Sale of 49% shares in tank terminals in Rotterdam and Houston, solid tank terminal earnings, and marginally increased time-charter results give a third quarter net result of USD 261 million for Odfjell SE.
Earnings before interest, tax, depreciation and amortisation (EBITDA) the first nine months 2011 was USD 82 million, compared to USD 66 million for the first nine months in 2010. The operating result (EBIT) was USD 22 million for the first nine months 2011, compared to a loss of USD 29 million for the same period last year. The historical figures have been restated as a consequence of reduced ownership percentage in the tank terminals.
High bunkers costs still impacts trading results negatively, but the time-charter result increased by 0.2% compared to the second quarter. The purchase of the vessel 'Holly Galaxy', two additional vessels on time charter and the joint venture with Crystal Pool have increased the Odfjell fleet to 100 vessels in total.
The transaction with Lindsay Goldberg gave a capital gain of USD 270 million. Odfjell has this quarter signed a Letter of Intent to take an equity share in the Noord Natie Terminals in Belgium.
An extraordinary dividend of USD 15 million (NOK 87 million, NOK 1.00 per share) will be paid out in the fourth quarter.
Attached, please find the full Q3 2011 Report.
Conference Call
On Wednesday, 9 November 2011, Senior Vice President/ CFO Terje Iversen and Vice President Finance Tom Haugen will present the third quarter results 2011 at 14:00 CET. An opportunity will be given to ask questions.
Participant telephone numbers:
UK +44 (0)20 3140 8286
USA +1 646 254 3363
Norway +47 2350 0486
Confirmation Code: 7872439
Webcast
A live webcast presentation will run simultaneously and be available on www.odfjell.com.
Replay
A replay of the webcast will be available on www.odfjell.com as from Wednesday, 9 November 2011 at 16:00 CET.
For more information, please contact: Terje Iversen, CFO in Odfjell SE, on + 47 55 27 00 00 or on e-mail: terje.iversen@odfjell.com
The Odfjell Group is a leading participant in the global market of the seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises of about 100 ships, trading both globally and regionally. The tank terminal division consists of 9 partially owned tank terminals and 12 associated tank terminals strategic located at important shipping hubs around the world. The Odfjell Group is headquartered in Bergen, Norway and has more than 20 international offices. Odfjell has about 3 600 employees and an annual gross revenue of about USD 1.2 billion.
