VTTI Energy Partners has had close to full utilisation rates across its storage portfolio according to its first quarter 2017 financials.
The company generated total operating income of $32.3 million in the first quarter 2017 compared to $32.7 million in the same period in 2016 while net income was $21.7 million compared to $18.1 million for the first quarter of 2016. Adjusted EBITDA for the first quarter of 2017 was $50.2 million.
The company has entered into a definitive merger agreement with VTTI where VTTI will acquire for cash all of the outstanding common units of VTTI Energy Partners. The merger is expected to close in the third quarter of 2017 subject to satisfaction of certain conditions, including the approval of the merger agreement and the transaction contemplated by its unitholders.
Once complete, VTTI Energy Partners will be an indirect wholly owned subsidiary of VTTI.
Rob Nijst, CEO of VTTI Energy Partners, says: 'VTTI had another strong financial and operating performance in the quarter with close to full utilisation across the portfolio and the generation of $21.7 million of net income and $50.2 million of adjusted EBITDA.'
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