* Soft parcel tanker market with time-charter results 7% lower than third
quarter
* Continued strong operating results from tank terminals
* Compensation from Sevmash of USD 43 million
* Pre-tax impairment charges of USD 14 million relating to Odfjell Terminals
Maritiem and one ship planned for recycling
* EBITDA 2009 USD 182 million
* Net result 2009 USD 11 million

Attached please find the report of the 4(th) Quarter Result 2009.

On Monday 8 February President/ CEO Jan A. Hammer and CFO Haakon Ringdal will
present the fourth quarter results 2009. The presentation will be held at DnB
NOR at Stranden 21, Aker Brygge at 14:00 CET. The presentation will be held in
Norwegian.

There will be an opportunity to ask questions. The presentation will be made
available on www.odfjell.com/Investor Centre.

For more information: President/CEO Jan A. Hammer, ph. + 47 55 27 46 11, mobile:
+ 47 908 39 719 or e-mail: jan.hammer@odfjell.com
or Senior Vice President/CFO Haakon Ringdal, ph.
+ 47 55 27 45 63, mobile: + 47 995 83 620 or e-mail: haakon.ringdal@odfjell.com

The Odfjell Group is a leading participant in the global market of the seaborne
transportation and storage of chemicals and other speciality bulk liquids.
The Odfjell fleet exceeds 90 ships, trading both globally and regionally. The
tank terminal division consists of nine fully or partially owned tank terminals
and nine associated tank terminals strategically located. The Odfjell Group is
headquarted in Bergen, Norway and has more than 20 offices world wide. Odfjell
has about 3 700 employees and an annual gross revenue of about USD 1.3 billion.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

[HUG#1381326]

Odfjell SE - 4th Quarter Result 2009