Odfjell Sells Ownership in PSW to Herkules IV

Odfjell Drilling and Dalseide & Fløysand Invest have, as owners of the PSW Group (“PSW”), agreed to sell all shares in the oil service company to Herkules IV.

“Our investment in PSW is outside our core activities. We have enjoyed contributing to PSW’s development and growth since 2010, and we now believe the new owners together with the management and organisation of PSW have a great potential to develop the business further,” says Simen Lieungh, CEO of Odfjell Drilling.

PSW was incorporated in 2007 and provides multidiscipline services to the drilling and subsea industry. PSW offers engineering, mechanical and testing services for subsea, riser and drilling systems and has advanced onshore facilities in Western Norway. The PSW Group reported total income in the range of NOK 200 million in 2013.

Closing of the transaction is planned to take place in June 2014 and the book gain for Odfjell Drilling is estimated to USD 8 million.

Press Release, May 22, 2014