Sjaastad Leaves Odfjell

The Board of Directors of Odfjell ASA and President/CEO Bjørn Sjaastad have mutually agreed that Bjørn Sjaastad will leave Odfjell with effect from 30 June 2004. Mr. Sjaastad has been on leave of absence since end September 2003.

In accordance with his contract Bjørn Sjaastad will be paid two year's salary at NOK 2,6 mill. per year when leaving Odfjell. He is also entitled to certain agreed pension rights, the capitalized value of which is calculated at NOK 4,3 mill.

Mr. Terje Storeng will continue as interim President/CEO until further notice.