Odfjell Drilling to move into new facilities in Bergen

Odfjell Drilling AS, a subsidiary of Odfjell Drilling Ltd., has entered into a lease agreement for new office facilities with Kokstad Næringspark AS. The lease will run for 15 years from 2016 to 2030, after which Odfjell Drilling AS has two periods of 5 years renewal options based on market price.

Kokstad Næringspark AS is indirectly owned by Odfjell Partners Ltd., a company controlled by Helene Odfjell. Odfjell Partners Ltd. is the majority owner of Odfjell Drilling Ltd., through its holding of 142 million shares, or 71% of the issued and outstanding shares in Odfjell Drilling Ltd.

The new office facilities are under construction in the Kokstad area in Bergen, Norway, and will be purposed built for Odfjell Drilling. The new office building will be built according to the Breeam Excellent standard. The move into the new offices is scheduled to the first quarter of 2016.

Today, Odfjell Drilling leases office facilities from third parties totalling 13,000 square metres on four different locations in the Bergen area. The lease prices per square metre for the different locations vary between NOK 1,400 and NOK 1.850 for 2014, excluding common cost, energy cost and indoor parking.

The new office facility of 14,500 square metres will have a lease price per square metre of NOK 1,950 in 2016, excluding common cost, energy cost and parking. Odfjell Drilling has an option to adjust the final lease area until late 2015. The lease agreement has been entered into with standard terms and conditions in the Norwegian market.

The Board of Directors has received a benchmark of lease prices for similar office facilities from two independent real estate brokers to assure that the lease agreement for the new office facilities are on arm’s length terms and conditions.

“We look forward to move into the new offices in less than 2 years from now. Gathering all employees in the Bergen area under one roof will further increase interaction and allow for further growth. The new premises will be a much more attractive and a more modern working place for existing and new employees,” says Simen Lieungh, CEO & President.

The location of the new premises is close to the airport and the new light rail will stop close by from summer 2016. This makes this area the most expanding in the region and the expected future centre for all oil and gas activities in the Bergen area.

Press Release, May 16, 2014

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