Norway’s Odfjell has announced that subsidiary Odfjell Terminals (China) has completed the sale of its 50% shareholding of Odfjell Terminals (Dalian).
The stake was sold to VTTI group for a total cash consideration of $59m. The transaction will result in a net cash gain for Odfjell of $27m, as it owns a 51% stake in Odfjell Terminals (China), while Lindsay Goldberg holds 49%.
Kristian Mørch, CEO of Odfjell, said: “The sale of OTD represents another step in the restructuring of our terminal portfolio and is in line with our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell. We are very proud of what we, together with our joint venture partner Dalian Port Authority (PDA), have accomplished in Dalian over the course of more than twenty years. OTD has become a reference within the Chinese terminal industry as a specialty chemicals terminal with an excellent QHSE and operational track record, outstanding customer relations, and by generating stable returns for its shareholders. We believe this transaction is a testament to the quality and resilience of OTD and we are very pleased that PDA now has gained another strong, long-term partner in VTTI.”