Odfjell Drilling Ltd : Final result of the subsequent offering

05.07.2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT.

ODFJELL DRILLING LTD - FINAL RESULT OF THE SUBSEQUENT OFFERING

Reference is made to the stock exchange announcement by Odfjell Drilling Ltd (the "Company") on 20 June 2018 regarding the commencement of the subscription period in the subsequent offering (the "Subsequent Offering") of up to 3,775,162 new common shares in the Company, each with a par value of USD 0.01 (the "Offer Shares") at a subscription price of NOK 36.00 per Offer Share.

The subscription period in the Subsequent Offering expired on 4 July 2018 at 16:30 hours (CET). By the expiry of the subscription period, the Company had received subscriptions for 46,302 Offer Shares, which were allocated in accordance with the terms of the Subsequent Offering. All eligible subscribers have received full allocation.

Notifications of allocated Offer Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be distributed in separate letters to the subscribers. Allocation letters are expected to be distributed on 5 July 2018.

The Offer Shares are expected to be issued in the VPS and become tradable on the Oslo Stock Exchange on or about 11 July 2018.

Danske Bank, Norwegian Branch and DNB Markets, a part of DNB Bank ASA are acting as Managers for the Subsequent Offering. Advokatfirmaet Thommessen AS is acting as legal advisor to the Company.

For further information, please contact:
IR contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
E-mail: eikn@odfjelldrilling.com
Mobile: +47 934 59 173

Hamilton, Bermuda
4 July 2018
Odfjell Drilling Ltd

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