On 25 February 2008 Odfjell SE entered into a Total Return Swap
(TRS) with DnBNor Markets. The TRS provides for cash settlement and with shares in Odfjell SE as security. The TRS comprises 819,500 A-shares at an agreed price of NOK 82 per share with expiry on 25 August 2008. The expiry date for this TRS has been extended to 2 March 2009.
In addition to the above Odfjell SE`s 100% owned subsidiary Odfjell Chemical Tankers AS holds 1,576,000 A-shares and 1,872,782 B-shares in Odfjell SE.
Press contact: Senior Vice President/CFO Haakon Ringdal +47 55 274563, +47 99583620 E-mail: Haakon.Ringdal@odfjell.com
Additional information about Odfjell is available at: www.odfjell.com"