---

Odfjell has today announced that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. regarding ownership of its storage terminals in Rotterdam and Houston.

According to the proposed transaction, Lindsay Goldberg will acquire a 49 percent interest in each of Odfjell's tank terminals in Rotterdam and Houston as well as in its greenfield project in Charleston. Odfjell will retain a 51 percent ownership stake. Lindsay Goldberg would furthermore become Odfjell's partner in developing new business in the European and North American tank terminal markets.

"Odfjell sees strong growth opportunities in both Europe and North America. The purpose with the proposed partnership therefore, will be to capitalize on these opportunities by establishing a strong platform for further investments and consolidation," Odfjell said in a statement.

Lindsay Goldberg manages approximately $10 billion of equity capital and is active in Europe through Oslo-based Lindsay Goldberg Nordic and Düsseldorf-based Lindsay Goldberg Vogel.

"Odfjell considers Lindsay Goldberg a strong and reliable long-term partner who can help fund its ambitious growth plans and provide strategic insight into the energy infrastructure industry," Odfjell added.

Commenting on the proposed deal, Jan A. Hammer, president and CEO of Odfjell, said: "Lindsay Goldberg is a strong financial investor with a long-term approach to developing businesses and creating value. The firm has extensive experience within the energy infrastructure industry in addition to strong financial backing. Odfjell believes that the proposed partnership will be well positioned to secure further growth and enhance value for Odfjell's shareholders."

The letter of intent contemplates a transaction that values Odfjell's assets at approximately 10x EBITDA. In addition, immediately after closing the parties intend to invest EUR 25 million as new equity into Odfjell Terminals (Rotterdam) to facilitate the company's capacity expansion plans.

The proposed transaction is subject to confirmatory due diligence, negotiation and execution of definitive documentation and customary closing conditions.

DnB NOR Markets is acting as financial advisor to Odfjell as part of the proposed transaction.