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1 October 2014 Reference is made to the stock exchange notice of 16 May 2014, in which Odfjell announced its signing of the definitive agreement to form a LPG/E shipping joint venture. Odfjell announces today that the transaction with Breakwater Capital and Oak Hill Advisors, L.P. has been closed. In accordance with the joint venture agreement, Breakwater Capital and Oak Hill Advisors, L.P. (acting through certain of its funds and accounts) (collectively, the "Partners") have jointly agreed to invest approximately USD 50 million as consideration for the 50% equity interest in Odfjell's LPG/Ethylene business. Further, Odfjell and the Partners have each agreed to commit approximately USD 50 million to finance the growth of the joint venture. Odfjell and the Partners aim, through consolidation and partnerships with other first -class operators, to build a leading LPG/Ethylene platform founded upon operational excellence, a modern and eco-friendly fleet and a long-term market perspective. The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises of approximately 90 ships, which trade both globally and regionally. The tank terminal division consist of 12 tank terminals and is part of a network of another 12 tank terminals partly owned by related parties. The tank terminals are strategically located within important shipping hubs around the world. The Odfjell Group’s headquarter is in Bergen, Norway, and the Group has more than 20 offices internationally. Odfjell employs around 3,400 staff and posted annual gross revenue of USD 1.2 billion in 2013. Odfjell press release |
