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Odfjell Drilling Ltd : Share capital increase

11.07.2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT.

ODFJELL DRILLING LTD - SHARE CAPITAL INCREASE

Reference is made to the stock exchange announcement by Odfjell Drilling Ltd ("Odfjell Drilling" or the "Company") on 4 July 2018 regarding the final result of the subsequent offering (the "Subsequent Offering") of up to 3,775,162 new common shares in the Company, each with a par value of USD 0.01 (the "Offer Shares") at a subscription price of NOK 36.00 per Offer Share and the resolution to issue 46,302 new common shares, each with a par value of USD 0.01 (the "Offer Shares") in connection with the Subsequent Offering.

The Company has today issued 46,302 new common shares, each with a par value of USD 0.01, at an offer price of NOK 36.00 per common share in connection with the Subsequent Offering. The Offer Shares have been legally and validly issued. Following the issuance of the Offer Shares, the Company's issued share capital is increased by USD 463.02, from USD 2,528,600.25 to USD 2,529,063.27, consisting of 236,783,202 common shares and 16,123,125 preference shares, each with a par value of USD 0.01. The authorised share capital of the Company is USD 3,000,000 consisting of 280,000,000 common shares and 20,000,000 preference shares with a par value of USD 0.01 each. The Offer Shares are expected to be registered in the VPS today and will be tradable on the Oslo Stock Exchange immediately thereafter.

Danske Bank, Norwegian Branch and DNB Markets, a part of DNB Bank ASA are acting as Managers for the Subsequent Offering. Advokatfirmaet Thommessen AS is acting as legal advisor to the Company.

For further information, please contact:
IR contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
E-mail: eikn@odfjelldrilling.com
Mobile: +47 934 59 173

Hamilton, Bermuda
11 July 2018
Odfjell Drilling Ltd

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