Stolthaven New Orleans News

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million, respectively, in the fourth quarter of 2013, the company said. Commenting on the company's results, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited…

Stolt-Nielsen Limited : Stolthaven New Orleans Flooded following Hurricane Isaac Landfall. Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that hurricane Isaac made landfall in southern Louisiana in the early hours of August 29, 2012 as a category 1 hurricane. The hurricane has caused serious flooding at our Stolthaven New Orleans terminal located at Braithwaite resulting from failure of the levee surge protection system with parts of the terminal being under as much as seven feet of water. All personnel on-site are reported to be safe, and we have currently no reports of any environmental issues or failure of product containment systems.

I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Mr. Per Voie as its President. He succeeds Mr. Trygve Munthe, who was named its President of SPT in 1993. Mr. Per Voie (52) comes to SPT after a 28-year career with the Stolt Nielsen Group where he has held a variety of managerial positions. Most recently as General Manager of the recently commissioned "Stolthaven New Orleans LLC". Skaugen PetroTrans is the leading US lightering company handling more than 1.2 million barrels of crude oil per day employing an average of 11 aframax tankers. The company has completed 11,500 lightering operations handling more than 5 billion barrels over its 22 years of operations. SPT is owned 50% by I.M.

Stolt-Nielsen S.A. will enter into a new five-year $150 million credit facility to be fully underwritten by DnB NOR Bank ASA. The facility will be secured by a pledge of the Company's Stolthaven Houston and Stolthaven New Orleans terminal-storage assets. The facility will be used to prepay an existing $64 million credit facility on Stolthaven Houston, which is scheduled to mature in January 2005, and for general corporate purposes. The transaction is expected to close by the end of July 2004. "SNSA continues to strengthen its liquidity position," said Niels G. Stolt-Nielsen, chief executive officer of SNSA. "The completion of this latest transaction is expected to provide us with sufficient liquidity for the foreseeable future."