Odfjell has sold one of its Singapore-based oil terminals for around $300m.
A fund owned by giant asset manager Macquarie Infrastructure and Real Assets are buying Odfjell’s 50% ownership in Oiltanking Odfjell Terminal Singapore.
Odfjell expects a net gain of $135m from this transaction, which is expected to close during the fourth quarter.
Kristian Morch, chief executive of Odfjell, said: “We are pleased to have concluded on the sale of our Singapore terminal at what we believe is a very attractive valuation and testimony to the strength and quality of the investments made in Singapore since 2001.”
