Transpetrol Withdraws from Joint Venture
LONDON, July 4, 2013 - Stolt-Nielsen Limited (Oslo B?rs: SNI) announced today that Transpetrol Gas Holdings Limited (Transpetrol) has exercised a call option to buy back two very large gas carriers (VLGCs) previously sold to Avance Gas Holding Ltd. (AGHL), and a put option to simultaneously sell its shares in the joint venture back to AGHL. The options formed part of a transaction a year ago when AGHL bought the two ships from Transpetrol in exchange for shares and cash. The ship sale and share purchase is expected to be completed by mid-August 2013. Following the transaction Sungas Holdings Ltd. and Stolt-Nielsen Gas Ltd. will each own 50% of AGHL.
The transaction is not expected to have a material impact on Stolt-Nielsen Limited's balance sheet. Following the transaction AGHL will operate six modern VLGCs and will continue to participate in the consolidation of the LPG transportation market by building a fleet of VLGCs through mergers and acquisitions of second-hand tonnage.
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
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 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.