Odfjell SE: 3rd quarter results: Moderate improvements in earnings

09-11-2011

Sale of 49% shares in tank terminals in Rotterdam and Houston, solid tank terminal earnings, and marginally increased time-charter results give a third quarter net result of USD 261 million for Odfjell SE.

Earnings before interest, tax, depreciation and amortisation (EBITDA) the first nine months 2011 was USD 82 million, compared to USD 66 million for the first nine months in 2010. The operating result (EBIT) was USD 22 million for the first nine months 2011, compared to a loss of USD 29 million for the same period last year. The historical figures have been restated as a consequence of reduced ownership percentage in the tank terminals.

High bunkers costs still impacts trading results negatively, but the time-charter result increased by 0.2% compared to the second quarter. The purchase of the vessel 'Holly Galaxy', two additional vessels on time charter and the joint venture with Crystal Pool have increased the Odfjell fleet to 100 vessels in total.

The transaction with Lindsay Goldberg gave a capital gain of USD 270 million. Odfjell has this quarter signed a Letter of Intent to take an equity share in the Noord Natie Terminals in Belgium.

An extraordinary dividend of USD 15 million (NOK 87 million, NOK 1.00 per share) will be paid out in the fourth quarter.

Full Q3 2011 Report at: www.odfjell.com

Odfjell press release