Odfjell Drilling Ltd. (OB:ODL) is contemplating spinning off its Well Services and Energy segments (the "Spin Off") into a newly established company, Odfjell Technology Ltd. ("OTL" or "Odfjell Technology"), and to list the shares in OTL on the Oslo Stock Exchange (the "Listing"). The shares in Odfjell Technology, in its entirety, are expected to be distributed to the shareholders in the Company and admitted for trading on the Oslo Stock Exchange in First Quarter 2022 subject to certain conditions. These include a successful Bond Issue and other customary closing conditions; the Oslo Stock Exchange approving the Listing; and Odfjell Technology satisfying the relevant conditions for such Listing (including the publication of a listing prospectus to be approved by the Norwegian Financial Supervisory Authority).

It is not contemplated to carry out any public offering of shares in Odfjell Technology in connection with the Listing. No assurance can currently be given that the Spin Off and the Listing will be completed. Following a successful Bond Issue, the Company will engage DNB Markets and Danske Bank, Norwegian Branch as joint global coordinators (the "Joint Global Coordinators") in relation to the Spin Off and Listing.

Advokatfirmaet Thommessen AS is acting as legal counsel to the Company and Odfjell Technology in connection with the Spin Off and the Listing. Further announcements relating to the Listing and Bond Issue will be made as applicable and in due course.