Odfjell - Effect of tax verdict

(Thomson Reuters ONE) - Today the Supreme Court awarded in favor of the shipping companies that theretroactive tax imposed in 2007 for the years 1996-2006 was in breach of theNorwegian Constitution.The effect for Odfjell will be an increase in the equity of about USD 110million, including refund of about USD 27 million already paid taxes andinterest. Our 2010 interest cost on the tax debt will be reduced by about USD 5million.In an industry hard pressed by recessionary times this was most welcome news.For further information please contact Jan A. Hammer President/CEO on tel.: +4755 2700 or e-mail: jan.hammer(at)odfjell.com The Odfjell Group is a leading participant in the global market of the seabornetransportation and storage of chemicals and other speciality bulk liquids.The Odfjell fleet exceeds 90 ships, trading both globally and regionally. Thetank terminal division consists of eight fully or partially owned tank terminalsand nine associated tank terminals strategically located. The Odfjell Group isheadquarted in Bergen, Norway and has about 20 offices world wide.Odfjell hasabout 3 700 employees and an annual gross revenue of about USD 1,3 billion.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1383988]

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Datum: 12.02.2010 - 05:32 Uhr
Sprache: Deutsch
News-ID 1010354
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