Odfjell to Sell Terminal in Rotterdam
07.02.2018 - NEWS

July 02, 2018 [Global Newswire] - Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals B.V. (OTBV), and the announcement that Odfjell would consider tagging along on an outright sale of OTBV subsidiaries Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM).


Odfjell is pleased to announce that OTBV intends to enter into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of OTR and OTM for a total cash consideration of USD 155 million net of estimated transaction costs.

Further, Koole will compensate OTBV for all permitted equity injections made in 2018 until closing. The intended transaction would at closing reduce Odfjell Terminals net debt with around USD 35 million.

Odfjell SE’s share of the proceeds at closing is expected to amount to around USD 100 million and result in an estimated book loss for Odfjell SE of around USD 100 million. Any sale will be subject to the employee consultation procedures being finalized, finalizing documentation and to customary regulatory approvals.

LG’s exit process for the remaining shareholding in OTBV is still ongoing.

Kristian Mørch, CEO of Odfjell said:

This is a landmark transaction for us. We have been working hard to restore profitability at OTR during the past years, and the terminal is now ready for the next step of development, which will require significant investments.

We are therefore pleased to have Koole as the potential purchaser. Koole has great ambitions for the terminal, and we are confident in their ability to realize the value potential this business represents. Following a sale of OTR, Odfjell will have a network of seven tank terminals worldwide. We remain committed to our tank terminals business and will allocate capital for growth of Odfjell Terminals in the years to come.

Frank Erkelens, CEO of Odfjell Terminals said:
OTR is well positioned to continue with building a successful future on the fundaments of its strategic location in the Port of Rotterdam, its unique capabilities, its top quartile safety performance and its strong organization. On behalf of Odfjell Terminals, I pay tribute to all the stakeholders of OTR for their continuous support. Odfjell Terminals remains focused on providing best in class safety and service performance to our respected customers across our terminal network.”

—————————-

TankTerminals.com – Research, Market and Expand Your Presence within the Tank Storage Industry.
Learn more.

OPEC Excited About Namibia Partnership, Offers Support
04.24.2024 - NEWS
April 24, 2024 [Reuters]- The Organization of the Petroleum Exporting Countries (OPEC) is excited... Read More
Baker Hughes Awarded Significant Gas Technology Scope for Phase 3 of Saudi Arabia’s Master Gas System
04.24.2024 - NEWS
April 24, 2024 [Globe Newswire]- Baker Hughes (NASDAQ: BKR), an energy technology company, announ... Read More
EIB to Support Plagazi’s Green Hydrogen Project in Sweden
04.24.2024 - NEWS
April 24, 2024 [Renewables Now]- The European Investment Bank (EIB) has agreed to provide free-of... Read More
Texas LNG Export Plant Signs Additional Offtake Deal with EQT
04.24.2024 - NEWS
April 24, 2024 [Reuters]- Glenfarne Group LLC’s proposed Texas LNG export plant in Brownsvi... Read More