Odfjell Terminals to divest stake in Oiltanking Odfjell Terminal Singapore
A joint venture (JV) between Odfjell and Lindsay Goldberg known as Odfjell Terminals has signed a deal with an unnamed fund managed by Macquarie Infrastructure and Real Assets to sell its 50% ownership stake in Oiltanking Odfjell Terminal Singapore for $300m.
A joint venture (JV) between Odfjell and Lindsay Goldberg known as Odfjell Terminals has signed a deal with an unnamed fund managed by Macquarie Infrastructure and Real Assets to sell its 50% ownership stake in Oiltanking Odfjell Terminal Singapore for $300m.
The transaction value implies an enterprise value of approximately $330m for Odfjell Terminals’ share in the Singapore-based terminal. It expected to result in a net gain of roughly $135m for Odfjell.
The agreement is subject to customary regulatory approval and is scheduled to be closed by the last quarter of this year.
Odfjell Terminals CEO Frank Erkelens said: “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets such as Houston and Rotterdam.”
“This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities.”
Odfjell Terminals is currently involved in the storage and distillation of bulk liquid products.
The company owns a total of nine terminals worldwide with a combined storage capacity of 3.5 million cubic meters.
Odfjell previously entered a final term sheet agreement with Chemical Transportation Group to purchase five new stainless-steel vessels in July.
The deal relates to an agreement that was originally announced in June and will involve the formation of a pool of 15 25,000dwt chemical tankers.