Odfjell SE: Finalizes sale of shares in Singapore tank terminal

13-07-2017

Reference is made to the stock exchange announcement of 19 October 2017, in which Odfjell Terminals B.V. entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets (MIRA) to sell its 50% ownership in Oiltanking Odfjell Terminal Singapore Pte for a price around USD 300 mill after debt.

Odfjell SE's share of the sale is around USD 150 million when adjusting for its 51% ownership share in Odfjell Terminals B.V.

The sale will result in a USD 135 million book value gain for Odfjell SE.

Odfjell announces today that the transaction has closed.

The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other speciality bulk liquids.

The Odfjell fleet comprises of approx. 75 ships, which trade both globally and regionally. The tank terminal division consists of ten tank terminals and is part of a network of another 14 tank terminals partly owned by related parties.

The tank terminals are strategically located at important international shipping hubs. The Odfjell Groupís headquarters are in Bergen, Norway, and the Group has offices in 18 locations around the world. Odfjell employs around 3,000 staff and posted annual gross revenue of USD 825 million in 2016. Read more at Odfjell.com.

Odfjell press release