ChemLog Holdings Limited ("ChemLog") has on 2 March 2010 sold 13,802,366 A-shares in Odfjell SE at a price of NOK 44.00 per share. In addition, ChemLog has terminated a total return swap agreement (TRS) with DnB NOR Markets for 3,000,000 A-shares which have subsequently been sold at NOK 44.00 per share as part of the total transaction.

The transaction was conducted through a book-building process and was managed by DnB NOR Markets and Pareto Securities AS.

Following the transaction ChemLog owns no A-shares and 20,500 B-shares in Odfjell SE.

For more information contact Margrethe Gudbrandsen, Communication Manager Odfjell SE, tel.: + 47 55 27 45 48 or e-mail:margrethe.gudbrandsen@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.