Norwegian company Odfjell has announced that its tanker terminal joint venture Odfjell Terminals, has entered into an agreement to sell its 29.75% indirect ownership in Oiltanking Odfjell Terminals & Co. in Oman for around $130m.
The transaction will bring a net gain of approximately $90m for Odfjell Terminals.
“We are pleased to have concluded on the sale of our Oman terminal at what we believe is a very attractive valuation and is a testimony to the strength and quality of the investments made in Oman since 2008,” said Kristian Mørch, ceo of Odfjell and chairman of Odfjell Terminals.
“We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future 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,” commented Frank Erkelens, ceo of Odfjell Terminals.
Odfjell Terminals is a joint venture between Odfjell SE (51%) and Lindsay Goldberg (49%), which currently owns ten terminals worldwide with a combined storage capacity of 4.8m cubic meters.