Russian Supreme Court refuses to review Sevmash appeal

26-05-2011

The Russian Supreme Court has today refused to review the appeal by Sevmash of the Cassation Courts decision. The enforcement of the claim against Sevmash will therefore be allowed to continue. The enforcement was suspended since Sevmash paid the full amount into the Arkhangelsk Court.

Odfjell now expects that the full outstanding amount will be received within short, either by way of enforcement or voluntarily from Sevmash. The claim is presently, including interest and cost calculated to USD 50,5 million.

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 comprises about 85 ships, trading both globally and regionally. The tank terminal division consists of 9 fully or partially owned tank terminals and 12 associated tank terminals strategic located at important shipping hubs around the world. The Odfjell Group is headquartered in Bergen, Norway and has more than 20 international offices. Odfjell has about 3 800 employees and an annual gross revenue of about USD 1.2 billion..

Odfjell press release