Odfjell Terminals BV is selling its 29.75 percent indirect ownership in Oiltanking Odfjell Terminals & Co LLC (OOT) in Oman for around US$130 million.
The transaction will result in a net gain of approximately US$90 million for OTBV, which is a joint venture between Odfjell SE (51 percent) and Lindsay Goldberg (49 percent). The company currently owns 10 terminals worldwide with a combined storage capacity of 4.8 million cbm.
Commenting on the transaction Kristian Morch, CEO of Odfjell and chairman of Odfjell Terminals BV, said: “We are pleased to have concluded the sale of our Oman terminal at what we believe is a very attractive valuation and is a testimony to the strength and quality of the investments made in Oman since 2008.”
Frank Erkelens, CEO of OTBV commented: “We appreciate the co-operation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to invest in growth opportunities in our core markets, such as Houston and Rotterdam.”

2nd November 2016