NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S.
NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION
OR RELEASE WOULD BE UNLAWFUL.

Reference is made to the stock exchange announcement by Odfjell Drilling Ltd.
("Odfjell Drilling", OSE: ODL) and Odfjell Technology Ltd ("Odfjell Technology",
OSE: OTL) on 1 March 2022 regarding completion of the internal reorganisation
whereby the relevant Well Services and Energy companies became subsidiaries of
Odfjell Technology, and the announcement on 23 February 2022 regarding Odfjell
Technology's application for admission to trading on the Oslo Stock Exchange
(the "Listing"). 

The Oslo Stock Exchange has today approved Odfjell Technology's application for
Listing conditional upon Odfjell Technology 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%. Odfjell Drilling and
Odfjell Technology expect that these conditions will be fulfilled through the
distribution of the shares in Odfjell Technology to the shareholders in Odfjell
Drilling 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.
No assurance can at this stage be given that the conditions for Listing will be
satisfied in time or at all. The Oslo Stock Exchange has furthermore approved
Odfjell Technology's application for listing of its bond issue with ISIN NO 001
2439480, also subject to final approval and publication of the Prospectus. The
listing of the bonds is expected to occur on or about 29 March 2022. 

The board of directors of Odfjell Drilling has today resolved a distribution in
specie of up to 39,463,867 shares in Odfjell Technology ("OTL Shares") held by
Odfjell Drilling to the shareholders of Odfjell Drilling holding common shares
of Odfjell Drilling as at the close of trading on the Oslo Stock Exchange on 24
March 2022 (and being 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"). The
Odfjell Drilling shareholders will receive one OTL Share for every six common
shares held in Odfjell Drilling as of the Record Date, rounded down to the
nearest whole share. The distribution is subject to satisfaction of the
conditions for Listing set by the Oslo Stock Exchange. 

Any OTL Shares that are not distributed due to the downwards rounding will be
kept by Odfjell Drilling. Since fractions of shares represent a small value
compared to the cost of distributing a cash compensation for such fractions,
these will not be compensated through cash payments to the affected
shareholders. The shares in the Company are expected to be delivered to the VPS
accounts of the relevant Odfjell Drilling shareholders on or about 29 March
2022.

Alasdair Shiach and Susanne Munch Thore have tendered their resignations from
the board of directors of Odfjell Drilling with effect from the Listing.
Further, Helene Odfjell has tendered her resignation as the Chairperson of board
of directors of Odfjell Drilling with effect from the Listing, but will stay on
as a regular board member in Odfjell Drilling. Simen Lieungh has today been
appointed as Chairperson of the board of directors of Odfjell Drilling with
effect from Listing. Hence, provided that Listing occurs and with effect from
such time, the board of directors of Odfjell Drilling will consist of the
following persons