Stolt-Nielsen S.A. Sells 2 Million Shares in Stolt Offshore

Friday, February 20, 2004
Stolt-Nielsen S.A. sold two million shares of Stolt Offshore S.A. (SOSA). The shares were sold at the market price of 24 Norwegian Kroner per share (approximately $3.46 per share at current exchange rates). In line with normal settlement practices, the sale is expected to close on February 25, 2004. SNSA, through its wholly owned subsidiary, Stolt-Nielsen Transportation Group (SNTG), retains approximately a 41 percent economic and voting interest in Stolt Offshore. SNSA expects that, assuming no other changes to SOSA's share capital, its ownership interest in SOSA will increase, but remain below 50 percent following both the completion of SOSA's previously announced plans to raise up to $50 million in a subsequent equity issue and the conversion of $50 million of subordinated debt owed to SNSA by SOSA into 22.7 million SOSA Common Shares. Upon completion of these actions, SNSA expects to have an approximately 43 percent ownership interest in SOSA.

"We can now deconsolidate SOSA for financial reporting purposes. This will simplify SNSA's balance sheet and allow us to achieve compliance with the financial covenants contained in our original borrowing arrangements with our primary creditors," said Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. "We will continue working closely with our primary lenders."

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

Tsakos Energy Navigation Reports 156% Increase in Q1 Profits

Greece-based Tsakos Energy Navigation Ltd (TEN) has reported first-quarter profit of $37.3 million from $14.6 million in Q1 2014 - a 156% Increase. On a per-share basis it has profit of 42 cents.

Egypt's $3 Bln LNG tender in June

Egypt is reportedly to issue a tender in early June to buy up to $3 billion of liquefied natural gas over 2016 and 2017, Reuters reports.   The country recently

LNG

Egypt's $3 Bln LNG tender in June

Egypt is reportedly to issue a tender in early June to buy up to $3 billion of liquefied natural gas over 2016 and 2017, Reuters reports.   The country recently

Gail to Sell LNG Supplies from US to Shell?

GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production,

Petronet LNG appoints new chairman

India’s largest importer of the chilled gas Petronet LNG has appointed Kapil Dev Tripathi, Secretary, Ministry of Petroleum and Natural gas as Chairman and Director on the Board of the company.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1105 sec (9 req/sec)