Odfjell has cashed out from its investment in an Oman-based tank terminal for a net gain of $90m.
The Norwegian group sold its 29.75% share in Oiltanking Odfjell Terminals & Co for a total consideration of $130m.
Kristian Morch, chief executive of Odfjell, said: “We are pleased to have concluded on the sale of our Oman terminal at what we believe is a very attractive valuation and is a testimony to the strength and quality of the investments made in Oman since 2008.”
Odfjell Terminals owns 10 terminals worldwide through a joint venture with Lindsay Goldberg.
Frank Erkelens, chief executive of Odfjell Terminals, explained the latest disposal is in line with the company’s strategy to focus on assets which are under its managerial control and invest in further growth in the core markets of Houston and Rotterdam.
