Odfjell Invest Completes Private Placement



Reference is made to the press release dated February 26, 2007 regarding the private placement and the subsequent offering in Odfjell Invest Ltd. Odfjell Invest Ltd. has decided to issue a total of 34 million New Shares in the private placement at a price of NOK 15 per share, raising gross proceeds of NOK 510 million. The subscription price was determined through a bookbuilding process conducted by DnB NOR Markets and Pareto Securities as Managers for the Private Placement.

The subscribers will be notified of their allocation today. Payment for the New Shares shall be made on 2 March 2007. As previously announced, Odfjell Drilling Ltd. with affiliated companies subscribed and were allocated a total of 17.6 million new shares in the private placement.

The Company will offer 3.8 million shares in the subsequent offering with preferred allocation to shareholders registered in the VPS on March 1, 2007 who were not invited to participate in the private placement. As a consequence, the shares in Odfjell Invest Ltd. will be traded without the right to preferred allocation in the equity offering from and including today, February 27, 2007. Said shareholders will, to the extent possible, be given preferred allocation to the extent required to maintain their relative ownership following the offerings. The timing and further details of the subsequent offering will be included in a prospectus to be prepared as soon as practically possible.

As of today, the shares in Odfjell Invest Ltd. will be traded without the right to preferred allocation in the subsequent offering.

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