Stolt Tankers B.V. Cancels Newbuilding Contract
19 Oktober 2009 - 3:18PM
Marketwired
Stolt Tankers B.V., a subsidiary of Stolt-Nielsen S.A. (Oslo Børs:
SNI), today announced that it has cancelled a contract with SLS
Shipbuilding Co. Ltd. of South Korea for the construction of hull
#475, a 44,000 dwt coated parcel tanker, the third in a series of
four ships, citing extended delivery delays. The ship was
originally scheduled for delivery in November 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., in March of
this year, and hull #474 in June. The yard has challenged our right
to cancel the contracts for hulls #473 and #474, and the parties
are now in arbitration. The fourth ship in the series, hull #476,
is also experiencing substantial construction delays.
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 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.
Jan Chr. Engelhardtsen U.K. +44 (0) 20 7611 8972 Email Contact
Jens F. Gruner-Hegge U.K. +44 (0) 20 7611 8985 Email Contact
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