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2016-02-10

Odfjell SE Q4 2015: Significant improvement in underlying performance in 2015 with USD 100 million in future annual savings achieved

Net result for 2015 of negative USD 36 mill, including negative effect from
bunker derivatives of USD 64 mill, compared with net result of negative USD
75 mill in 2014. Full year EBITDA improved to USD 190 mill from USD 96 mill
last year and operating expenses was reduced by USD 53 mill compared with
2014. Project Felix (cost-cutting and efficiency programme) successfully
completed, ahead of target of more than USD 100 mill in annual savings.

Chemical Tankers EBITDA in the fourth quarter was USD 33 million compared with
USD 46 million in the third quarter. EBITDA includes negative effects from
bunker derivatives of USD 20.5 million. The negative development is also
partly explained by fewer sailing days in the quarter and a softening market
for clean petroleum products and commodity chemicals towards the end of the
quarter. Odfjell chemical freight index (ODFIX) down 4.4% compared with
previous quarter.

Our fuel efficiency initiatives continue to be implemented. Average fuel
savings for converted ships is above 20%.

Odfjell's shareholding in the tank terminals business delivered an EBITDA of
USD 11.4 million in the fourth quarter, up from USD 9.9 million in the
previous quarter.

Despite a somewhat uncertain market outlook, we expect 2016 results for
Chemical Tankers to improve based on a more competitive cost structure, and
expiry of loss-making bunker hedges. We also expect Odfjell Terminals 2016
results to be improved on strong PID distillation activity and better storage
results at Odfjell Terminals (Rotterdam) and stable result for the other
terminals.

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

Fourth Quarter_Preliminary Full Year Presentation 2015
http://hugin.info/156/R/1985110/727940.pdf
FourthQuarter_Preliminary Full Year Report 2015
http://hugin.info/156/R/1985110/727941.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

HUG#1985110

Författare WKR

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