On Feb. 12, the Norwegian Supreme Court awarded in favor of the shipping companies that the retroactive tax imposed in 2007 for the years 1996-2006 was in breach of the Norwegian Constitution.
The effect for Odfjell will be an increase in the equity of about $110m, including refund of about $27m already paid taxes and interest. Our 2010 interest cost on the tax debt will be reduced by about $5m.
