Company Disclosures

ODL – Implementation of 2022 Employee Long-term Incentive Plan

Published 27.06.2022

Odfjell Drilling Ltd (the “Company”) announces that the 2022 long term incentive
plan, has now been approved by the Board of Directors and implemented by
allocating options to certain of its employees.

The basis for the awards is, amongst other, the recipients’ position in the
Company and a review on the individual participant’s performance prior to the
award. Any options awarded will, subject to the participant’s continued
employment with the Company (or a subsidiary), be settled 5 years after grant.

Delivery of shares by exercising the options will take place from the Company’s
pool of treasury shares or by issuing additional shares within the Company’s
authorised share capital, or if an insufficient number of treasury shares exist,
it will be settled by cash payment of an equivalent value.

The purpose of the long-term incentive plan is to further align the interests of
the Company, its subsidiaries and its shareholders with the interests of
employees who can contribute materially to the success and profitability of the
Company. Such awards will recognize and reward performance and individual
contributions and give participants in the plan an interest in the Company
parallel to that of the shareholders, thus enhancing the proprietary and
personal interest in the Company’s continued success and progress.

The Board of Directors has allocated options according to the plan to the
following primary insiders in the Company, each as further described in the
attached transaction forms:

Kjetil Gjersdal, CEO, has been awarded 750,000 options in the Company.
Frode Skage Syslak, CFO, has been awarded 400,000 options in the Company.

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

Aberdeen, United Kingdom
27 June 2022
Odfjell Drilling Ltd.

This information is subject to the disclosure requirements in article 19 of the
Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the
Norwegian Securities Trading Act.

View disclosure and attachments on Newsweb