Odjfell Receives Cancellation Notice from Statoil

With reference to disclosure to Oslo Børs on December 8, 2006, Odfjell Invest Ltd. has been informed that Statoil's partners do not subscribe to Statoil's recommendation regarding the letter of intent for 'Deepsea Rig 1'.

Odfjell Invest Ltd.'s Chairman Ketil Lenning says: "The cancellation is regrettable as the company had expected the contract to be approved. We will now focus our attention towards continued marketing of the rig in a very strong market."

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