Stolt-Nielsen Limited and Golar LNG Limited Enter Joint Venture to Pursue Small-Scale LNG Production and Distribution
June 11 2015 - 2:30AM
LONDON, June 11,
2015 - Stolt-Nielsen Limited (Oslo Børs: SNI) and Golar LNG
Limited (NASDAQ: GLNG) jointly announced today the formation of a
50/50 joint venture to pursue opportunities in small-scale LNG
production and distribution.
Stolt-Nielsen Limited has made a
strategic investment in Golar LNG through open-market purchases,
representing an ownership stake of approximately 2.3% in the
company.
Golar LNG is one of the world's largest independent owners and
operators of LNG carriers. Golar developed the first floating
storage and regasification units (FSRU), based on conversions of
existing LNG carriers, and more recently moved upstream with the
introduction of its floating liquefaction project (GoFLNG).
Commenting on the investment,
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said: "A key
element of Stolt-Nielsen's long-term strategy is diversification
that leverages our core skillsets, including shipping, storage and
distribution. We targeted LNG as a growth market and entered into
small-scale LNG liquefaction and logistics services in 2014,
through our joint venture Stolt LNGaz. With our investment in Golar
LNG we aim to develop further opportunities in the LNG space,
targeting onwards distribution to off-the-grid customers, supported
by Golar's midstream ocean-based system. We are pleased to have the
opportunity to participate with Golar in satisfying this unique and
growing demand."
CEO of Golar Management, Gary
Smith, commented: "As Golar continues to expand throughout the
midstream LNG value chain we are excited to have a world class
specialty shipping and terminal company like Stolt-Nielsen as a
strategic investor and partner.
Stolt-Nielsen's
core strengths in logistics and distribution are an excellent fit
with Golar's midscale LNG focus. We look forward to working with
Stolt-Nielsen to continue to expand the reach of LNG to a wider
array of smaller potential customers."
Contacts:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
j.engelhardtsen@stolt.com
Jens F. Grüner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
j.gruner-hegge@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.
This information is subject of the disclosure requirements acc. to
§5-12 vphl (Norwegian Securities Trading Act)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Stolt-Nielsen Limited via Globenewswire
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