Odfjell Drilling has announced 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: Prepaid existing bank facilities, removing any significant liabilities until 2028 Secured additional flexibility for strategic priorities and growth opportunities Dividend and shareholder distribution clause amended to allow for distributions Significant free cash flow generation by reduced fixed amortisation Diversified capital structure and increased flexibility: 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 Amended and extended the USD 197 million Deepsea Nordkapp facility to January 2029 with commercial tranche and export credit agency tranche 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; USD 125 million term loan tranche USD 175 million revolving credit facility, an increase of USD 15 million from the announcement made on 8 May 2023.