Copy of stock market announcement:
Reference is made to the stock exchange announcement of July 2nd 2018, in which Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of Odfjell Terminals Rotterdam (OTR). The sale will generate USD 100 million of cash proceeds to Odfjell.
Odfjell announced on September 20 that the transaction has closed.
"This is a landmark transaction for us. 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 purchaser. Koole has great ambitions for the terminal, and we are confident in their ability to realize 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."
Kristian Mørch, CEO
CEO of Odfjell Terminals, Frank Erkelens, said:
"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 organization. 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."
