Reference is made to the press release issued 19 May 2026, regarding the
Norwegian Tax Authority appeal to the Supreme Court following the ruling in
favour of Odfjell Offshore Ltd ("OFO") in the longstanding tax case.
The Company has been notified that the Supreme Court's appeals committee has
decided not to admit the appeal. The unanimous verdict of the Gulating Court of
Appeal of 17 April 2026 in favour of OFO is therefore final and legally binding,
and the tax case is concluded.
Following the tax ruling in December 2022, OFO made an upfront payment on 1
February 2023 of NOK 307 million in taxes and interest for the financial years
2017 to 2021. The payment was funded by Odfjell Drilling Ltd under a letter of
indemnity issued 1 March 2022.
As a result of today's ruling, the Company will be repaid the initial amount
plus interest and certain costs associated with the case, corresponding to
approximately USD 37 million.
Further details of the tax case can be found in Note 12 of Odfjell Drilling
Ltd's report for the second quarter of 2026 and Note 27 in its Annual Report for
2025.
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
2 September 2026
Odfjell Drilling Ltd
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
of the Norwegian Securities Trading Act.\