Odfjell SE today reported its results for the first quarter of 2024, showing a
record quarter driven by strong markets. The rerouting of vessels away from the
Red Sea has elevated freight rates further.

Highlights - 1Q24:

  · Record net result of USD 68 million. Net result adjusted for one-off items
was USD 69 million compared to USD 50 million in 4Q23.
  · Time charter earnings in Odfjell Tankers ended at USD 195 million, compared
to USD 182 million in 4Q23.
  · EBIT of USD 89 million compared to USD 71 million in 4Q23.
  · Rates on renewed COAs in the quarter were up 14% on average, covering 22% of
estimated annual contract volume.
  · Net result contribution from Odfjell Terminals increased to USD 3.2 million,
compared to USD 2.4 million in 4Q23.
  · Fleet carbon intensity (AER) for 1Q24 of 7.14, slightly better than 4Q23.
  · During the quarter, Odfjell took delivery of one newbuild on long-term time
charter and signed an agreement for one owned newbuilding. A further four
newbuildings on long-term time charter were concluded in April. These vessels
are all scheduled to be delivered in 2026 and 2027, bringing Odfjell's total
number of newbuildings on order to 16 vessels. By that, ~20% of the orderbook in
the chemical tanker segment is on Odfjell's account.

"Odfjell delivered a record result in the first quarter of 2024. This reflects
the tightened market situation due to the increased ton-mile demand. We also
continued to increase the rates in our COA portfolio. This, in combination with
a very professional and dedicated organization, gives a solid basis for future
earnings. We expect our earnings to further increase in 2Q24," said Harald
Fotland, CEO of Odfjell SE.

Please see attached for the 1Q24 report and presentation. Tomorrow, Wednesday,
May 8, at 09:00 CET, Odfjell SE will present the results in a live webcast,
followed by a Q&A session. Watch the presentation at
https://www.odfjell.com/investor/webcast. The presentation will be held in
English.

IR Contact:
Nils Jørgen Selvik, VP Corporate Analysis & IR
Tel: +47 920 39 718
E-mail: nils.jorgen.selvik@odfjell.com

The Odfjell Group is one of the leading players in the global market for
seaborne transportation and storage of chemicals and other specialty bulk
liquids. The Odfjell fleet comprises of approx. 70 ships, which trade both
globally and regionally. The tank terminal division consists of four tank
terminals and is part of a network of another 10 tank terminals partly owned by
related parties. The tank terminals are strategically located at selected
international shipping hubs. The Odfjell Group's headquarters are in Bergen,
Norway, and the Group has offices in 13 locations around the world. Odfjell
employs around 2300 staff and posted annual gross revenue of USD 1194 million in
2023. Read more on Odfjell.com (https://www.odfjell.com/).

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.