Odfjell Terminals B.V. has closed the sale of its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte for around USD 300 million after debt.
The sale was announced in October and was agreed with a fund managed by Macquarie Infrastructure and Real Assets (MIRA).
The closure of the transaction was subject to regulatory approval, which has now been obtained.
Odfjell SE’s share of the sale is around USD 150 million, resulting in a USD 135 million book value gain for the company.
The divestment is in line with Odfjell’s strategy to focus on the terminals where the company has managerial control and to further invest in growth opportunities in its core markets, such as Houston and Rotterdam.
Odfjell’s tank terminal division consists of ten tank terminals and is part of a network of another 14 tank terminals partly owned by related parties.