Akastor ASA: Divestment of preference shares held in Odfjell Drilling Ltd.

29 Nov 2022 12:15 CET

Reference is made to the stock exchange announcement on 27 April 2018 by Akastor
ASA (OSE: AKAST, "Akastor") regarding a preference share investment agreement
and a warrant investment agreement with Odfjell Drilling Ltd. (OSE: ODL,
"Odfjell Drilling"). Akastor has recently entered into an agreement to sell the
preference shares to Odfjell Drilling, which as of today became firm and
unconditional. The closing of the transaction took place today. The preference
shares are sold for USD 95.2 million, of which USD 75.2 million was settled in
cash at closing with the remaining USD 20 million to be settled pursuant to a
seller's credit agreement with maturity date 31 July 2024.

The warrants are not part of the transaction and will remain with Akastor.

"We are very pleased with our investment in Odfjell Drilling, which has given
Akastor a solid return since 2018. The realization of the preference shares is
driven by capital allocation priorities and will further strengthen our balance
sheet. We are happy to maintain exposure towards Odfjell Drilling through the
warrant agreement, which we believe is a structure with an interesting upside
potential in an improving market," says Karl Erik Kjelstad, CEO of Akastor.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

Oyvind.paaske@akastor.com

Akastor is a Norway-based oil-services investment company with a portfolio of
industrial holdings and other investments. The company has a flexible mandate
for active ownership and long-term value creation.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act.

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