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2014-05-16

Odfjell SE : Odfjell enters into LPG / ethylene joint venture and exercises options for four newbuildings

Odfjell SE ("Odfjell" or the "Company") is pleased to announce that it today
has entered into an agreement with affiliates of Breakwater Capital and Oak
Hill Advisors (the "Partners") to form a liquefied petroleum gas and ethylene
("LPG/E") shipping joint venture.

Further, Odfjell announces that it has exercised its option for construction
of four 22,000 cbm LPG/E gas carriers at Nantong Sinopacific, scheduled for
delivery between September 2016 and June 2017. The contract price in total is
in the region of USD 200 million.

In the LPG/E gas carrier segment, Odfjell currently owns and operates two
2008-built 9,000 cbm vessels, has four 17,000 cbm vessels under construction
at Nantong Sinopacific, scheduled for delivery between October 2015 and May
2016, and the option for four vessels now being exercised.

In accordance with the agreement, Breakwater and Oak Hill Advisors have
jointly agreed to invest approximately $50 million as consideration for a
50.0% equity interest in Odfjell's LPG/E business. Further, Odfjell and the
Partners have each agreed to commit approximately $50 million to finance the
growth of the joint venture.

Completion of the joint venture agreement is subject to customary conditions
for closing including execution of the shipbuilding contracts related to the
vessels. It is expected that completion will occur within the next three
months.

Odfjell and the Partners aim through consolidation and partnerships with other
first-class operators to build a leading LPG/E shipping platform founded upon
second-to-none operational excellence, a modern and eco-friendly fleet and a
long-term market perspective.

Jan A. Hammer, President and CEO of Odfjell, says: "Odfjell is delighted to
have Breakwater Capital and Oak Hill Advisors as its partner in the shipping
segment of LPG and ethylene. Together, we will enhance our growth
opportunities and broaden our capabilities."

Jeppe Jensen of Breakwater Capital says: "We are pleased to be an integral
part of a strong platform within the LPG/Ethylene segment. The combination of
a modern fuel efficient fleet and two first class partners such as Odfjell
and Oak Hill Advisors represented the perfect entry opportunity in a sector
we have been and are excited about."

SEB has acted as sole financial advisor and Thommessen has acted as legal
counsel to Odfjell. Reed Smith LLP has acted as legal counsel to Oak Hill
Advisors.

ABOUT ODFJELL SE
The Odfjell Group is one of the leading players in the global market for
seaborne transportation and storage of chemicals and other specialty bulk
liquids. The Odfjell fleet comprises of approximately 90 ships which trade
both globally and regionally. The tank terminal division consists of 12 tank
terminals and is part of a network of another 12 tank terminals partly owned
by related parties. The tank terminals are strategically located within
important shipping hubs around the world. The Odfjell Group's headquarters
are in Bergen, Norway, and the Group has more than 20 offices
internationally. Odfjell employs around 3,400 staff and posted annual gross
revenue of USD 1.2 billion in 2013.

ABOUT BREAKWATER CAPITAL
Breakwater Capital is an investment platform focused upon equity and credit
opportunities exclusively within the maritime sector.

ABOUT OAK HILL ADVISORS
Oak Hill Advisors, L.P. is a leading independent investment firm with
investment offices in New York and London and more than 20 years of
experience investing in North America and Europe. Oak Hill Advisors has
approximately 180 employees and more than USD 22 billion of capital under
management. Oak Hill Advisors employs a fundamental, value-oriented
investment strategy in making credit and equity investments on behalf of a
diverse, global investor group.

For more information please contact:
Odfjell SE: Jan A. Hammer, President/CEO or Terje Iversen, CFO tel. + 47 55 27
00 00
SEB: Henrik Bakken tel. + 47 98 22 86 13

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

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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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