Odfjell Expands in Brazil

In 1999 Odfjell entered into a 50% ownership in Flumar Transportes de Quimicos e Gases Ltda (Flumar) in Brazil. Flumar, headquartered in Sao Paulo, is a 50/50 joint-venture between Odfjell SE and Kristian Gerhard Jebsen Skibsrederi (KGJS), both in Bergen, Norway. KGJS and Odfjell have entered into an agreement whereby Odfjell acquires 100% of Flumar. The transaction comprises contracts and ownership of four ships, which are transporting chemicals primarily along the Brazilian coast, where local flag is a requirement. The agreed total price for the four ships on a 100% basis is about USD 50 million. Odfjell's shipping activities in Brazil have increased substantially over the last years, and the acquisition of 100% of Flumar will further strengthen our position in this important regional market.