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Conyers advised Odfjell Drilling Ltd (the “Company”) on a private placement of 38,000,000 new common shares at a subscription price of NOK 36.00 per share, raising gross proceeds equivalent to approximately US$175 million. The Company subsequently carried out a repair offering, in light of the Norwegian principle of equal treatment of shareholders, directed towards shareholders not participating in the private placement. The new common shares have been listed on the Oslo Stock Exchange along with the Company’s other common shares.
Guy Cooper of Conyers’ Bermuda office advised on the matter.