Odfjell terminates shipbuilding contracts in China

29-09-2010

January 2008 Odfjell entered into shipbuilding contracts with Chongqing Chuandong Shipbuilding Industry, China (CCSIC), for construction of six (6) stainless steel chemical tankers of 9,000 dwt for delivery between 4 quarter 2010 and 1 quarter 2012.

The parties have today agreed to terminate three (3) of the contracts. Under the termination agreements Odfjell will receive USD 30 million, after repayment of bank loan associated with the three cancelled newbuildings.

The remaing three (3) vesseles will be built at CCSIC, and estimated date of delivery is between December 2011 and April 2012. These tankers will replace smaller, owned vessels trading by Odfjell in the Asia Region.

For more information please contact; Tore Jakobsen, Senior Vice President Corporate Investments on tel. +47 55 27 46 75/ + 47 908 49 190 or email Tore.Jakobsen@odfjell.com

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 includes 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 headquarted 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

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