Odfjell Drilling is pleased to inform that Statoil has exercised one well in the third option which consists of three wells in total. The estimated duration of the well is expected to be 25 days. The well will be drilled back to back with the previously announced program.
For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
20 March 2018
Odfjell Drilling Ltd.
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.