Odfjell Captial to Own Outstanding Shares of Odfjell Companies

The deadline for the shareholders to apply to the Supreme Court of Bermuda to appraise the value of the shares in the Company has now lapsed, and no shareholders have made such application. Thus, the 440,983 shares not already owned by the Purchasers will today be transferred to Odfjell Capital (Bermuda) Ltd. The offered price of NOK 20.00 per share will be paid to the minority shareholders on 29 December 2008. The minority shareholders will receive a notice from the Norwegian Central Securities Depository (Norw.: Verdipapirsentralen) or their registrar stating that their shares in the Company has been transferred to Odfjell Capital (Bermuda) Ltd.

Following the acquisition, Odfjell Capital (Bermuda) Ltd. will hold 82,505,145 shares in the Company, corresponding to 59.65% of the issued shares and votes in the Company. The Purchasers will in aggregate hold 100.00% of the issued shares and votes in the Company.
Reference is made to Odfjell Capital Ltd's announcement dated November 19, 2008, regarding the resolution by Odfjell Capital Ltd., Odfjell Drilling Ltd., Aseo International Ltd., Offshore Rig Invest Ltd. and Aseo AS to acquire all of the shares of Odfjell Invest Ltd., which the Purchasers do not currently own pursuant to Section 103 of the Companies Act 1981 of Bermuda.

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