Odfjell CEO steps down

The Board of Directors of Odfjell ASA and President/CEO Bjorn Sjaastad have mutually agreed that Sjaastad will leave Odfjell with effect from June 30 2004. Terje Storeng will continue as interim President/CEO until further notice.

Sjaastad has been on leave of absence since end September 2003.

On September 29, 2003, Odfjell announced a plea agreement in a U.S. Department of Justice antitrust case under which Sjaastad and Odfjell VP Erik Nilsen agreed to serve U.S. jail sentences of four and three months respectively. Odfjell Seachem AS was fined $42.5 million, to be paid in instalments of $8.5 million annually over five years.

Sjaastad also agreed to a fine of $250,000. Nilsen agreed to a fine of $25,000. Odfjell said it would reimburse the individual fines. Nilsen was granted a salaried leave of absence of a then unspecified length of time. Sjaastad was granted a salaried leave of absence for six to nine months.

In accordance with his contract Sjaastad will now be paid two year's salary at NOK 2.6 million (about $375,340) per year on leaving Odfjell. Odfjell says he is also entitled to certain agreed pension rights, the capitalized value of which is calculated at NOK 4.3 million (about $620,000).