Avance Gas Holding Ltd. Strengthens Presence by Adding Transpetrol Gas Holdings Ltd. as a Shareholder and Expands VLGC Fleet
LONDON, June 27, 2012 - Stolt-Nielsen Limited(Oslo B?rs: SNI) announced today that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings Ltd. and
Stolt-Nielsen Gas Ltd. has reached an agreement with Transpetrol Shipping Ltd. (Transpetrol) whereby Transpetrol will sell its two very large gas carriers (VLGC) to AGHL in return for cash and 33 1/3 equity ownership of AGHL. Post completion ownership of AGHL will be shared equally by the three shareholders. It is expected that the two new ships, Prospect and Progress, both delivered in 2009, will join the AGHL fleet in early July.
With Prospect and the Progress, the Avance Gas fleet will consist of nine VLGCs, including the two ships to be acquired from Maran Gas Maritime Inc. The Avance Gas fleet trades mainly in the spot market, loading in the Middle East for destinations primarily in Asia.
Commenting on the transaction, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said:
"We are pleased to have reached this agreement with Transpetrol which is another step in AGHL's stated strategy of consolidating the VLGC market through mergers and acquisitions of second hand ships. As the fundamentals for the transportation of LPG continues to look favorable for the next several years we believe the strategy to focus on second hand tonnage with prompt delivery versus ordering new ships for delivery several years in the future, will offer a better return to the joint venture partners."
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 transports liquefied petroleum gas (LPG) with its fleet of very large gas carriers (VLGCs). Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.
About Avance Gas Holding Ltd.
Avance Gas Holding Ltd. was formed in December 2010 when Stolt-Nielsen Gas Ltd. and Sungas Holdings Ltd. agreed to become equal owners of Avance Gas. Avance Gas currently operates a fleet of five very large gas carriers (VLGCs), pending delivery of the four ships from Maran Gas Maritime Inc. and Transpetrol Shipping Ltd.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.