odfjell Partners Ltd. will represent 59.98% of the shares and votes of the company.

This information is subject to duty of disclosure pursuant to Section 4-3 of the Norwegian Securities Trading Act.