Arbitration award

Odfjell has been notified that Sevmash, the shipyard against which Odfjell won
an award of USD 45 million including refund of expenses in the arbitration last
year in Stockholm, voluntarily will not pay the amount awarded.

This means unfortunately that Odfjell has to formally seek enforcement of the
award through the courts in Russia. The timing of such process is difficult to
assess and it will lead to a delay in receiving the full payment, including
however interest of 8,5 percent p.a. as from 30 December 2009.

Odfjell has made contact with the Norwegian authorities to seek guidance in this
process against a corporation fully owned by the Russian State.

For further information please contact Jan A. Hammer President/CEO on tel.: +
47 55 27 00 or e-mail: jan.hammer@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)


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