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2015-10-02

Odfjell SE: Odfjell to reduce fuel consumption and emissions with up to 20% with new propulsion concept

Odfjell is upgrading the propulsion system for 19 vessels with new technology
to optimise energy efficiency. The vessels will be equipped with new energy
efficient propeller blades, rudder-bulb and will undergo technical upgrades
of the main engine, turbo chargers and shaft generator. These combined
upgrades will reduce fuel consumption and emissions by up to 20%. The vessels
will be amongst the most energy efficient chemical tankers in the world, and
will achieve the highest score on the Rightship energy rating, A+.

20% - A major achievement

The initial model tests, which were carried out at Norwegian Marine Technology
Research Institute (Marintek ), indicated a reduction in fuel consumption of
about 15% for our series of eleven 37,000 deadweight (dwt) vessels (Kvaerner
class). Sea trials before and after the upgrade show an overall efficiency
gain of more than 20%. With such excellent result we will also upgrade
additional eight 40,000 dwt vessels (Poland class). The concept has been
developed by Odfjell, in close cooperation with MAN Diesel&Turbo, but also
Grenaa Motorfabrik and ABB AS Turbocharging. The upgrade includes highly
efficient Kappel propeller blades, fairing cone and rudder bulb, shaft
generator gearbox and Odfjell determined settings.

Dr. Kourosh Koushan, Research Manager at Marintek, acknowledges Odfjell's
initiative and says:

- We are involved in many projects related to energy saving and the reduction
of emissions. Odfjell is one of our clients showing great technological
interest and willingness to apply energy saving measures to reduce emissions.
In this particular project we documented an energy saving in excess of 15%
for the Kvaerner class, which is high compared to many other vessels tested.
In the second project for Odfjell we documented a saving of approximately 20%
for the Poland class, which is exceptional.

- The full scale sea trial for our 37,000 dwt vessel concluded with a
20% reduction. This is even better than the model test results and is as such
highly satisfactory, says Helge Olsen, SVP Ship Management in Odfjell.

Implementation

In August, Bow Clipper (37,000 dwt) was the first vessel to be upgraded. The
successful upgrading of this Kvaerner class vessel was done during scheduled
dry-docking. The remaining 18 vessels are planned to be upgraded within 2017.

Energy rating from D+ to A+

Due to the significant reduction in emissions the vessels, previously rated
D+, will improve the energy rating to A+ on the Rightship's energy rating.
As such the vessels will be as equally energy efficient as the eco-design
vessels being built today. The last four newbuilding's delivered to Odfjell
are also rated A+. The upgraded vessels will result in Odfjell managing one
of the most eco-friendly fleet within the chemical tanker segment.

- This investment in vessel efficiency demonstrates Odfjell's
leadership in environmental sustainability. It is also a smart move from a
business perspective positioning Odfjell advantageously in the market, says
Warwick Norman, CEO of RightShip.

- This project shows Odfjell at its finest; it is a result of a true
team effort, and demonstrate the deep know-how of our organisation, says
Kristian Mørch, CEO Odfjell SE

For more information please contact:
Helge Olsen, Senior Vice President Ship Management, Odfjell SE
Tel: + 47 55 27 00 00
E-mail:helge.olsen@odfjell.com

Please find attached images of Bow Clipper with the upgraded propulsion
system.

Bow Clipper in dry-dock installing new propulsion system 4
http://hugin.info/156/R/1956344/712558.JPG
Bow Clipper with energy scale modified
http://hugin.info/156/R/1956344/712554.jpg
Bow Clipper in dry-dock installing new propulsion system 1
http://hugin.info/156/R/1956344/712555.JPG
Bow Clipper in dry-dock installing new propulsion system 3
http://hugin.info/156/R/1956344/712557.JPG
Bow Clipper in dry-dock installing new propulsion system 2
http://hugin.info/156/R/1956344/712556.JPG
RightShip energy scale with Odfjell modifications
http://hugin.info/156/R/1956344/712559.png

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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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