OSLO, Norway, Oct. 24, 2002 (PRIMEZONE) -- Odfjell's (Other OTC:ODJLY) newbuilding contracts with Stocznia Szczecinska Porta Holding S.A. in Poland were cancelled due to the yard being declared bankrupt on 29 July 2002.
The Polish government has established a new yard, Stocznia Szczecinska Nowa, and Odfjell has made an agreement to acquire the first two ships in the original series of newbuildings with delivery in April and October 2003 respectively at substantially the same terms as the original contracts.
Additional information about Odfjell is available at: www.odfjell.com