Stolt Tankers B.V. Cancels Newbuilding Contract
26 Juni 2009 - 11:38AM
Marketwired
Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (OsloB�rs:
SNI), today announced that it cancelled a contract with SLS
Shipbuilding Co. Ltd. of South Korea for the construction of hull
#474, a 44,000 dwt coated parcel tanker, the second in a series of
four ships, citing extended delivery delays. On March 30, 2009,
Stolt Tankers had entered into arbitration with SLS Shipbuilding
Co. Ltd. disputing their claim for force majeure to justify delays
on hull #474. The ship was originally scheduled for delivery in
September 2008. All progress payments to date are covered by bank
refund guarantees. This cancellation follows the cancellation of
hull #473, the first ship in the series from SLS Shipyard Co. Ltd.,
on March 18, 2009. The shipyard has disputed the cancellation of
hull #473 and the parties entered into arbitration on March 26,
2009.
Contacts:
Jan Chr. Engelhardtsen
U.K. +44 (0) 20 7611 8972
j.engelhardtsen@stolt.com
Jens F. Gruner-Hegge
U.K. +44 (0) 20 7611 8985
j.gruner-hegge@stolt.com
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is one of the world's
leading providers of transportation services for bulk liquid
chemicals, edible oils, acids, and other specialty liquids. The
Company, through the parcel tanker, tank container, terminal, rail
and barge services of its wholly owned subsidiary Stolt Tankers
& Terminals and Stolt Tank Containers, provides integrated
transportation solutions for its customers. Stolt Sea Farm, wholly
owned by the Company, produces and markets high quality turbot,
sole, sturgeon, and caviar. Stolt-Nielsen is currently listed on
the Oslo Stock Exchange.
This announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
Copyright � Hugin AS 2009. All rights reserved.
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