LONDON, June 11, 2015 (GLOBE NEWSWIRE) -- 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."
Jan Chr. Engelhardtsen Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Grüner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
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)