Odfjell SE has finalised forming of an LPG/Ethylene shipping joint venture with Breakwater Capital and Oak Hill Advisors, L.P., first announced on May 16, 2014.
In accordance with the joint venture agreement, Breakwater Capital and Oak Hill Advisors, L.P. have jointly agreed to invest approximately USD 50 million as consideration for the 50% equity interest in Odfjell’s LPG/Ethylene business.
Further, Odfjell, Breakwater Capital and Oak Hill Advisors have each agreed to commit approximately USD 50 million to finance the further growth of the joint venture.