NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S.
NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION
OR RELEASE WOULD BE UNLAWFUL.
Reference is made to the announcement by Odfjell Drilling Ltd. (“Odfjell
Drilling” or the “Company”, OSE: ODL) dated 31 January 2022 regarding the
contemplated spin-off of its Well Services and Energy segments into a newly
established company, Odfjell Technology Ltd (“OTL”), and to list the shares in
OTL on the Oslo Stock Exchange.
The internal reorganisation whereby the relevant Well Services and Energy
companies become subsidiaries of OTL has now been completed, and the USD 150
million credit facility related to the Well Services and Energy segments has
been repaid by using the NOK 1.1bn senior secured bonds issued by OTL and the
USD 25 million revolving credit facility.
As announced on 23 February 2022, OTL has submitted its application for
admission to trading on the Oslo Stock Exchange (the “Listing”) and remain on
schedule with regards to Listing by end of March, subject to satisfaction of
certain conditions, including but not limited to, the approval by the Oslo Stock
Exchange.
For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889
gbas@odfjelldrilling.com
Aberdeen, United Kingdom
1 March 2022
Odfjell Drilling Ltd.
Important Notice:
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of Odfjell Drilling
Ltd. or Odfjell Technology Ltd (each, an “Issuer”) in the United States or any
other jurisdiction. The securities of the Issuer may not be offered or sold in
the United States absent registration or an exemption from registration under
the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The
securities of the Issuer have not been, and will not be, registered under the
U.S. Securities Act. Any sale in the United States of the securities mentioned
in this communication will be made solely to “qualified institutional buyers” as
defined in Rule 144A under the U.S. Securities Act. No public offering of the
securities will be made in the United States.
In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).
In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as “Relevant Persons”). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.
This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Issuer.
The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution, or release,
in whole or in part, directly or indirectly, in or into or from the United
States (including its territories and possessions, any State of the United
States and the District of Columbia), Australia, Canada, Hong Kong, Japan or any
other jurisdiction where to do so would constitute a violation of the relevant
laws of such jurisdiction. The publication, distribution or release of this
announcement may be restricted by law in certain jurisdictions and persons into
whose possession any document or other information referred to herein comes
should inform themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.