Odfjell SE -Report Fourth Quarter Result 2008

04.02.2009

• Time-charter results 4% lower
• Strong results from tank terminals
• Net 4th quarter capital gain USD 43 million
• Hedging of bunkers and currency reduced fourth quarter EBITDA by USD 24 million
• Revised transition rules for Norwegian tonnage tax enhanced equity by USD 22 million
• EBITDA 2008 USD 286 million
• Net result 2008 USD 163 million
• Proposed dividend NOK 1 per share

For detailed 4th quarter 2008 report please visit www.odfjell.no

Odfjell