Odfjell Divests Share in Singapore Tank Terminal
Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal.
“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," said Frank Erkelens, CEO of Odfjell Terminals B.V.
Kristian Mørch, CEO of Odfjell and Chairman of Odfjell Terminals B.V., said, "We are pleased to have concluded on the sale of our Singapore terminal at what we believe is a very attractive valuation and a testimony to the strength and quality of the investments made in Singapore since 2001."
The transaction will result in a net gain for Odfjell SE of approximately $135 million (Odfjell SE's share). Closing of the transaction is subject to customary regulatory approval and is expected during the fourth quarter of 2017.
