SOURCE: Stolt-Nielsen S.A.

October 19, 2009 09:18 ET

Stolt Tankers B.V. Cancels Newbuilding Contract

LONDON--(Marketwire - October 19, 2009) - Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (Oslo Børs: SNI), today announced that it has cancelled a contract with SLS Shipbuilding Co. Ltd. of South Korea for the construction of hull #475, a 44,000 dwt coated parcel tanker, the third in a series of four ships, citing extended delivery delays. The ship was originally scheduled for delivery in November 2008. All progress payments to date are covered by bank refund guarantees.

This cancellation follows the cancellation of hull #473, the first ship in the series from SLS Shipyard Co. Ltd., in March of this year, and hull #474 in June. The yard has challenged our right to cancel the contracts for hulls #473 and #474, and the parties are now in arbitration. The fourth ship in the series, hull #476, is also experiencing substantial construction delays.


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. (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 the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary 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. Stolt-Nielsen is listed on the Oslo Stock Exchange.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

Contact Information