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Stolt-Nielsen S.A. Enters into Two Joint Ventures With Gulf Navigation PJSC
London, England - June 16, 2008 - Stolt-Nielsen S.A. (SNSA) (Oslo B?rs: SNI) announced today that its wholly owned subsidiary Stolt-Nielsen Indian Ocean and Middle East Service Ltd. ("Stolt") has entered into two 50/50 joint ventures with Gulf Navigation PJSC ("Gulf Navigation"). The first joint venture, Gulf Stolt Tankers FZCO, will own six new 44,000 dwt coated chemical tankers. The ships will be traded in the Stolt Tankers Joint Service (STJS). Technical ship management will be provided by a second joint venture, Gulf Stolt Ship Management JLT, owned by Gulf Navigation and Stolt.
Stolt-Nielsen will take delivery of four of the tankers - ordered in 2006 from SLS Shipbuilding in South Korea - during 2008 and 2009. Gulf Navigation will take delivery of two additional sister ships in 2009, having taken over options previously held by Stolt-Nielsen. One of the four Stolt-Nielsen ships will be sold to Gulf Navigation, who will bareboat charter their three ships to the joint venture to create the 50/50 joint venture comprising the six ships.
Commenting on the joint venture, Hans P. Feringa, President of Stolt Tankers & Terminals, said, "The Arabian Gulf is the world's fastest growing chemicals-production centre. We are pleased to be expanding Stolt's strategic presence in this key growth market, as well as our relationship with our partner, Gulf Navigation, a leader in shipping and marine services in the Gulf region."
Abdullah Al-Shuraim, the Chairman of Gulf Navigation, said, "Meeting the long-term tonnage requirements of the rapidly growing producers in the Arabian Gulf is a key element of Gulf Navigation's growth strategy. This new structure enhances the scope of our partnership with Stolt and our participation in the STJS."
STJS is the leading global chemical-tanker operator for the shipment of specialty bulk-liquids worldwide. Gulf Navigation is a United Arab Emirates' company based in Dubai. Its group companies and divisions own and operate crude, clean petroleum product and chemical tankers.
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. (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 divisions 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.
About Gulf Navigation Holding
Gulf Navigation Holding is an ISO 9001:2000 certified Dubai-based company and a leading shipping and marine services company in the region. It is a United Arab Emirates holding entity with operations worldwide and 11 specialized subsidiaries. The company owns 18 tankers and charters VLCCs, Chemical and Product Tankers. It is also the sole agency for a large number of global marine manufacturers.