Restructuring of Odfjell Terminals

03.12.2018
As previously announced, Lindsay Goldberg is preparing to exit as joint venture partner for Odfjell Terminals. This has initiated a restructuring process in Odfjell, and Odfjell Terminals BV has now become a 100% Odfjell SE controlled holding company.
Birdview of NNOT

 

The holding company will control 51% of our US and Asian terminals together with Lindsay Goldberg holding the other 49% in each region. Lindsay Goldberg is in the process of selling these stakes and the purchaser of this stake in each region will be our new partner in that region. This will all be announced as soon as confirmed. 

 

Stronger foothold in chemical tank storage

Odfjell continues to have a strong position in the European terminal sector by increasing our ownership share in the Noord Natie (NNOT) joint venture terminal. With Antwerp being the most important port for chemicals in the EU, Odfjell takes another strategic step: 

“We remain committed to our tank terminal business, and our focus going forward will be to grow and optimize our portfolio”

Kristian Mørch, CEO

Odfjell’ s ownership share in Antwerp has now increased from 12.75% to 25.00%, and this stake is wholly owned by the holding company. 

 

New governance structure

The restructuring includes the following: 

  • The holding company (OTBV) 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. 
  • The terminals will continue to be branded as Odfjell terminals including our people, processes and standards. 
  • The OTBV organization has been adjusted to reflect the smaller footprint after the sale of OTR and the change in legal structure following the exit of LG from the global joint venture company. Certain functional support will be provided by Odfjell SE going forward.

 

“Odfjell Terminals is committed to be the best-in-class operator of tank terminals. The new structure allows us to take greater benefit from the synergies between the tanker and terminal business of Odfjell SE as well as to provide management and expertise to our joint venture companies, creating value for all stakeholders.”

Frank Erkelens, CEO, Odfjell Terminals

 

See pdf of simpified corporate structure.