Effect of Tax Verdict on Odfjell

Thursday, February 18, 2010

On Feb. 12, the Norwegian Supreme Court awarded in favor of the shipping companies that the retroactive tax imposed in 2007 for the years 1996-2006 was in breach of the Norwegian Constitution.
 
The effect for Odfjell will be an increase in the equity of about $110m, including refund of about $27m already paid taxes and interest. Our 2010 interest cost on the tax debt will be reduced by about $5m.

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Offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

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China Building Island Big Enough for Airstrip

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