Transpetrol Withdraws from Joint Venture
(Thomson Reuters ONE) -
LONDON, July 4, 2013 - Stolt-Nielsen Limited (Oslo Børs: 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.
Contacts:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
j.engelhardtsen(at)stolt.com
Jens F. Grüner-Hegge
VP Corporate Finance
UK +44 (0) 20 7611 8985
j.gruner-hegge(at)stolt.com
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.
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," "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 Reuters clients. The owner of this announcement warrants that:
(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
[HUG#1714479]
Unternehmensinformation / Kurzprofil:
Datum: 04.07.2013 - 20:31 Uhr
Sprache: Deutsch
News-ID 275813
Anzahl Zeichen: 3793
contact information:
Town:
London
Kategorie:
Business News
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"Transpetrol Withdraws from Joint Venture"
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