Norwegian-based terminal operator Odfjell has entered into an agreement with Dutch terminal operator Koole. Odfjell will sell its 100% ownership in Odfjell BV subsidiaries’ Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM) for a price of $155 million.
The transaction is expected to reduce the net debt of Odfjell Terminals BV (OTBV) by around $35 million.
‘This is a landmark transaction for us,’ says Kristian Mørch, CEO of Odfjell. ‘We have been working hard to restore profitability at OTR during the past years, and the terminal is now ready for the next step of development, which will require significant investments.
‘We are therefore pleased to have Koole as the potential purchaser. Koole has great ambitions for the terminal, and we are confident in their ability to realise the value potential this business represents. Following a sale of OTR, Odfjell will have a network of seven tank terminals worldwide. We remain committed to our tank terminals business and will allocate capital for growth of Odfjell Terminals in the years to come.’
Frank Erkelens, CEO of Odfjell Terminals adds: ‘OTR is well positioned to continue with building a successful future on the fundaments of its strategic location in the Port of Rotterdam, its unique capabilities, its top quartile safety performance and its strong organisation. On behalf of Odfjell Terminals, I pay tribute to all the stakeholders of OTR for their continuous support. Odfjell Terminals remains focused on providing best in class safety and service performance to our respected customers across our terminal network.’