Odfjell finalises sale of shares in Singapore tank terminal

Odfjell finalises sale of shares in Singapore tank terminal


Odfjell has finalised the sale of its shares in a terminal that was first announced back in October. Odfjell Terminals B.V. has sold its 50% ownership in Oiltanking Odfjell Terminal Singapore Pte to a fund managed by Macquarie Infrastructure and Real Assets (MIRA) for $300m.

Odfjell SE’s share of the sale is around $150m when adjusting for its 51% ownership share in Odfjell Terminals B.V. The sale will result in a $135m book value gain for Odfjell SE.

ST - Sale finalised

At the time the company announced the sale its CEO, Kristian Mørch 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.”

CEO of Odfjell Terminals B.V., Frank Erkelens said: “We appreciate the cooperation we have had with our good partner Oiltanking in Singapore, and wish them and their new partner Macquarie Infrastructure and Real Assets a successful future in 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 further invest in growth opportunities in our core markets, such as Houston and Rotterdam.”

For more information visit www.odfjell.com

14th Dec 2017

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