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2016-05-09

Odfjell SE Q 2016: Strongest quarterly EBITDA since 2008

Odfjell's competitiveness continues to improve.
Net result first quarter 2016 was USD 24 millions, with improved EBITDA of USD
69 millions compared to USD 45 million last quarter. We have significant
reduction in voyage expenses compared to previous quarters mainly due to
expiry of bunker hedges. Odfjell Terminals continues to improve with first
profitable quarter since 2013.

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We are pleased to see the increasing benefits from our cost cutting and
efficiency programme last year, which is now fundamentally changing the
competitiveness of Odfjell, says Kristian Mørch, CEO Odfjell SE.

For Chemical Tankers the first quarter was a stronger quarter than the
previous in terms of net earnings, with the majority of our vessel classes
delivering improved performance. EBITDA in the first quarter was USD 56
million compared with USD 33 million in the fourth quarter 2015.

Odfjell's shareholding in the tank terminals business delivered an EBITDA of
USD 11.9 million the first quarter, up from USD 11.4 mill in the previous
quarter. Performance was driven in part by revenues from storage and PID
distillation in Rotterdam and stable result for the other terminals. The
occupancy rate of commercially available capacity for Odfjell Terminals was
98%.

We now consider it likely that we will cancel the four 17,000 cbm gas
carriers, in which case we will evaluate our strategic options also for our
remaining investments in gas.

Please find enclosed 1Q16 Report and Presentation.

For more information:

Kristian Mørch, CEO Odfjell SE
Tel: + 47 55 27 00 00
E-mail:kristian.morch@odfjell.com
Terje Iversen, CFO/SVP Finance
Tel: + 47 55 27 00 00
E-mail:terje.iversen@odfjell.com

1Q16 Presentation
http://hugin.info/156/R/2010694/744241.pdf
1Q16 Report
http://hugin.info/156/R/2010694/744240.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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