Odfjell Exercises Option for Second Semisub

Odfjell Invest Ltd. has, in a board meeting held on February 22, 2007, resolved to declare its option to construct one semisubmersible drilling rig (Rig 2) at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.

The option is valid until February 24, 2007, and the delivery of the additional unit will be a date not later than June 30, 2010.

The total construction cost is estimated to approximately US $645 million excluding financing cost, as compared to the first rig of US $598 million excluding financing cost. Approximately US $100 million is contemplated to be financed through new equity.

The Company is of the opinion that the terms and conditions for the exercising of the optional rig are favorable.

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