2013-02-14 08:07:02 -

EBITDA  of USD 17 million reflects both  a continued weak chemical tanker market
and still significant losses at Odfjell Terminals (Rotterdam).

The  chemical tanker  market improved  seasonally towards  the end  of the year.
Volumes  shipped remained on par with the  previous quarter. Earnings on a time-
charter  basis were up  7.8% compared to third  quarter. Freight rates per tonne
shipped  increased by about  10%. The average price  on bunkers purchased in the
quarter remained high.

In  fourth quarter, with  the exception of  Odfjell Terminals (Rotterdam) (OTR),
the  EBITDA  for  our  tank  terminals  remained  on  par compared with previous
quarter.  In December we   announced that we had signed of a Letter of Intent with
Lindsay Goldberg LLC to expand the existing joint venture to essentially include
all  of our tank terminal business.  The proposed transaction will significantly
increase  the capitalization of the tank terminal division and will enable us to
jointly embark on an ambitious and accelerated growth strategy.

OTR  has reached agreements in  principle with the Unions  and the Works Council
with  the  objective  of  finalizing  the  negotiations regarding downsizing and
reorganisation of the work force.

The  re-commissioning project  at OTR  is slightly  delayed relative  to earlier
plans.  717,000 cbm is approved for usage per end of January 2013. We now expect
1.2 million cbm to be available for commercial use by end of Q2 2013.

The  supply/demand picture within the chemical  tanker segment continues to move
in our favour. However, favourable yard prices and modern fuel efficient designs
may  lure investors to contract  new tonnage. The supply  overhang, on the other
hand,  may be prolonged  due to reversal  of lost capacity through slow-steaming
and low utilisation.

Our  main concerns relate  to challenging markets  also in 2013, high fuel costs
and  potential setbacks in the global economy. On the tank terminal side we have
witnessed  higher  activities  and  inquiries  for  storage.  We expect improved
earnings in our tank terminal division in the first quarter of 2013.

Please find the full 4th quarter 2012 Report and Presentation attached.

For more information please contact:
Jan A. Hammer, President/CEO Odfjell SE
Tel.: + 47 55 27 00 00
E-mail: jan.hammer@odfjell.com

or

Terje Iversen, CFO Odfjell SE
Tel.: + 47 55 27 00 00
E-mail: terje.iversen@odfjell.com

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

4Q Presentation 2012: 
 hugin.info/156/R/1678016/547475.pdf

4Q Report 2012: 
 hugin.info/156/R/1678016/547474.pdf



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Source: Odfjell SE via Thomson Reuters ONE
[HUG#1678016]