The Board of Directors of Odfjell Drilling Ltd. (OB:ODL) announced the spin-off of Well Services and Energy Segments (OTL) on January 31, 2022. Upon completion of the spin-off, the shares in OTL will be distributed to the shareholders in ODL. The ratio for such distribution is expected to be 6:1, under which 6 shares in ODL will give the holder 1 share in OTL rounded downwards to the closest whole share in OTL. The shares in OTL, in its entirety, are expected to be distributed to the shareholders in ODL. The record date is March 28, 2022. In connection with the contemplated Listing, a separate amendment agreement to these agreements has been entered into with Akastor that the preference shares and the warrants shall remain in ODL in full upon the distribution of the OTL shares and hence no such preference shares or warrants will be issued by OTL.

The management of Odfjell Technology is expected to consist of Simen Lieungh (Chief Executive Officer), Jone Torstensen (Chief Financial Officer), George Taggart (Executive Vice President Well Services) and Elisabeth Haram (Executive Vice President Drilling Operations and Engineering), and the initial Board of Directors is expected to consist of Helene Odfjell, Alasdair Shiach, Susanne Munch Thore and one additional Director to be announced at a later stage. The service segments' Energy and Platform Drilling have been added into a newly established company named Odfjell Technology Ltd. (OTL). The energy segment consists of platform drilling and engineering & projects, as well as a 21% ownership in Odfjell Oceanwind. Prior to executing the spin off, an internal reorganization will be carried out and the relevant Well Services and Energy companies will become subsidiaries of OTL. On March 23, 2022, Alasdair Shiach and Susanne Munch Thore have tendered their resignations from the Board of Directors of ODL with effect from the listing. Further, Helene Odfjell has tendered her resignation as the Chairperson of Board of Directors of ODL with effect from the listing but will stay on as a regular board member in ODL. On March 23, 2022, Simen Lieungh has been appointed as Chairperson of the Board of Directors of ODL with effect from Listing. Hence, with effect from listing, the Board of Directors of ODL will consist of Simen Lieungh (Chair), Helene Odfjell, Thomas Marsoner and Harald Thorstein, and the Board of Directors of OTL will consist of Helene Odfjell (chair), Susanne Munch Thore, Alasdair Shiach and Victor Vadaneaux. Following Simen Lieungh's appointment as Chief Executive Officer and Jone Torstensen's appointment as Chief Financial Officer in OTL, Kjetil Gjersdal has been appointed as new Chief Executive Officer, and Frode Skage Syslak as new Chief Financial Officer of ODL, with effect from the Listing.

The spinoff is dependent on successful placement of a 4-year senior secured NOK 1.1 billion bond, approval of the listing of OTL on the Oslo Stock Exchange (the “Listing”), satisfaction of the conditions set for such listing (including the publication of a listing prospectus to be approved by the Norwegian Financial Supervisory Authority), other customary closing conditions and approval of the spin-off by the Board of Directors of the ODL. ODL successfully completed the placement of the Bond on February 4, 2022. On February 23, 2022, OTL has submitted its application for admission to trading on the Oslo Stock Exchange. On March 1, 2022, the internal reorganization whereby the relevant Well Services and Energy companies become subsidiaries of OTL has been completed. On March 23, 2022, The Oslo Stock Exchange has approved OTL's application for listing conditional upon OTL obtaining a minimum of 500 shareholders, each holding shares with a value of more than NOK 10,000, and there being a minimum free float of the shares of 21.9%. ODL and OTL expect that these conditions will be fulfilled through the distribution of the shares in OTL to the shareholders in ODL as further described below. The listing is expected to occur on or about 29 March 2022, subject to timely publication of a prospectus (the "Prospectus") approved by the Norwegian Financial Supervisory Authority and satisfaction of the conditions set for the Listing by the Oslo Stock Exchange. The Oslo Stock Exchange has furthermore approved OTL's application for listing of its bond issue with also subject to final approval and publication of the Prospectus. The listing of the bonds is expected to occur on or about March 29, 2022. On March 23, 2022, The Board of Directors of ODL has resolved a distribution in specie of up to 39.46 million shares in OTL held by ODL to the shareholders of ODL holding common shares of ODL as at the close of trading on the Oslo Stock Exchange on March 24, 2022 (and being registered as such in the Norwegian Central Securities Depository (the "VPS") as at the expiry of business on March 28, 2022 pursuant to the VPS' standard two days' settlement procedure) (the "Record Date"). The last day including right is March 24, 2022. The Ex-date is March 25, 2022. The Record date is March 28, 2022. The listing date and distribution date is on or about March 29, 2022. The ISIN for the OTL shares is BMG6716L1081. On March 25, 2022, OTL share is Ex. dividend in specie. Odfjell Drilling spinoff company Odfjell Technology will commence the trading of its shares and bonds on the Oslo stock exchange on March 29, 2022. DNB Markets and Danske Bank, Norwegian Branch acted as the financial advisors and Advokatfirmaet Thommessen AS acted as the legal advisor for ODL. Advokatfirmaet Thommessen AS acted as the legal advisor for OTL.

Odfjell Drilling Ltd. (OB:ODL) completed the spin-off of Well Services and Energy Segments (OTL) on March 31, 2022. Kjetil Gjersdal has been appointed as new Chief Executive Officer.