Further to the announcement on 27 April 2018 by Odfjell Drilling Ltd ("Odfjell
Drilling" or the "Company") the Company has today repurchased the preference
shares (the "Repurchase") from Akastor ASA ("Akastor"). 

The preference shares have been acquired for cash at par value, for
approximately USD 95 million including accrued dividends. Warrants held by
Akastor are not part of the transaction and will remain with Akastor. 

The Repurchase has been fully financed by way of a new direct loan of USD 95
million, repayable in monthly instalments starting in 2025 and with a final
maturity on 30 June 2026.

As per the terms of the Repurchase, approximately USD 75 million has been
settled in cash, with a further USD 20 million to be settled pursuant to a
seller's credit agreement with a maturity date 31 July 2024. As a result of the
transaction, Odfjell Drilling's interest-bearing debt has increased with
approximately USD 83 million.


For further information, please contact:
James Crothers, Investor Relations Officer
+44(0)7393 766 446
jchu@odfjelldrilling.com


London, United Kingdom
29 November 2022
Odfjell Drilling Ltd

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock
exchange announcement was published by Gillian Basson, Corporate Secretary,
Odfjell Drilling Ltd on 29 November 2022 at 12:21 CET.

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