Odfjell SE : 3rd quarter result 2015: Continued improvement for Odfjell

The third quarter shows continued improved operational performance and a net result of USD 7 million. The chemical tankers EBITDA was USD 46 million compared with USD 42 million in the second quarter. The Odfjell chemical freight index (ODFIX) was up 1% compared with the previous quarter.

Stable and slightly improved results from Odfjell Terminals. Performance was driven in part by revenues at our PID distillation unit in Rotterdam and continued high demand for spot and mid-term storage due to contango in the oil market.

The cost-cutting and efficiency programme in Odfjell SE is progressing as planned. All cost reduction initiatives are on schedule.

We expect fourth quarter 2015 to be weaker than the third quarter for our chemical tankers on a slightly softer market. With regard to our terminals, we expect the fourth quarter to be in line with third quarter.

Please find attached third quarter report and presentation.

For more information:

Kristian Mørch, CEO Odfjell SE
Tel: + 47 55 27 00 00
E-mail: [email protected]

Terje Iversen, CFO/SVP Finance
Tel: + 47 55 27 00 00
E-mail: [email protected]