Stolt-Nielsen Limited Agrees to Acquire the Chemical Tanker Operations of Jo Tankers
(Thomson Reuters ONE) -
LONDON, July 18, 2016 - Stolt-Nielsen Limited (Oslo Børs: SNI) announced today
that it has agreed to acquire the chemical tanker operations of Jo Tankers. The
transaction comprises 13 chemical tankers and a 50% share in a joint venture
with eight chemical tanker newbuildings. The total purchase price is
approximately $575.0 million, including the proportional share of the
newbuildings in the joint venture. Funding for the transaction has been secured
through
some of Stolt-Nielsen Limited's main banks with a combination of bridge
financing, secured term loans and available corporate funds. The transaction is
subject to competition authority approval, with a decision expected before the
end of September 2016.
Commenting on the transaction, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of
Stolt-Nielsen Limited, said, "The transaction covers the tonnage replacement
needs of our current chemical tanker fleet for the next several years. While
giving us some operational savings, it adds new trade routes to our service
offering, thus expanding our presence on key tradelanes and enabling us to
better serve the needs of our global customer base. With the expanded fleet we
will be better positioned to serve our customers with the quality, reliability
and flexibility they require from their logistical provider. Because Stolt
Tankers and Jo Tankers share similar approaches to ship management and trading,
we will be able to quickly, cost effectively and synergistically integrate these
ships into our worldwide operations."
The 13 chemical tankers consist of eight all stainless steel ships, ranging from
19,000 dwt to 38,000 dwt, and five ships with a combination of stainless steel
and coated tanks, all of approximately 37,000 dwt. Six of the 13 ships have been
on time charter to Stolt Tankers for the last five years. The newbuildings
included in the transaction consist of eight all stainless steel eco-friendly
ships of 33,000 dwt on order from New Times Shipbuilding in China, the first of
which was delivered in early July 2016. The seven remaining newbuildings are to
be delivered in the second half of 2016 and in 2017.
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
U.K. +44 (0) 20 7611 8972
j.engelhardtsen(at)stolt.com
Jens F. Grüner-Hegge
V.P. Corporate Finance
U.K. +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 develops opportunities in LPG and LNG shipping and distribution.
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 to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2029047]
Unternehmensinformation / Kurzprofil:
Datum: 18.07.2016 - 10:05 Uhr
Sprache: Deutsch
News-ID 483699
Anzahl Zeichen: 5098
contact information:
Town:
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Kategorie:
Business News
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"Stolt-Nielsen Limited Agrees to Acquire the Chemical Tanker Operations of Jo Tankers"
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