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<div dir="">Odfjell SE has initiated a restructuring plan that, when fully implemented, is estimated to improve the net result by in excess of USD 100 million on a yearly basis within year end 2016.</div>
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The cost savings initiatives are related to operating expenses, general and administrative expenses, trade optimisation and bunker consumption. The items related to operating expenses and general and administrative expenses are expected to account for in excess of 50 percent of the improved result. Through these changes we will initiate a route back to reach our goal of being a profitable global provider of transportation of liquid chemicals.

Fourth quarter shows EBITDA of USD 25 million, compared to USD 19 million in the third quarter. Net result for the quarter ended at negative USD 18 million, compared to negative USD 9 million in the last quarter. EBITDA for the full year 2014 shows and EBITDA of USD 66 million compared to USD 41 million in 2013.

The Odfjell chemical freight index (ODFIX) was up more than 10% compared with last quarter. The time-charter result was down 6% due to bunker hedging.

The results for gas carriers improved on underlying operations for the fourth quarter were up from previous quarter due to stronger market conditions.

With the exception of the tank terminals in Rotterdam and Charleston, the terminal results were positive and in line with the previous quarter. The tank terminal group, excluding our terminal in Rotterdam, improved the gross occupancy compared with last quarter to 96% from 92%.

We expect first quarter of 2015 to improve from the fourth quarter 2014 for our chemical tankers on a reduced cost base. With regard to terminals, we expect increased utilization and result improvements at Odfjell Terminals (Rotterdam) and continued stable financial results from the other terminals.

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