Stolt-Nielsen Limited Takes 20% Stake in Norterminal AS
LONDON, October 2, 2013 - Stolt-Nielsen Limited (Oslo B?rs: SNI) announced today that Stolthaven Terminals BV, a subsidiary of the Company, has taken a 20% stake in Norterminal AS, which is pursuing the development of a world-class 300,000 to 700,000 CBM crude oil terminal and a gas storage facility near Kirkenes in northern Norway. The terminal is being designed to serve the growing needs for storage resulting from the increased production of oil and gas in the Arctic and Barents Seas. Further terms of the transaction were not disclosed. Pending receipt of necessary permits, the new terminal is to be built on 100 hectares adjacent to deep sheltered waters and close to the Kirkenes infrastructure. Current plans call for the terminal to be operational in 2018.
In the interim, Norterminal AS plans to provide a floating storage facility to enable the transhipment of oil from the Arctic and Barents Seas to ships serving markets in Western Europe.
The founder and majority shareholder in Norterminal AS is Jacob B. Stolt-Nielsen, a director of Stolt-Nielsen Limited. The decision to invest in Norterminal AS was made exclusively by the independent directors of the SNL Board.
Stolt-Nielsen Limited Contacts:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Gr?ner-Hegge
VP Corporate Finance
UK +44 (0) 20 7611 8985
Norterminal AS Contacts:
Jacob B. Stolt-Nielsen
Chief Executive Officer
Norway +47 47881038
Haakon VIIs gt. 1, Po. Box 1358, N-0113 Oslo, Norway
T: +47 21 41 42 15 - www.norterminal.no
About Stolt-Nielsen Limited
Stolt-Nielsen Limited (SNL 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, through its investment in Avance Gas Holding Ltd., transports liquefied petroleum gas (LPG) with a fleet of very large gas carriers (VLGCs). Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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.