Norway’s Odfjell has announced that subsidiary Odfjell Terminals has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50% ownership in Oiltanking Odfjell Terminal Singapore.
The sale is worth around $330m and Odfjell will book a net gain of $135m from the deal, which is expected to be completed in the fourth quarter.
“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,” said Kristian Mørch, CEO of Odfjell and chairman of Odfjell Terminals.
“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,” added Frank Erkelens, CEO of Odfjell Terminals.
Odfjell Terminals is a joint venture between Odfjell and Lindsay Goldberg, and currently owns nine terminals worldwide.