Odfjell ASA-A Shares : First Quarter Results 2012

EBITDA first quarter 2012 of USD 41 million reflects improved earnings in the chemical tanker segment.

The first quarter of 2012 saw reasonably high activity levels and firm demand on the shipping side. Contract rate renewals were generally up and our customers fully utilised the available volumes under the contracts. Our earnings on a time charter basis increased by about 8%.

So far in the second quarter of 2012, shipping activity is slower with less demand in many areas and trade lanes. Bunker prices are currently decreasing, and if the trend continues, may offset some of the challenges we are faced with in the second quarter.

The tank terminals operated at 97% commercial capacity utilisation. In particular, the Asian terminals performed well in this quarter. Tank terminal earnings remain steady.

CEO Jan Hammer is pleased with the improved earnings in the quarter. "Even though there is lower activity in the chemical tanker market so far in the second quarter we remain confident that the market will improve over the coming years", Mr. Hammer says.

At the Annual General Meeting on 8 May it was resolved to expand Odfjell SE's Board by one director. Jannicke Nilsson was elected to the Board.

For more information, please contact:

Jan A. Hammer President/CEO

Phone: + 47 55 27 00 00

Email: [e-mail]

Terje Iversen, CFO

Phone: + 47 55 27 00 00

Email: [e-mail]

Please find attached 1st quarter report 2012 and presentation.

Conference call
On Wednesday, 9 May 2012 Jan A. Hammer, President/CEO and Terje Iversen, Senior Vice President/ CFO in Odfjell will present the first quarter 2012 results at 11:00 CET in a conference call. There will be opportunity to ask questions.

Participant telephone numbers:
UK [phone]
USA [phone]
Norway [phone]
Code: 9152743

Webcast
A live webcast will simultaneously be available on www.odfjell.com (Investor Centre/Reports and Presentations).