Odfjell SE today reported its results for the preliminary full-year, and fourth
quarter of 2024. The report shows that Odfjell rounded off a record strong 2024
and continued to perform well in the final quarter of the year despite a
slightly softer market. The results reflect the strength of Odfjell's business
model, with a healthy contract portfolio as a foundation.

Highlights-4Q24

  · The strong performance on safety continues with high operational efficiency
and no significant incidents during the quarter.
  · Odfjell delivered a solid financial result, in line with 4Q23, but below
record levels from the last three quarters.
  · The time charter earnings ended at USD 183 million, compared to USD 202
million in 3Q24.
  · EBIT of USD 68 million compared to USD 91 million in 3Q24.
  · Quarterly net result of USD 51 million. Net result adjusted for one-off
items at USD 53 million compared to USD 71 million in 3Q24.
  · Net result contribution from Odfjell Terminals was USD 2.2 million, slightly
below 3Q24.
  · The carbon intensity (AER) for 4Q24 came in at 7.1.
  · During the quarter, one newbuilding was delivered on time charter, and
Odfjell declared purchase options for three stainless steel vessels. These are
currently on long-term time charter or bareboat charter. Contracts were also
concluded for three additional newbuildings to be delivered between 2026 and
2028: two vessels on long-term charters and one to be owned by Odfjell.
  · The Board approved a dividend of USD 0.78 per share based on 2H24 net
adjusted results.

Highlights-FY2024

  · Odfjell delivered the strongest financial result ever with a net result of
USD 278 million. Total dividend per share related to 2024 results will be USD
1.78, amounting to USD 141 million.
  · Odfjell took delivery of four vessels on long-term time charter during the
year. With another 18 newbuildings on order, the renewal and expansion of the
fleet continue.

"Odfjell rounded off a record strong 2024 and continued to perform well in the
final quarter of the year despite a slightly softer market. This shows the
strength of our business model, with a healthy contract portfolio as a
foundation.The year has also demonstrated our team's excellent performance on
safety and operational efficiency, as well as continued progress on energy
efficiency. 1Q25 is expected to be another quarter of solid financial results,
slightly below 4Q24 due to the lower spot volumes observed at the start of the
quarter," said CEO Harald Fotland.

On Friday, February 7, the company will present the results at Hotel
Continental, Stortingsgata 24/26, Oslo at 10:00 CET, followed by a Q&A. It will
also be possible to watch the presentation in a live webcast via
www.odfjell.com/investor/webcast.

IR Contact:
Nils Jørgen Selvik, VP Finance & 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.