Odfjell receives USD 50.7 million from Russia

31-05-2011

Odfjell received today USD 50.7 million from Sevmash following the Russian Supreme Court's rejection of the appeal from the yard. The amount includes the award from the arbitration panel in Stockholm, legal cost and accumulated interest.

In 2009 Odfjell accounted for the awarded amount with USD 43.3 million as income. Our efforts to enforce the payment of the award have been ongoing since December 2009, and the first ruling in favour of Odfjell was in the Court of Arkhangelsk in December 2010.

We are pleased that this case has now come to a satisfactory close.

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