Image credit: Odfjell SE

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Odfjell Terminals BV (OTBV) has finalized the sale of its 100 percent ownership of Odfjell Terminals Rotterdam (OTR) to Koole Terminals BV, with Odfjell SE (Odfjell) banking $100m from the deal.

The transaction follows Odfjell's announcement in May that Lindsay Goldberg was contemplating the sale of its 49 percent stake in OTBV, and that Odfjell - as 51 percent owner of OTBV - was considering following suit on an outright sale of OTBV subsidiaries OTR and Odfjell Terminals Maritiem (OTM).

Odfjell later explained in August that OTBV intended to sell its 100 percent ownership of OTR and OTM for a total cash consideration of $155m net of estimated transaction costs; that Koole would compensate OTBV for all permitted equity injections made in 2018 until closing; and that the intended transaction would, at closing, reduce OTBV's net debt with around $35m.

OTR is one of the largest independent tank storage terminals in Europe. It is used to store petroleum products, chemicals, acids and biofuels and has been operational since 1957.

The tank farm consists of 270 tanks ranging in size from 735 to 40,000 cubic metres (cbm). Its storage capacity is 1.622m cbm.

The terminal includes five jetties for deep-sea vessels, fourteen positions for barge activities, and bunker facilities for the supply of marine fuel alongside.

Commenting on the deal last month, Odfjell CEO, Kristian Morch, said: "This is a landmark transaction for us. We have been working hard to restore profitability at OTR during the past years, and the terminal is now ready for the next step of development, which will require significant investments. We are therefore pleased to have Koole as the potential purchaser. Koole has great ambitions for the terminal, and we are confident in their ability to realize the value potential this business represents. Following a sale of OTR, Odfjell will have a network of seven tank terminals worldwide. We remain committed to our tank terminals business and will allocate capital for growth of Odfjell Terminals in the years to come."

Frank Erkelens, CEO of OTBV, remarked: "OTR is well positioned to continue with building a successful future on the fundaments of its strategic location in the Port of Rotterdam, its unique capabilities, its top quartile safety performance and its strong organization. On behalf of Odfjell Terminals, I pay tribute to all the stakeholders of OTR for their continuous support. Odfjell Terminals remains focused on providing best in class safety and service performance to our respected customers across our terminal network."