Stolt-Nielsen buys Jo Tanker's Chemical Tanker Ops
Stolt-Nielsen buys competitor's chemical tanker operations. Deal includes 13 chemical tankers and 50 pct in 8 newbuilds. Stolt-Nielsen agrees to acquire the chemical tanker operations of Jo Tankers. Stolt-Nielsen says total purchase price is approximately $575 million, including proportional share of newbuildings in joint venture. The transaction comprises 13 chemical tankers and a 50 pct share in a joint venture with eight chemical tanker newbuildings. Stolt-Nielsen says funding for transaction has been secured through some of Stolt-Nielsen limited's main banks with a combination of bridge financing, secured term loans and available corporate funds. Stolt-Nielsen ltd says transaction is subject to competition authority approval, with a decision expected before end of September 2016.
Stolt Offshore To Report 2003 Losses
Stolt Offshore S.A. announced that following a review of information which became available in recent project reporting and a subsequent major project review led by CEO Tom Ehret, it has identified substantially poorer than anticipated performance and cost overruns on three major EPIC contracts and several smaller projects. In addition, it is expected that activity levels will be slightly lower than previously anticipated. Stolt Offshore at this time expects its full year loss to be in the range of $100 million to $125 million, subject to further review at the time of completion of the previously announced Blueprint for financial recovery in July. A substantial portion of this loss will be taken in the second quarter.
