Offshore

3fotsyken
16.04.2018 kl 08:49 8059

16/04-2018 08:33:51: (ODL) ODL - Statoil awards a conditional Letter of Intent
Odfjell Drilling is pleased to announce that Statoil has awarded a conditional
Letter of Intent (LOI) for a drilling contract for Deepsea Atlantic for 6 firm
wells with an estimated total duration of 18 months, scheduled to commence in
early first quarter 2019. The contract contains the option to continue
operations for Statoil after the firm period, and such options shall be based on
market pricing.

Simen Lieungh, CEO Odfjell Drilling:
"The contract is another important milestone for Odfjell Drilling in maintaining
a close relationship with one of our key clients on NCS. We have enjoyed great
operational success in our partnership with Statoil on Johan Sverdrup and we are
setting our sights even higher to improve on previous performance going forward
by implementing new digital solutions to increase efficiency in operations"

The contract value is estimated to USD 160 million (including some third party
services, e.g. casing running services by Odfjell Well Services) plus potential
income from the contract incentive model.

The conditional Letter of Intent is subject to license approval.

For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
eikn@odfjelldrilling.com

Hamilton, Bermuda
16 April 2018
Odfjell Drilling Ltd.

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