Login RegisterOpen Search
Stolt Tankers B.V. Cancels Newbuilding Contract
London, England - June 26, 2009 - Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (OsloB?rs: SNI), today announced that it cancelled a contract with SLS Shipbuilding Co. Ltd. of South Korea for the construction of hull #474, a 44,000 dwt coated parcel tanker, the second in a series of four ships, citing extended delivery delays. On March 30, 2009, Stolt Tankers had entered into arbitration with SLS Shipbuilding Co. Ltd. disputing their claim for force majeure to justify delays on hull #474. The ship was originally scheduled for delivery in September 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., on March 18, 2009. The shipyard has disputed the cancellation of hull #473 and the parties entered into arbitration on March 26, 2009.
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 currently listed on the Oslo Stock Exchange.