Odfjell SE has taken a stronger role in its terminals business and has converted Odfjell Terminals BV (OTBV) to a 100 percent Odfjell SE controlled holding company.
As previously announced, Lindsay Goldberg (LG) is exiting as joint venture partner for Odfjell Terminals. Odfjell SE has taken this opportunity to restructure, and is now strengthening its foothold in tank storage with this holding company and by increasing our ownership in Antwerp’s Noord Natie Odfjell Terminals.
As a part of LG’s announced exit plans, LG has converted their shares in OTBV into 49 percent direct ownership in two separate joint ventures owning the terminals in the U.S. and Asia.
With Antwerp being the most important port for chemicals in the EU, Odfjell takes another strategic step: “We remain fully committed to our tank terminal business, and our focus going forward will be to grow and optimise our portfolio,” said Kristian Mørch, CEO of Odfjell SE
The ownership share increases from 12.75 percent to 25 percent in Noord Natie, and this stake is wholly owned by the holding company. The holding company will be the management company of Odfjell’s global terminal assets and will be the operating partner of the joint ventures in the US and Asia. Odfjell will provide management, support, knowledge, and systems.
“After our recent divestments we can now fully focus on growing our footprint of terminals as well as on the synergies with Odfjell Tankers. We see great potential for the terminals in our portfolio,” said Frank Erkelens, CEO of Odfjell Terminals.
For more information visit www.odfjell.com
22nd November 2018