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ODFJELL DRILLING LTD - CONTEMPLATED PRIVATE PLACEMENT OF UP TO USD 200 MILLION

Odfjell Drilling Ltd ("Odfjell Drilling" or the "Company") is contemplating to offer new common shares (the "Offer Shares") in a private placement raising gross proceeds of up to approximately NOK 1.56 billion, equivalent to up to approximately USD 200 million (the "Private Placement"). The subscription price per Offer Share in the Private Placement (the "Subscription Price") will be determined through an accelerated bookbuilding process.

The net proceeds from the Private Placement will be used to finance the Company's growth ambitions and for general corporate purposes. The Company is considering various opportunities for growth and one opportunity is the potential purchase of the "Stena Midmax Rig", a Moss CS60E semi-submersible drilling rig construction (the "Unit") to be constructed at Samsung Heavy Industries Co., Ltd., on the terms further described in the attached company presentation. However, no decision has been made to purchase the Unit, the Company may select other alternatives to realise its growth ambitions and completion of the Private Placement is not conditional upon the Company's purchase of the Unit. In the event that the Company should decide to purchase the Unit, the Unit will amongst other also be financed through issuance of preference shares and warrants to be subscribed by Akastor AS or an affiliate, as further described in the attached company presentation.

The Company has retained ABG Sundal Collier, ABN AMRO Bank N.V., Danske Bank, Norwegian branch, DNB Markets, a part of DNB Bank ASA, Nordea Bank AB (publ), filial i Norge, Pareto Securities AS and SpareBank 1 Markets AS as Joint Lead Managers and Bookrunners (the "Managers") for the Private Placement. Advokatfirmaet Thommessen AS is advising the Company and Advokatfirmaet Wiersholm AS is advising the Managers in relation to the Private Placement.

The application period in the Private Placement opens today, 19 April 2018, at 16:30 CET/12:30am EST and ends at 08:00 CET/2.00am EST on 20 April 2018. The Company may at its sole discretion extend or shorten the application period at any time and for any reason.

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