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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Odfjell SE    ODF   NO0003399909


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Odfjell SE: Agrees to acquire Lindsay Goldberg's stake in Korea terminal

12/03/2020 | 10:22am EST

Odfjell SE has reached an agreement with Lindsay Goldberg (LG) to acquire their indirect 24.5% shareholding in Odfjell Terminals Korea (OTK) at a purchase price of USD 19 million.  Following the transaction, Odfjell SE will control 50% of OTK's shareholding alongside the long-term, local JV partner KPIC. OTK generated an annual EBITDA of USD 2.2 million and net result of USD 0.7 million in FY2019 (based on 25.5% Odfjell SE shareholding). The acquisition will be funded through available proceeds within the Odfjell Terminals structure, and closing is expected to take place within December 2020.

Commenting on the transaction, Kristian Mørch, CEO of Odfjell, said: "We are pleased to have reached an agreement with LG to acquire their stake in OTK. OTK is a high-quality terminal and represents a good fit with our strategy for Odfjell's terminal division. As such, this is another milestone in completing the restructuring of our terminal portfolio and our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell. The acquisition will have a positive effect on results, return and cash flow for Odfjell SE, and also ensure a simple and efficient governance structure for OTK."


IR Contact:
Bjørn Kristian Røed, Manager Investor Relations & Research
Tel: +47 40 91 98 68
E-mail: bkr@odfjell.com

Odfjell Terminals:
Adrian Lenning, Global Head of Odfjell Terminals
Tel: +47 91 38 53 03
E-mail: adrian.lenning@odfjell.com (bkr@odfjell.com)

The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other specialty bulk liquids. The Odfjell fleet comprises of approx. 80 ships, which trade both globally and regionally. The tank terminal division consists of five tank terminals and is part of a network of another 12 tank terminals partly owned by related parties. The tank terminals are strategically located at selected international shipping hubs. The Odfjell Group's headquarters are in Bergen, Norway, and the Group has offices in 13 locations around the world. Odfjell employs around 2300 staff and posted annual gross revenue of USD 872 million in 2019. Read more on Odfjell.com (https://www.odfjell.com/).

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 


(c) 2020 Cision. All rights reserved., source Press Releases - English

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Financials (USD)
Sales 2020 952 M - -
Net income 2020 34,0 M - -
Net Debt 2020 1 359 M - -
P/E ratio 2020 7,66x
Yield 2020 -
Capitalization 262 M 262 M -
EV / Sales 2020 1,70x
EV / Sales 2021 1,51x
Nbr of Employees 2 383
Free-Float 34,2%
Duration : Period :
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Last Close Price 3,37 $
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Managers and Directors
Kristian Verner Mørch Chief Executive Officer
Laurence Ward Odfjell Chairman
Harald Fotland Chief Operating Officer
Terje Iversen Chief Financial Officer & Senior VP-Finance
Christine Rødsæther Independent Director