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2016-10-17

Odfjell SE: Odfjell SE sells its share in Oman tank terminal

Odfjell SE is pleased to announce that Odfjell Terminals B.V. ("OTBV"), the
joint venture holding company that owns and operates substantially all of
Odfjell's tank terminals worldwide, has entered into an agreement to sell its
29.75% indirect ownership in Oiltanking Odfjell Terminals&Co. LLC ("OOT") in
Oman for around USD 130 million.

The transaction will result in a net gain of approximately USD 90 million for
OTBV. Closing of the transaction is subject to customary regulatory approval.

Commenting on the transaction Kristian Mørch, CEO of Odfjell and Chairman of
Odfjell Terminals B.V., 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."

Frank Erkelens, CEO of Odfjell Terminals B.V. comments: "We appreciate the
cooperation we have had with our good partners in Oman, and wish them a
successful future further developing the full potential of the terminal. This
divestment is in line with our strategy to focus on the terminals where we
have managerial control of the assets and to further invest in growth
opportunities in our core markets, such as Houston and Rotterdam."
Odfjell Terminals B.V. is a joint venture between Odfjell SE (51%) and Lindsay
Goldberg (49%), which currently owns ten terminals worldwide with a combined
storage capacity of 4.8 million cubic meters. Odfjell Terminals' key
activities include storage and distillation of bulk liquid products.

Contacts:

For more information please contact:
CEO Odfjell SE, Kristian Mørch, ph. +47 55 27 00 00, E-mail:
kristian.morch@odfjell.com
CFO Odfjell SE, Terje Iversen, ph. + 47 55 27 00 00,
E-mail:terje.iversen@odfjell.com

CEO Odfjell Terminals, Frank Erkelens, ph. + 31 10 295 47 07,
E-mail:frank.erkelens@odfjell.com

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

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Odfjell SE via Globenewswire

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