Avance Gas Holding Ltd. Strengthens Presence by Adding Transpetrol Gas Holdings Ltd. as a Shareholder and Expands VLGC Fleet
(Thomson Reuters ONE) -
LONDON, June 27, 2012 - Stolt-Nielsen Limited(Oslo Børs: SNI) announced today
that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings
Ltd. and
Stolt-Nielsen Gas Ltd. has reached an agreement with Transpetrol Shipping Ltd.
(Transpetrol) whereby Transpetrol will sell its two very large gas carriers
(VLGC) to AGHL in return for cash and 33 1/3 equity ownership of AGHL. Post
completion ownership of AGHL will be shared equally by the three shareholders.
It is expected that the two new ships, Prospect and Progress, both delivered in
2009, will join the AGHL fleet in early July.
With Prospect and the Progress, the Avance Gas fleet will consist of nine VLGCs,
including the two ships to be acquired from Maran Gas Maritime Inc. The Avance
Gas fleet trades mainly in the spot market, loading in the Middle East for
destinations primarily in Asia.
Commenting on the transaction, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of SNL, said:
"We are pleased to have reached this agreement with Transpetrol which is
another step in AGHL's stated strategy of consolidating the VLGC market through
mergers and acquisitions of second hand ships. As the fundamentals for the
transportation of LPG continues to look favorable for the next several years we
believe the strategy to focus on second hand tonnage with prompt delivery versus
ordering new ships for delivery several years in the future, will offer a better
return to the joint venture partners."
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 transports liquefied petroleum gas (LPG) with its fleet of very
large gas carriers (VLGCs). Stolt-Nielsen Limited is listed on the Oslo Stock
Exchange.
About Avance Gas Holding Ltd.
Avance Gas Holding Ltd. was formed in December 2010 when Stolt-Nielsen Gas Ltd.
and Sungas Holdings Ltd. agreed to become equal owners of Avance Gas. Avance
Gas currently operates a fleet of five very large gas carriers (VLGCs), pending
delivery of the four ships from Maran Gas Maritime Inc. and Transpetrol Shipping
Ltd.
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#1622277]
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.06.2012 - 02:15 Uhr
Sprache: Deutsch
News-ID 1128350
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
London
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 89 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Avance Gas Holding Ltd. Strengthens Presence by Adding Transpetrol Gas Holdings Ltd. as a Shareholder and Expands VLGC Fleet
"
steht unter der journalistisch-redaktionellen Verantwortung von
Stolt-Nielsen Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
