Odfjell - Report First Six Months 2008

13.08.2008

# First six months net result of USD 41 million, EBITDA of USD 149 million and EBIT USD 82 million
# Increased freight rates offset by record high bunker prices caused time-charter results per day to decrease by 5% compared to first quarter 2008
# Gain on sale of ships of USD 7 million in the second quarter
# Solid and continued improving results from tank terminals
# Antitrust case in Europe closed with no financial impact

Please find 2nd quarter report 2008 at: www.odfjell.no

Odfjell