Odfjell Drilling is pleased to inform that the first call-off under the alliance has been received today. The call-off covers a 12 months contract for Deepsea Stavanger and will start as soon as the unit returns to Norway after its contract with Total in South Africa, expected to be in Q2 2019.
The firm contract value is approximately USD 105 million excluding potential performance bonuses.
For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
21 December 2017
Odfjell Drilling Ltd.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Odfjell Drilling Ltd ("Odfjell Drilling" or the "Company") is contemplating to offer new common shares (the "Offer Shares") in a private placement raising gross proceeds of up to approximately NOK 1.56 billion, equivalent to up to approximately USD 200 million (the "Private Placement"). The subscription price per Offer Share in the Private Placement (the "Subscription Price") will be determined through an accelerated bookbuilding process.
Odfjell Drilling is pleased to announce that Statoil has awarded a conditional Letter of Intent (LOI) for a drilling contract for Deepsea Atlantic for 6 firm wells with an estimated total duration of 18 months, scheduled to commence in early first quarter 2019.
Statoil has awarded Odfjell Drilling a contract for Drilling Services Fixed Platforms on Heidrun located on the Norwegian Continental Shelf. Odfjell Drilling currently operates both Grane and Heidrun until October this year, and will thereafter continue operations on Heidrun.
Reference is made to the stock exchange notice from 31 May 2017 whereby Statoil awarded Deepsea Bergen a new drilling contract. The contract originally included one firm well plus 4 x 3 optional wells.