Odfjell Konsern

Odfjell Konsern (OSL:ODF) Odfjell SE has decided that all its owned, managed and time chartered ships that normally would sail through the Gulf of Aden will be routed via the Cape of Good Hope. - We will no longer expose our crew to the risk of being hijacked and held for ransom by pirates in the Gulf of Aden, says Terje Storeng, President/CEO of Odfjell SE.

Odfjell Konsern (OSL:ODF) 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 Konsern (OSL:ODF) Odfjell Chemical Tankers AS, a 100% owned subsidiary of Odfjell SE has today sold 1,679,500 A-shares at the price of NOK 50 and 2,322,482 B-shares at the price of NOK 40 to DnBNor Markets. The price reflects the average price for shares traded during the last week. After this sale the company owns no further shares in Odfjell SE.

Odfjell Konsern (OSL:ODF) Odfjell SE will hold an Extraordinary General Meeting Tuesday 2 December 2008 at 09:00 at the company headquarters in Conrad Mohrsvei 29, 5072 Bergen.

Odfjell Konsern (OSL:ODF) Katrine Trovik resigns from her position as Director of the Board in Odfjell SE as from November 1st 2008 due to her new position as Senior Vice President in DnB NOR ASA for corporate customers in Bergen and Hordaland.

Odfjell Konsern (OSL:ODF) On 24 October 2008, primary insider Jan A. Hammer acquired 1,600 B-shares in Odfjell SE at an average price of NOK 39.60. After this purchase Jan Hammer owns 3,200 B-shares in Odfjell SE.

Odfjell Konsern (OSL:ODF) *Time-charter results increased by 10% compared to second quarter * EBITDA first nine months 2008 USD 234 million * Solid results from tank terminals * Stronger USD contributed to unrealized currency gains of USD 13 million third quarter 2008

Odfjell Konsern (OSL:ODF) On 21 October 2008 Odfjell Chemical Tankers AS, a company fully owned by Odfjell SE, acquired 800 A- shares at NOK 47.275. After this purchase Odfjell Chemical Tankers AS owns 1,679,500 A-shares and 2,322,482 B-shares in Odfjell SE, this is about 4,6% of the total shares in the company.

Odfjell Konsern (OSL:ODF) Odfjell SE's third quarter 2008 will be released Monday 27 October 2008. The result will be published on Oslo Børs at www. Newsweb.no as well as made available on www.huginonline.com and on www.odfjell.com. An English conference call will be held on Monday 27. October at 14:00 CET, with details mentioned below.

Odfjell Konsern (OSL:ODF) * First six months net result of USD 41 million, EBITDA of USD 149 million and EBIT USD 82 million * Increased freight rates offset by record high bunker prices caused time-charter results per day to decrease by 5% compared to first quarter 2008 * Gain on sale of ships of USD 7 million in the second quarter * Solid and continued improving results from tank terminals * Antitrust case in Europe closed with no financial impact