Company Disclosures

Successful Completion of Refinancing

Published 03.07.2023

Odfjell Drilling Ltd. (“Odfjell Drilling” or the “Company”) is pleased to
announce the successful completion of its planned refinancing with secured bonds
of USD 390 million and bank facilities of USD 497 million, including a revolving
credit facility of USD 175 million.

Main objectives of refinancing achieved:
o Prepaid existing bank facilities, removing any significant liabilities until
2028
o Secured additional flexibility for strategic priorities and growth
opportunities
o Dividend and shareholder distribution clause amended to allow for
distributions
o Significant free cash flow generation by reduced fixed amortisation

Diversified capital structure and increased flexibility:
o Raised USD 390 million by way of a significantly oversubscribed rated bond,
secured against the Deepsea Aberdeen and Deepsea Atlantic, maturing in May 2028.
The Company and the bonds have been rated by S&P and Moody’s with ratings of
B+/BB and B2/B2, respectively
o Amended and extended the USD 197 million Deepsea Nordkapp facility to January
2029 with commercial tranche and export credit agency tranche
o Following significant interest from existing and new commercial banks, secured
USD 300 million bank facility on favourable terms on Deepsea Stavanger maturing
in February 2028 ;
o USD 125 million term loan tranche
o USD 175 million revolving credit facility, an increase of USD 15 million from
the announcement made on 8 May 2023

Frode Skage Syslak, Chief Financial Officer of Odfjell Drilling AS commented:
“After a period of focus and hard work on the refinancing, we are very pleased
to be able to announce its completion. The interest and support Odfjell Drilling
has received from both new and existing stakeholders throughout has been
extraordinary and reflects the market’s recognition of the Company’s focus on
the highest standards of operational capability, capital discipline and
contracting strategy.
The terms secured for the refinancing are favourable and facilitate the delivery
of long-term, dependable capital generation from which the Company can drive
stakeholder value.
Capital return to shareholders is a near-term focus and an updated shareholder
distribution policy will be communicated together with the Q2 2023 results.”

Further to today’s announcement, the Company has uploaded onto Euronext and via
the following address, a short presentation which summarises the Company’s
refinancing.
https://www.odfjelldrilling.com/investor/reports-and-presentations/

Ends

For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7393 766 446
jchu@odfjelldrilling.com
London, United Kingdom
03 July 2023
Odfjell Drilling Ltd

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

View disclosure and attachments on Newsweb