Odfjell has announced that Odfjell Terminals BV (OTBV) has been converted to a 100% Odfjell SE controlled holding company.
Lindsay Goldberg (LG) is exiting as joint venture (JV) partner for Odfjell Terminals. Odfjell SE has taken this opportunity to restructure, and is now strengthening its foothold in tank storage with this holding company and by increasing its ownership in Antwerp’s Noord Natie Odfjell Terminals.
As a part of LG’s announced exit plans, LG has converted their shares in OTBV into 49% direct ownership in two separate JVs owning the terminals in the US and Asia.
The ownership share has increased from 12.75% to 25.00% in Noord Natie, and this stake is wholly owned by the holding company. The holding company will be the management company of Odfjell’s global terminal assets and will be the operating partner of the JVs in the US and Asia. Odfjell will provide management, support, knowledge, and systems.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/23112018/odfjell-se-takes-stronger-role-in-terminals/