Odfjell sells two vessels with a profit of USD 26 million

Odfjell has entered into an agreement to sell two Kvaerner-class vessels to

Stolt-Nielsen. The vessels are Bow Century (built 2000) and Bow Favour (built

2001), which will be delivered to the buyer first quarter 2011. After this sale,

14 Kvaerner-class vessels remain in the Odfjell fleet. The transaction will

yield Odfjell a capital gain of USD 26 million and a net liquidity gain of USD

46 million after repayment of debt associated with the vessels. The sales price

is close to the construction price when the vessels were new 10 years ago and

reflects Odfjell's extensive maintenance programme and continued high

newbuilding prices for this type of sophisticated vessels.

Odfjell has recently completed a number of measures to increase capital and to

secure liquidity. In addition to the above, Odfjell cancelled 3 of 6

newbuildings in China, secured a USD 225 million refinancing of five vessels and

secured a USD 25 million long-term financing associated with the Flumar Brasil

newbuilding delivered in 2010. The total net liquidity from these transactions

amounts to USD 144 million.

For more information please contact; Haakon Ringdal, Senior Vice President/CFO

on tel. +47 995 83 620 or email [email protected]

The Odfjell Group is a leading participant in the global market of the seaborne

transportation and storage of chemicals and other speciality bulk liquids. The

Odfjell fleet comprise about 90 ships, trading both globally and regionally. The

tank terminal division consists of nine fully or partially owned tank terminals

and nine associated tank terminals strategically located. The Odfjell Group is

headquartered in Bergen, Norway and has more than 20 offices world wide. Odfjell

has about 3 700 employees and an annual gross revenue of about USD 1.3 billion

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1459016]

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