Odfjell Returns to Profit
Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015. The Q4 results show stable underlying operational performance, but softer markets impacted the net result which ended at USD 43 million. including capital gains and impairments. “Our markets remained challenging, but Odfjell continues to build both financial and operational strength.
Odfjell Sells Its Share in Oman Tank Terminal
Odfjell SE announced that Odfjell Terminals B.V. (OTBV), the joint venture holding company that owns and operates substantially all of Odfjell's tank terminals worldwide, has entered into an agreement to sell its 29.75 percent indirect ownership in Oiltanking Odfjell Terminals & Co. LLC (OOT) in Oman for around $130 million. The transaction will result in a net gain of approximately $90 million for OTBV. Closing of the transaction is subject to customary regulatory approval. Frank Erkelens, CEO of Odfjell Terminals B.V. commented, “We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. Odfjell Terminals B.V.
