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Incident at Odfjell Terminals Houston

Last week, Odfjell Terminals Houston (OTH), 51% controlled by Odfjell SE through our Odfjell Terminals US Joint Venture, experienced a fire in its utility area. The fire was quickly extinguished, but terminal operations were temporarily suspended while damages were assessed.

Based on initial assessments, the terminal suffered damages to certain systems necessary for its operations and we are currently working with our contractors, vendors and suppliers to resume limited operations and to facilitate repairs needed for full operations.

OTH generated USD 2.2 million in net results from associates and joint ventures to Odfjell SE during the first nine months of 2020, and the incident is expected to have only minor negative impact on Odfjell SEs results.

The fire was isolated to a few sections of the hydraulic power building. There were no injuries, and no spills or loss of containment of any products stored at the terminal. We extend our appreciation to the first responders and local fire departments for their invaluable support. We remain focused on ensuring the safety of the community and the products we handle as we develop our plan to resume full operations.

IR Contact:
Bjørn Kristian Røed, Manager Investor Relations & Research
Tel: +47 40 91 98 68
E-mail: bkr@odfjell.com

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