Odfjell SE set to sell share in Oiltanking Odfjell Terminal Singapore

Odfjell SE looks set to make a net gain of $135m from Odfjell Terminals B.V.’s sale of 50% of Oiltanking Odfjell Terminal Singapore Pte Ltd.

The company is selling its share in the facility for $300m to a fund managed by Macquarie Infrastructure and Real Assets. The transaction is expected to close during the final quarter of the year.

CEO of Odfjell and Chairman of Odfjell Terminals B.V., 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.”

Odfjell Terminals B.V. is a joint venture between Odfjell SE (51%) and Lindsay Goldberg (49%), which currently owns nine terminals worldwide with a combined storage capacity of 3.5 million cubic meters. Odfjell Terminals’ key activities include storage and distillation of bulk liquid products.

Macquarie Infrastructure and Real Assets (MIRA) is part of Macquarie Asset Management, the asset management arm of Macquarie Group. MIRA is the world’s largest manager of infrastructure and also has a growing portfolio in real estate, agriculture and energy investments. MIRA manages AUD$154.2 billion $118 billion) of assets on behalf of pension funds, sovereign funds, insurance companies and other investors.

For more information visit www.odfjell.com

20th Oct 2017