Terje Storeng News

Odfjell has entered into an agreement to sell MT Bow Santos (19, 997 dwt, stainless steel, built 2004 in Japan) with a net gain of $18m. The vessel will be delivered to its new owner, Star Tankers AS (a company owned by Torkel Alendal) in December 2008. Simultaneously Odfjell has entered into a bareboat charter with the new owner for a period of 5 years with options to purchase the vessel. Odfjell Ship Management will be the technical and crewing manager for the vessel. Odfjell has been working on ways to strengthen the equity ever since the damaging Norwegian retroactive tax was imposed last year. This process has become more challenging due to the financial crises.

In accordance with his employment contract Terje Storeng (59) has elected to resign from his position as President/CEO of Odfjell SE, effective as from the Annual General Meeting on 3 May 2009. The Board of Directors has appointed Haakon Ringdal(54) as new President/CEO as from same date. Haakon Ringdal joined Odfjell in 2001 and holds the position as Chief Financial Officer of Odfjell SE.  (www.odfjell.com)

Odfjell SE has decided that all its owned, managed and time chartered ships that normally would sail through the Gulf of Aden will be routed via the Cape of Good Hope. “We will no longer expose our crew to the risk of being hijacked and held for ransom by pirates in the Gulf of Aden,” says Terje Storeng, President/CEO of Odfjell SE. “Unless we are explicitly committed by existing contracts to sail through this area, as from today [Nov. 17, 2008] we will re-route our ships around Cape of Good Hope. We trust our customers will appreciate this decision which we have taken to safeguard not only our crews and ships, but also the ships' cargo. The re-routing will entail extra sailing days and later cargo deliveries.

At an Extraordinary General Meeting held Nov. 6, Mrs. Marianna Moschou, 54, was elected to Odfjell's board of directors. Odfjell's board consists of B. D. Odfjell jr. (Chairman), Terje Storeng, Peter G. Livanos, Reidar Lien and Marianna Moschou. The company intends to elect another director at the Annual General Meeting to be held in the spring 2004. Until late 2001 Mrs. Moschou served as the Deputy Head of Citibank's Global Shipping Division with responsibility for Citibank's shipping business in Greece, Southern Europe and Middle East. She joined Citibank in 1967.

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.