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2014-05-08

Odfjell SE : Continued weak results

The time-charter results are in line with last quarter. Chemical tankers
EBITDA of USD 17 million, compared with USD 19 million in the fourth quarter
of 2013. The tank terminal results remained stable except for our terminal in
Rotterdam.

For our chemical tankers, first quarter continued on a slow and disappointing
pace as congestion, delays and bad weather caused operational challenges,
inefficiencies and increased cost. In general, rates came under pressure
during the quarter as tonnage was abundant. Bunker prices were similar to the
fourth quarter 2013, offering no relief. Going into the second quarter 2014
we note increased activity and less delays and interruptions.

Odfjell's shareholding in our tank terminals business delivered an EBITDA of
negative USD 0.2 million in the first quarter. With the exception of Odfjell
Terminals (Rotterdam) (OTR), terminal results were mainly in line with our
expectations. The overall terminal group, excluding OTR reports a gross
occupancy of 92% as at end of March. The process at OTR of re-organisation to
improve the cost base to market level continues.

An improving US job market and increasing industry production signals that the
pace of the US economic growth is poised to snap back. Growth is projected to
reach 2.7% this year. The biggest risk to an optimistic growth forecast for
the Euro zone is associated to continued or even worsening unrest in Ukraine.
A stronger Euro is also hurting the competitiveness of the region's
exporters. For China, the economic indicators so far this year have been
disappointing and debt default repayment risk is rising significantly.

Even though the overall medium-term prospects remain favourable for long-term
industrial operators, we have started a review of all aspects of our
business model, including reorganisation and alternative ownership models, in
order to identify areas of improvements in terms of providing better economic
results through a more competitive organisational cost structure.

We will now broadcast a video presentation in English
atwww.odfjell.com(Investor Centre/Reports and Presentations).

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.

First Quarter Presentation 2014
http://hugin.info/156/R/1783638/610897.pdf
First Quarter Report 2014
http://hugin.info/156/R/1783638/610896.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Odfjell SE via Globenewswire

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