Odfjell terminates TRS agreement and buys treasury shares

October 14, 2009

On October 14, 2009, Odfjell terminated its Total Return Swap (TRS) agreement for 1,679,500 Odfjell A-shares and 2,322,482 Odfjell B-shares with DnB NOR Markets, which was originally due on 10 November 2009.

Simultaneously all shares were acquired by Odfjell SE at a price of NOK 51 for the A-shares and NOK 45 for the B-shares. After the purchase Odfjell SE currently holds 1,679,500 Odfjell A-shares and 2,322,482 B-shares directly and 819,500 A-shares through its 100% owned subsidiary Odfjell Chemical Tankers AS.

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 world wide. Odfjell has about 3 700 employees and an annual gross revenue of about USD 1,5 billion.

Odfjell