Odfjell Drilling: $650M Bond to Refinance, Fund Rig Acquisition

Odfjell Drilling Ltd., through its wholly-owned subsidiary Odfjell Rig III Ltd., has mandated a syndicate of banks including DNB Carnegie, Pareto Securities, and Danske Bank for investor meetings commencing on November 17, 2025. These meetings are in preparation for a potential 5.25-year senior secured first lien bond issue, targeting $650 million. The bond is expected to be rated by Moody's and S&P, and will be collateralized by the rigs Deepsea Aberdeen, Deepsea Atlantic, and Deepsea Nordkapp.

Odfjell Partners Holding Ltd, the company's main shareholder, intends to subscribe for and be allocated 10% of the bond issue. The net proceeds will refinance Odfjell Rig III Ltd.'s existing bonds and the outstanding bank debt on Deepsea Nordkapp. Additionally, funds will partly finance the acquisition of Deepsea Bollsta and serve general corporate purposes.