Stolt-Nielsen S.A. Acquires Seven Parcel Tankers In Separate Transactions
LONDON, November 4, 2010 - Stolt-Nielsen S.A. (Oslo B?rs: SNI) announced today that its wholly owned subsidiary Stolt Tankers B.V. has agreed to acquire seven stainless steel parcel tankers in a series of separate transactions for a total consideration of $255 million, including takeover and upgrade costs.
In a transaction with Odfjell SE, Stolt Tankers B.V. acquired two fully stainless steel parcel tankers of 37,438 deadweight tonnes ("dwt"), each equipped with 47 tanks and built by STX Europe's yard in Flor?, Norway, in 2000 and 2001, respectively. The two ships are among the most sophisticated of parcel tankers and will be renamed M/T Stolt Focus and M/T Stolt Commitment.
Stolt Tankers B.V. also acquired three Japanese-built stainless steel parcel tankers. Two of the ships are 23,400 dwt, built in 2009 and 2008, with 26 and 30 tanks, respectively. The third ship is 19,700 dwt, built in 2006 with 26 tanks. The ships will be renamed M/T Stolt Bobcat, M/T Stolt Ocelot and M/T Stolt Serval, respectively.
In addition, Stolt Tankers exercised purchase options under existing time charters to acquire the M/T Stolt Glory and M/T Stolt Strength from their owners. The ships were built in 2005 and are currently on time charter to the Company. Both ships are 33,000 dwt with 28 stainless steel tanks.
Commenting on the acquisitions, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said, "We are pleased to have acquired these high quality ships on what we believe to be favourable terms. Following the cancellation of our eight-ship order in Korea, the addition of these ships to our fleet, in combination with the recent time charter arrangement with JO Tankers, effectively meets our current needs for tonnage. Stolt Tankers is well positioned both to meet anticipated growth in customer demand on certain key trade lanes and to extend its leadership positions in those niche markets that we have targeted for long-term growth."
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Gr?ner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its fleet of very large gas carriers (VLGCs). Stolt-Nielsen S.A. is listed on the Oslo Stock Exchange.
This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in the those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.
This information is subject of the disclosure requirements acc. to ?5-12 vphl (Norwegian Securities Trading Act)