Odfjell Partners Holding, controlled by Helene Odfjell and family, has successfully completed the sale of a significant block of shares in Odfjell Drilling through an accelerated bookbuilding process. A total of 23,400,000 shares, representing approximately 9.76% of the company’s outstanding shares, were sold at a price of $4.79 (NOK 50) per share. This sale generated total gross proceeds of $112.1 million (NOK 1.17 billion).
As a result of the transaction, Helene Odfjell and her family now own 119,552,381 shares, which is equivalent to about 49.85% of Odfjell Drilling’s outstanding shares, putting them below the 50% threshold required for certain disclosure regulations. Despite reducing their stake, the Odfjell family remains the largest shareholder and a committed long-term partner in the company. The seller entered into a 180-day lock-up agreement, restricting further sales during this period. However, if Odfjell Drilling initiates a buyback of its own shares during this lock-up, the seller retains the right to participate on a pro-rata basis.
The primary motive behind the share sale, as stated by Helene Odfjell and her family, is to improve trading liquidity and to rebalance their investment portfolio while maintaining their strong belief in Odfjell Drilling and the offshore drilling market. Helene Odfjell continues to serve as a board member, ensuring the family’s ongoing involvement in the company’s strategic direction.
