Odfjell SE -First Six Months Result 2009

12.08.2009

• Second quarter net result of USD 11 million
• First six months net result of USD 3 million, EBITDA of USD 103 million and EBIT USD 31 million
• Lower utilization and higher bunker prices caused time-charter results per day to decrease by 6% compared to first quarter 2009
• Stable results from tank terminals
• Hedging of bunkers and currency reduced our EBITDA by USD 8 million second quarter 2009
• Gain of Total Return Swap of USD 4 million second quarter 2009
• Secured long term financing of about USD 160 million, in total
• Equity ratio now at 30.6%

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 exceeds 90 ships, trading both globally and regionally. The tank terminal division consists of eight fully or partially owned tank terminals and nine associated tank terminals strategically located. The Odfjell Group is headquarted in Bergen, Norway and has about 20 offices located world wide. Odfjell has about 3 700 employees and an annual gross revenue of about USD 1,5 billion.

Odfjell