Odfjell Drilling: successful NOK 1.1 billion bond issue by Odfjell Technology Ltd.

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Odfjell Drilling Ltd.'s ("Odfjell Drilling" or the "Company", OSE: ODL) newly
announced contemplated spin off, Odfjell Technology Ltd. ("OTL"), has today
successfully priced NOK 1.1bn in senior secured bonds. The bonds will mature in
February 2026 and bear interest of 3 months Nibor plus 700 basis points. The net
proceeds from the bond issue will, together with a new USD 25 million super
senior revolving credit facility ("RCF") at 3 months Libor + 375 basis points,
be used to carry out the internal reorganisation and to repay the existing USD
150 million credit facility related to the spin off business. 

Simen Lieungh, CEO of Odfjell Drilling AS, commented:

"We are very pleased to see the strong reception of our recently announced spin
off from employees, customers, and investors. The bond issuance is, together
with the RCF, a key component in the capital structure of OTL and we are very
satisfied with the strong support from both Nordic and international bond
investors as well as our key lenders. We will continue to focus on operational
excellence and apply financial discipline, and we are confident that OTL will
have the ability to drive enhanced returns in a manner consistent with the
current market opportunities."

DNB Markets acted as Global Coordinator and Joint Bookrunner, and Danske Bank
and Nordea as Joint Bookrunners for the bond issue (jointly, the "Managers"). 

Wikborg Rein Advokatfirma AS is acting as legal counsel to OTL in connection
with the financing. 

For more information on the contemplated spin off and subsequent stock exchange
listing of OTL, please refer to the recent Company announcement. 


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

Aberdeen, United Kingdom
4 February 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,
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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.
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available only to Relevant Persons and will be engaged in only with Relevant
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is lawful to do so.

This statement contains certain forward-looking statements concerning future
events, including possible issuance of equity securities of the Issuer.
Forward-looking statements are statements that are not historical facts and may
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forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Issuer
believes that these assumptions were reasonable when made, these assumptions are
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Such risks, uncertainties, contingencies, and other important factors include,
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