Odfjell Terminals is set to sell its 50% ownership in Oiltanking Odfjell Terminal Singapore to a fund managed by Macquarie Infrastructure and Real Assets for $300 million.
The transaction will result in a net gain for Odfjell of approximately $135 million. The closing of the transaction is expected during the fourth quarter of 2017.
Kristian Mørch, CEO of Odfjell and chairman of Odfjell Terminals, says: '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.'
Frank Erkelens, CEO of Odfjell Terminals, adds: 'This divestment is in line with our strategy to focus on the terminal where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam.'
A global storage hub networkOil price 'collapse' brings 2018 to a close A different energy system The economics of IMO 2020 Are energy companies prepared for a demand driven petrochemical market IFLEXX: standardised data communication in the downstream oil and gas sector Growing to meet Ghana's midstream needs Bridging Africa's infrastructure gap The storage outlook Safety at the touch of a button