We refer to note 27 of our 2023 Annual Report which details a challenge by HMRC
in the UK, on the historical application of National Insurance Contributions for
offshore workers in our subsidiary Odfjell Technology (UK) Limited (OT UK). 

OT UK appealed the HMRC decision to the First-Tier Tribunal, and this was heard
at the end of October 2024. The decision in that appeal has now been delivered
and rules in favour of HMRC.

OT UK will request permission to appeal this ruling to the Upper Tribunal and no
payment of the disputed National Insurance amounts will be made pending this
appeal. In addition, OT UK has commenced a parallel Judicial Review of the
original HMRC decision. Taking into consideration advice from independent legal
and tax specialists, Management and our legal advisors still believe that the
next appeal will be ruled in our favour and the most probable outcome is no cash
outflow in respect of the disputed National Insurance Contributions.  



Contact Information: 

For further queries, please contact: 
Gillian Basson, Corporate Secretary
+44 (0) 7796 547 889
gbas@odfjelltechnology.com

and/or 

Gert Haugland, SVP Finance & Investor Relations
+47 92661638
gjha@odfjelltechnology.com 

Aberdeen, United Kingdom 10 January 2025 
Odfjell Technology Ltd