announced organizational changes. The changes take effect December 2007 and include the following initiatives:
• Stolt-Nielsen Transportation Group will
become two separate business units: Stolt Tankers & Terminals (ST&T) and Stolt Tank Containers (STC). The new structure will enable ST&T to continue to focus on the global operational synergies between the tankers and terminals businesses. STC will benefit from greater flexibility and focus to pursue its targeted growth strategy and markets worldwide.
• Implementation of a single Stolt-Nielsen S.A. (SNSA) corporate shared services structure combining HR, IT and Finance under the SNSA umbrella to ensure the deployment of common standards and best practices Company-wide.
Stolt Sea Farm's business will be unaffected, apart from benefiting from certain of the shared services organizational changes.