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ODL - Firm bank commitments for extension of 2021 debt maturities

Odfjell Drilling has, on 26 May 2021, received firm bank commitments for amending and extending the November 2021 debt maturities.

The Deepsea Aberdeen facility, currently with USD 211 million outstanding across two export credit tranches and one commercial tranche, will be extended on the existing terms. The final maturity will be adjusted to ultimo May 2024. The outstanding amount at maturity will be USD 55 million.


The Odfjell Drilling Services Ltd facility will be extended to ultimo June 2023. The outstanding amount is currently USD 170 million. USD 20 million, otherwise repayable in November 2021, will be repaid on the closing date of the extension. The remaining facility will be repaid by quarterly instalments of USD 5 million, with the first repayment due in February 2022. The applicable margin is 400 basis points.


The commitments above are mutually dependent, and otherwise subject to final documentation being signed and standard conditions precedent being duly satisfied prior to closing.



For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889


Aberdeen, United Kingdom
26 May 2021
Odfjell Drilling Ltd.


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