Odfjell Acquires Tank Terminal in Rotterdam

On October 22, 2007 AVR Van Gansewinkel - Bedrijven, Pernis (Holding) and Odfjell Terminals (Rotterdam) B.V. (OTR), signed a contract for the sale of AVR - Maritiem, Botlek-Rt. to Odfjell. The ownership of AVR - Maritiem will be transferred to Odfjell per January 1, 2008. The new name of the company will be Odfjell Terminals Maritiem B.V. (OTM) as from same date. The parties have agreed that the sales price will be kept confidential.

Located next to OTR, one of the largest tankstorage facilities in Europe, OTM will continue to operate as a separate Business Unit within the Odfjell Group and also continue operating the Harbour Receiving Unit (HOI). The close proximity will give OTR the possibility to use and operate the extra berths. Furthermore, the OTM area can be used in future expansions of OTR.

The main customer of AVR - Maritiem is Odfjell-Seachem, one of the world's leading deep-sea parcel tanker operators.