Odfjell SE : second quarter and first half year result 2015.

Best quarterly operational performance since third quarter 2008. Net result for the Odfjell Group is USD 7 million.

During second quarter we have seen a steady improvement of the chemical tanker market in general with improved of earnings both in the deep-sea segment as well as in the remaining regional operations. The Odfjell chemical freight index (ODFIX) was up 5% compared with the previous quarter.

We see continued improved results from Odfjell Terminals with an EBITDA of USD 18 million first half 2015. Performance was driven in part by the high demand for spot and mid-term storage due to contango in the oil market.

The cost-cutting and efficiency programme is progressing as planned with all cost reduction initiatives on schedule.

We expect third quarter 2015 to be similar to the second quarter for our chemical tankers on a further reduced cost base, but with a slightly softer market. With regard to our terminals, we expect stable to improved earnings on capacity expansions and continued positive development at Odfjell Terminals (Rotterdam).

Please find second quarter and first half year report 2015 and presentation attached.

For more information please contact:

Kristian Mørch, CEO Odfjell SE
Phone.: + 47 55 27 00 00 / E-mail: kristian.morch@odfjell.com:
mailto:kristian.morch@odfjell.com

Terje Iversen, CFO/SVP Odfjell SE
Phone.: + 47 55 27 00 00 / E-mail: terje.iversen@odfjell.com:
mailto:terje.iversen@odfjell.com