As previously posted, Lindsay Goldberg (LG) in 2018 announced the intention to exit its ownership in Odfjell Terminals BV (OTBV). In agreement with Odfjell SE, LG has run a process to sell its shares in Odfjell Terminals Rotterdam (OTR), Noord Natie Odfjell Terminals (NNOT), Odfjell Terminals US (OT US) and Odfjell Terminals Asia (OT Asia) separately.
Following LG’s announced exit, Odfjell SE decided to sell its shares in OTR together with LG. The sale, which was completed in September 2018, triggered a restructuring and reorganization of OTBV and OT Asia management companies, where OTBV became 100% owned by Odfjell SE and LG became a direct shareholder in the regional JVs in US and Asia. Subsequently, Odfjell acquired LG’s shares in the Noord Natie terminal in Antwerp.
In May 2019, LG completed the sale of its shares in OT US to funds managed by Northleaf Capital Partners. Odfjell agreed on a new governance model with Northleaf as new JV partner in OT US, which simplifies the way we govern and operate our terminals. OTBV roles and responsibilities for OT US and NNOT have meanwhile been transferred to Odfjell SE.
LG is currently in the process of selling its shares in OT Asia’s terminals. Odfjell SE decided to tag along on LG’s sale of its shares in Odfjell Terminals Jiangyin (OTJ). The sale is in line with our strategy to focus on core terminals where we can achieve synergies with Odfjell Tankers.
Following the completion of this transaction, the remaining OTBV’s and OTA’s roles and responsibilities will also be transferred to Odfjell SE, with effect from September 30, 2019. Until same date, OTA continues to be responsible for the remaining terminals in China, reporting to OTBV. The responsibility for Odfjell Terminals Korea is transferred to Odfjell SE per direct.
As of September 30, the OTA office in Singapore will be closed. We deeply regret the consequence this has for our six colleagues in the Odfjell Terminal Asia team in Singapore. We are thankful for their dedicated contribution through the years, and their continued commitment in this challenging time of change.
Odfjell SE remains committed to the core terminals we operate. The outlook for terminals at important crossroads of chemicals remains positive, and the reorganization is part of our continued work to strengthen Odfjell’s core terminal activities and optimize the synergy potential between terminals and tankers.
Following the restructuring of our global organization for Odfjell Terminals, Adrian Lenning will take the new position as Global Head of Odfjell Terminals, with the responsibility to oversee Odfjell SE’s investments in terminals. The position is located at the headquarters in Bergen.
Adrian has a background from investing in and managing infrastructure assets internationally, most recently as Gerente Executivo - M&A, Strategy and Business Development from Invepar Group in Brazil.
Previously, he has held positions as Investment Manager at Cube Infrastructure managers in Luxembourg and within Corporate Finance at PWC in Oslo and Milan. He holds a Master degree in Economics and Business Administration from the Norwegian School of Economics (NHH) in Bergen, and is a Norwegian citizen.
“We are very pleased to welcome Adrian to Odfjell, and look forward to having him lead the future development of our tank terminal division. Odfjell SE remains committed to the core terminals we operate. The outlook for terminals at important crossroads of chemicals remains positive, and we continue our work to strengthen Odfjell’s core terminal activities and optimize the synergy potential between terminals and tankers.”
Kristian Mørch, CEO
