Odfjell Drilling : Deepsea Stavanger Awarded Drilling Contract with JX Nippon

18.01.2016

JX Nippon Exploration and Production (U.K.) Limited ('JX Nippon') has awarded Odfjell Drilling's semisubmersible Deepsea Stavanger a contract for drilling one exploration well located West of Shetland on the UK Continental Shelf.

'The contract with JX Nippon secures interim utilisation of Deepsea Stavanger before start up of the Wintershall drilling contract in 2017. We have a fleet of high performing rigs with a strong track record that gives us confidence in our market position even if the competition is tougher than ever. We look forward to demonstrating our capabilities for JX Nippon and its partners in the UK.' says Mr Simen Lieungh, CEO of Odfjell Drilling.

Contract duration is estimated to be between 60 and 75 days and expected commencement is Q2 2016.

Deepsea Stavanger finalised its contract with BP in Angola in November 2015 and has thereafter completed its 5 year special periodic survey. The rig is now underway to Norway before mobilising to UK waters for start up on the JX Nippon contract. Deepsea Stavanger has a contract with Wintershall on the 'Maria' field on the Norwegian Continental Shelf starting early 2017.

For further information, please contact:

Media contact:
Gisle Johanson, SVP Communications
e-mail: [e-mail]
Mobile: [phone]

IR contact:
Lasse H. Johannesen, VP Corporate Finance & Investor Relations
e-mail: [e-mail]
Mobile: [phone]

Hamilton, Bermuda
18 January 2016
Odfjell Drilling Ltd.