Quarterly Magazine July 2013 - Odfjell

Highlights
ODFJELL QUARTERLY magazine
4
Building muscles
for terminal expansion
Odfjell Terminals (Houston)
By Margrethe Gudbrandsen, Communication Manager, Bergen
In June we were pleased to finalize the
transaction with Lindsay Goldberg to expand
its existing joint venture to include substantially
all of our tank terminals business
globally. In this Quarterly we highlight some
of our expansion projects on the terminal
side.
Transaction with Lindsay Goldberg
As part of the transaction Lindsay Goldberg has
acquired a 49% interest in Odfjell Terminals
AS, the holding company for substantially all
of our tank terminals activities. In exchange
Lindsay Goldberg has made a cash investment
in the company of USD 219.2 million
as well as contributing their 49% share of the
existing joint venture. Odfjell Terminals AS is
now owned 51% by Odfjell and 49% by Lindsay
Goldberg.
Pursuing growth opportunities
The cash proceeds to Odfjell Terminals AS will
be used to pursue growth opportunities within
tank terminals globally, particularly in China
where we have already committed to several
large greenfield projects. Proceeds will also be
utilized to fund the investment and recovery
and improvement plan at Odfjell Terminals
(Rotterdam) B.V.
President and CEO of Odfjell, Jan A. Hammer,
says: - We are very pleased to have reached
final agreement with Lindsay Goldberg. This
transaction puts us in a strong position to
capitalize on our existing tank terminals
franchise and build Odfjell Terminals into a
global leader within chemical tank storage.
Both parties are very excited about the growth
prospects we have in our project portfolio and
are confident that we together will be able to
create a vast amount of value by successfully
developing these projects.
www.odfjell.com