Statoil South Riding Point, a subsidiary of StatoilHydro, has acquired the shares of three World Point Terminals subsidiaries in the Bahamas.
Old SRPH, a wholly-owned subsidiary of World Point Terminals, has sold South Riding Point (Bahamas), South Riding Point Terminal, and South Riding Point Tugs, and its 50% interest in Freepoint Tug & Towing Services.
The sale process began in July 2009 when World Point signed a stock purchase and sale agreement with Statoil for the sale of the Company's Bahamian operations. The final purchase price for the shares was US$258,249,163 (171 million).
The South Riding Point terminal facility is located on Grand Bahama Island and includes 6.75 million barrels of liquid bulk storage capacity in 10 tanks. The facility is used primarily for the storage and blending of crude oil.