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Stolt Tankers B.V. Cancels Newbuilding Contract
London, England - October 19, 2009 - Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (OsloB?rs: SNI), today announced that it has cancelled a contract with SLS Shipbuilding Co. Ltd. of South Korea for the construction of hull #475, a 44,000 dwt coated parcel tanker, the third in a series of four ships, citing extended delivery delays. The ship was originally scheduled for delivery in November 2008. All progress payments to date are covered by bank refund guarantees.
This cancellation follows the cancellation of hull #473, the first ship in the series from SLS Shipyard Co. Ltd., in March of this year, and hull #474 in June. The yard has challenged our right to cancel the contracts for hulls #473 and #474, and the parties are now in arbitration. The fourth ship in the series, hull #476, is also experiencing substantial construction delays.
Jan Chr. Engelhardtsen
U.K. +44 (0) 20 7611 8972
Jens F. Gruner-Hegge
U.K. +44 (0) 20 7611 8985
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt Tankers & Terminals and Stolt Tank Containers, provides integrated transportation solutions for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen is listed on the Oslo Stock Exchange.