Odfjell SE : Odfjell SE finalizes LPG/Ethylene joint venture agreement with Breakwater Capital and Oak Hill Advisors, L.P.
(Thomson Reuters ONE) -
Reference is made to the stock exchange notice of 16 May 2014, in which Odfjell
announced its signing of the definitive agreement to form a LPG/E shipping joint
venture.
Odfjell announces today that the transaction with Breakwater Capital and Oak
Hill Advisors, L.P. has been closed.
In accordance with the joint venture agreement, Breakwater Capital and Oak
Hill Advisors, L.P. (acting through certain of its funds and
accounts) (collectively, the "Partners") have jointly agreed to invest
approximately USD 50 million as consideration for the 50% equity interest in
Odfjell's LPG/Ethylene business. Further, Odfjell and the Partners have each
agreed to commit approximately USD 50 million to finance the growth of the joint
venture.
Odfjell and the Partners aim, through consolidation and partnerships with other
first -class operators, to build a leading LPG/Ethylene platform founded upon
operational excellence, a modern and eco-friendly fleet and a long-term market
perspective.
For further information:
Jan A. Hammer
President/CEO Odfjell SE
Tel: + 47 55 27 00 00
E-post: jan.hammer(at)odfjell.com
Terje Iversen
CFO/SVP Finance Odfjell SE
Tel: + 55 27 00 00
E-post: terje.iversen(at)odfjell.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via GlobeNewswire
[HUG#1859871]
Unternehmensinformation / Kurzprofil:
Datum: 01.10.2014 - 08:02 Uhr
Sprache: Deutsch
News-ID 341871
Anzahl Zeichen: 2070
contact information:
Town:
Bergen
Kategorie:
Business News
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"Odfjell SE : Odfjell SE finalizes LPG/Ethylene joint venture agreement with Breakwater Capital and Oak Hill Advisors, L.P."
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