Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced that the transaction with Breakwater Capital and Oak Hill Advisors, L.P. has been closed.

In accordance with the joint venture agreement, Breakwater Capital and Oak Hill Advisors, L.P. (acting through certain of its funds and accounts) have jointly agreed to invest approximately $50 million as consideration for the 50% equity interest in Odfjell's LPG/Ethylene business.  Further, Odfjell and the Partners have each agreed to commit approximately $50 million to finance the growth of the joint venture.

Odfjell and the partners aim, through consolidation and partnerships with other first -class operators, to build a leading LPG/Ethylene platform founded upon operational excellence, a modern and eco-friendly fleet and a long-term market perspective.