LONDON, December 9, 2014 - Stolt-Nielsen Limited (Oslo Børs: SNI) today announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding. He will continue as Honorary Chairman.
Mr. Stolt-Nielsen, who is 83, conceived the innovative designs that led to the creation of the first parcel tanker. After founding Parcel Tankers, Inc. in 1959, he pioneered the global trade for liquid chemicals, building the world's largest chemical tanker company, Stolt Tankers. In 1971, he acquired the first bulk-liquid storage terminal, thus paving the way for what is today Stolthaven Terminals. In 1972, he founded Stolt Sea Farm, recognised as a leading aquaculture company, specialising in the production of premium species. In 1973, he created Stolt-Nielsen Seaway A/S to provide innovative diving services to the offshore oil and gas industry in the North Sea, an operation that later evolved into Stolt Offshore, a billion dollar company. In 1979, he founded Stolt Tank Containers, building one of the world's largest tank container operators and the only operator with its own global depot network.
Mr. Stolt-Nielsen served as Chairman of the Board of Directors of Stolt-Nielsen Limited since he founded the Company in 1959 until December 15, 2009 when he stepped down as Chairman, but remained as a Director. He held the position of Chief Executive Officer of Stolt-Nielsen Limited from 1959 until 2000. He was trained as a shipbroker and worked in that capacity in London and New York prior to founding Stolt-Nielsen Limited.
Stolt-Nielsen Limited generated $2.1 billion in revenue in 2013 and its shares trade on the Oslo Stock Exchange.
Niels G. Stolt-Nielsen, who is Chief Executive Officer and a Director of Stolt-Nielsen Limited, as well as a son of Mr. Stolt-Nielsen, said, "My father's presence at Board meetings will be missed, but I expect we will continue to benefit, if only indirectly, from his most welcome counsel."
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
j.engelhardtsen@stolt.com
Jens F. Grüner-Hegge
VP Corporate Finance
UK +44 (0) 20 7611 8985
j.gruner-hegge@stolt.com
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 pursuant to section 5-12 of the Norwegian Securities Trading Act.
Forward-Looking Statements
This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in the those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.