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Odfjell – Nets Gain of USD 32 Million on Sale and Leaseback of Ship

Odfjell has today sold MT Bow Sky with a net gain of USD 32 million. The sale of the ship is to strengthen the equity following the Norwegian retroactive tax imposed last year.

-Odfjell has been working on ways of strengthening the equity since the damaging Norwegian retroactive tax imposed last year. This process has been hindered by the impact of the financial crises.Despite the difficult financial markets, we are pleased to announce the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back, says Terje Storeng, President/CEO of Odfjell SE.

The transaction is entered into with a subsidiary of nabCapital, the institutional banking and capital markets division of National Australia Bank Limited.

The ship will be delivered to its new owner in November. The ship will continue in the Odfjell Tankers Pool and will continue to be managed by Odfjell.