SOURCE: Stolt-Nielsen S.A.

January 11, 2010 04:15 ET

Stolt-Nielsen S.A. Reaches Agreement with SLS To Purchase Cancelled Parcel Tankers

LONDON--(Marketwire - January 11, 2010) -

Stolt-Nielsen S.A. (SNSA) (Oslo Bors: SNI) announced today that it has reached an agreement with SLS Shipbuilding Co. Ltd. (SLS) to buy the four 44,000 deadweight ton (dwt) fully coated parcel tankers that SNSA had originally ordered in June 2005. Â The price of the ships is in line with what is believed to be current newbuilding prices. Â Terms of the agreement require SLS to deliver the four ships between mid-February and mid-July 2010.

Stolt had previously cancelled the four newbuilding contracts, citing extensive construction delays.

Commenting on the announcement, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen S.A., said, "We are pleased to have reached this agreement with SLS, and it is now up to the yard to deliver these ships by the agreed dates."

For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. GrÃOEner-Hegge
V.P. Corporate Finance
UK +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 its parcel tanker, tank container, terminal, rail and barge operations, 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 listed on the Oslo Stock Exchange.

Forward-Looking Statements

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,2 "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 acc. to §5-12 vphl (Norwegian Securities Trading Act)


Contact Information