LONDON--(Marketwired - Jul 4, 2013) - Stolt-Nielsen Limited (Oslo Bors: 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.
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.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality
of the information contained therein.
Source: Stolt-Nielsen Limited via Thomson Reuters ONE