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Reference is made to the stock exchange release by Odfjell Drilling Ltd ("Odfjell Drilling" or the "Company") on 19 April 2018 regarding the Company's successful private placement (the "Private Placement") and the resolution of the Board to issue 38,000,000 new common shares of USD 0.01 each (the "Private Placement Shares") in connection with the Private Placement, subject to the authorisation by the special general meeting.

At the special general meeting of the Company held today, it was resolved to authorise the Company's Board of Directors to issue up to 38,000,000 new common shares of the Company each with a nominal value of USD 0.01, in connection with the Private Placement.

The resolution of the Board of Directors has thereby become effective and the Private Placement Shares will be issued to the managers in the Private Placement for redelivery to Odfjell Partners Ltd. as settlement of the common shares borrowed in connection with the settlement of the Private Placement.

Following the issuance of the Private Placement Shares, the Company's issued share capital will be increased with USD 380,000, from USD 1,987,369 to USD 2,367,369, and the number of issued common shares increased by 38,000,000, from 198,736,900 to 236,736,900.

The authorised share capital of the Company is USD 280,000 consisting of 280,000,000 shares with a nominal value of USD 0.01 each.

The Private Placement Shares are expected to be issued in the VPS on or about 18 May 2018, under a separate ISIN and will following approval of a listing prospectus be transferred to the Company's ordinary ISIN and become tradable on the Oslo Stock Exchange, expected to take place ultimo-June 2018.

For further information, please contact:

IR contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
Mobile: +47 934 59 173

Hamilton, Bermuda
16 May 2018
Odfjell Drilling Ltd.

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