Odjfell to sell terminals to Koole

Odfjell intends to sell its Rotterdam and Maritiem terminals to Koole Terminals for a total cash consideration of US$155 million.

The intended transaction would reduce Odfjell Terminals net debt by approximately US$35 million.

Odfjell's share of the proceeds is expected to be around US$100 million and result in a book loss for Odfjell of around US$100 million.

Further, Koole will compensate Odfjell for all permitted equity injections made in 2018 until closing.

Any sale will be subject to the employee consultation procedures being finalised, finalising documentation and to customary regulatory approvals.