Odfjell Drilling Ltd. (“Odfjell Drilling”) today announced the successful completion of a private placement (“the Private Placement”) of 38,000,000 new shares at a subscription price of NOK 36.00 per share, raising gross proceeds of USD 175 million (~NOK 1,368 million). The Company will use the net proceeds from the Private Placement to finance its growth ambitions and for general corporate purposes. Odfjell Drilling’s strategy is to continue to strengthen its leading harsh environment position with one of the growth opportunities pursued being the possible acquisition of Stena Midmax, a highly sophisticated harsh environment semi-submersible drilling unit.
About Odfjell Drilling
Odfjell Drilling provides drilling, engineering and well services operations and has a leading international position in harsh environment drilling with more than 45 years of industry experience. The Company’s business comprises three main segments being Mobile Offshore Drilling Units (MODU), Well Services and Drilling & Technology with 2,000 employees operating in more than 20 countries.