First quarter result 2015: Positive effect from cost-cutting programme and improved earnings

Chemical Tankers EBITDA was USD 26 million, which adjusted for non-recurring items, was USD 4 million higher than last quarter. EBITDA includes negative effects from bunker derivatives of USD 15 million.

Odfjell's shareholding in the tank terminals business delivered an EBITDA of USD 9 million in the first quarter, up from USD 2 million in the previous quarter. Performance was driven by improved results from our terminal in Rotterdam and also by the high demand for spot and mid-term storage.

The cost-cutting and efficiency programme has now been running for three months. Headcount reductions and other cost-cutting initiatives are progressing as planned. Energy efficiency initiatives are on schedule, and will first take full effect in 2016. Implementation of market initiatives related to fleet optimization and other improvement measures will take longer than first planned. The goal is to implement improvement initiatives that will improve our net result by in excess of USD 100 million on a yearly basis within end of 2016 and we remain confident that we will deliver on this.

Kristian Mørch is appointed new President/CEO of Odfjell SE, starting latest 1 November 2015.

Please find first quarter report 2015 and presentation attached.

For more information please contact:

Tore Jakobsen, President/CEO Odfjell SE
Phone.: + 47 55 27 00 00 / E-mail: [email protected]

Terje Iversen, CFO Odfjell SE
Phone: + 47 55 27 00 00 / E-mail: [email protected]