Stolt-Nielsen intends to dispose the shares in transactions with certain qualified investors in transactions exempt from the registration requirements of the US Securities Act of 1933. The company will immediately commence an orderly placement process which it intends to complete by the end of this month. In accordance with the terms of its senior notes, Stolt will allocate up to 70% of the net cash proceeds of the sale to repurchase the senior notes. Any funds that are not used to repurchase the senior notes will be available for general corporate purposes. Niels Stolt-Nielsen, CEO of Stolt-Nielsen said, "The sale of our interest in Stolt Offshore will place the company in a strong position to grow within its transportation business, aquaculture and in other investment opportunities."