Odjfell Drilling Share Block Sale Wraps Up
September 26, 2024
A block share of existing shares in offshore drilling contractor Odfjell Drilling, led by Odfjell Partners Holding, which is ultimately controlled by Helene Odfjell and family, has been completed through an accelerated bookbuilding process.
The seller, Helene Odfjell and family, has successfully sold 23,400,000 shares in the company, which is equal to approximately 9.76% of the Odfjell Drilling’s outstanding shares, at $4.79 (NOK 50) per share, for total gross proceeds of $112.1 million (NOK 1.17 billion).
Following completion of the offering, the seller owns 119,552,381 shares in the company which is equal to approx. 49.85% of the company’s outstanding shares, and has thus fallen below the 50% disclosure threshold.
The seller has now entered into a 180-day customary lock-up with the managers on the remaining shares in the company held by the seller after the offering.
However, if Odfjell Drilling decides to buy back its own shares during the seller’s lock-up period, the seller has the right to participate on a pro-rata basis.
The seller is represented on the company’s board of directors by board member Helene Odfjell.
According to the share sale announcement, the Seller is committed to be the leading long-term shareholder in the company and remains a strong believer in the company and the underlying offshore drilling market.
The purpose of the offering from the seller’s perspective is to enhance the trading liquidity in the company’s shares as well as to rebalance and diversify the seller’s portfolio.
