Odfjell SE : Odfjell SE finalizes LPG/Ethylene joint venture agreement with Breakwater Capital and Oak Hill Advisors, L.P.

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@odfjell.com

Terje Iversen
CFO/SVP Finance Odfjell SE
Tel: + 55 27 00 00
E-post: terje.iversen@odfjell.com