Stolt-Nielsen Limited announced that Transpetrol Gas Holdings Limited has exercised a call option to buy back two very large gas carriers (VLGCs) previously sold to Avance Gas Holding Ltd. (AGHL), and a put option to simultaneously sell its shares in the joint venture back to AGHL. The options formed part of a transaction a year ago when AGHL bought the two ships from Transpetrol in exchange for shares and cash. The ship sale and share purchase is expected to be completed by mid-August 2013. Following the transaction Sungas Holdings Ltd. and Stolt-Nielsen Gas Ltd. will each own 50% of AGHL.

The transaction is not expected to have a material impact on Stolt-Nielsen Limited's balance sheet. Following the transaction AGHL will operate six modern VLGCs and will continue to participate in the consolidation of the LPG transportation market by building a fleet of VLGCs through mergers and acquisitions of second-hand tonnage.