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January 11, 2010

Stolt-Nielsen agrees to buy cancelled parcel tankers

Stolt-Nielsen S.A. (Oslo: SNI) says it has reached an agreement with Korea's SLS Shipbuilding Co. Ltd. (SLS) to buy four 44,000 dwt parcel tankers.

Stolt originally ordered the ships in June 2005. but had canceled the four newbuilding contracts, citing extensive construction delays.

The price of the ships under the agreement reached today is described as "in line with what is believed to be current newbuilding prices."

Terms of the agreement require SLS to deliver the four ships between mid-February and mid-July 2010.

Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen S.A., said: "We are pleased to have reached this agreement with SLS, and it is now up to the yard to deliver these ships by the agreed dates."


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