Odfjell Technology Ltd: First day of trading

Published 29.03.2022

Reference is made to the stock exchange announcement by Odfjell Technology Ltd (the “Company”, OSE: OTL) on 23 March 2022 regarding the distribution of shares in the Company to the shareholders of Odfjell Drilling Ltd. (“Odfjell Drilling”) and the stock exchange announcement on 25 March 2022 regarding approval and publication of the Company’s prospectus in connection with the listing of the Company’s shares (the “Shares”) and bond issue with ISIN NO 001 2439480 (the “Bonds”).

Trading in the Shares and the Bonds on the Oslo Stock Exchange will commence today, 29 March 2022.

As further described in the stock exchange announcement by the Company on 23 March 2022, the shareholders of Odfjell Drilling as of 24 March 2022 (who were registered as such in the Norwegian Central Securities Depository (the “VPS”) as at the expiry of business on 28 March 2022 pursuant to the VPS’ standard two days’ settlement procedure (the “Record Date”)) will receive 1 Share for every 6 common shares held in Odfjell Drilling as of the Record Date, rounded down to the nearest whole share. The distributed Shares are expected to be delivered to the VPS accounts of the relevant Odfjell Drilling shareholders later today, 29 March 2022.

In relation to the internal reorganisation and spin-off of the Company, Odfjell Drilling has as previously communicated valued the distribution at NOK 4.39 per share in Odfjell Drilling, which entails a value per share in the Company of six times such amount (as the ratio between the total number of Odfjell Drilling shares and the total number of Shares is 6:1). Please note that this valuation has been prepared previously for corporate, accounting and tax purposes and may not be indicative of the market capitalisation of the Company once trading in the Shares commences at the Oslo Stock Exchange.

For further queries, please contact:
Gillian Basson, Corporate Secretary
+44 (0)7796 547889

Aberdeen, United Kingdom
29 March 2022
Odfjell Technology Ltd

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