October 26, 2009 [World Point Terminals Inc.] - World Point Terminals Inc., ("World Point" or the "Company") announced today that its wholly owned subsidiary, Old SRPH, Ltd., has completed the previously announced transaction with Statoil South Riding Point, LLC, a subsidiary of StatoilHydro ASA ("Statoil"), pursuant to which Statoil acquired the shares of Old SRPH, Ltd.'s three Bahamian subsidiaries, South Riding Point (Bahamas) Ltd., South Riding Point Terminal Ltd. and South Riding Point Tugs Ltd., and its 50% interest in Freepoint Tug & Towing Services Ltd. which operates a fleet of tugboats in The Bahamas.
The sale process began in July 2009 when World Point signed a stock purchase and sale agreement with Statoil for the sale of the Company’s Bahamian operations. The final purchase price for the shares was US$258,249,163. In addition, the Company was paid for working capital and related items.
The South Riding Point terminal facility is located on Grand Bahama Island and includes 6.75 million barrels of liquid bulk storage capacity in 10 tanks. The facility is used primarily for the storage and blending of crude oil.
