odfjell drilling ltd said monday it is considering a spinoff of its wellservices and energy segments into a newly established company odfjell technology ltd and to list the shares on the oslo stock exchange combined with the favorable underlying drivers and market outlook for both companies the spinoff plan is part of the companys strategy to create further shareholder value it said the spinoff would enable increased focus in odfjell technology on innovation and development of new services technologies and products required in energy transition offering reduced emissions for customers through for example increased drilling efficiencies and by applying new technology the company said in addition odfjell technology would seek to further expand into green ventures such as its current investment in odfjell oceanwind it said in connection with the spinoff odfjell technology intends to issue fouryear senior secured bonds totaling around 11 billion norwegian kroner 123 million through a private placement net proceeds will together with a new 25 million super senior revolving credit facility be used to carry out internal reorganization and to repay the existing 150 million credit facility related to the wellservices and energy segments the company said the shares in odfjell technology are expected to be distributed to shareholders in the company and admitted for trading on the oslo stock exchange in the first quarter of 2022 the company said no assurance can currently be given that the spinoff and listing will be completed it said