Golar LNG announced the formation of a 50/50 joint venture with Stolt-Nielsen Limited to pursue opportunities in small-scale LNG production and distribution. Stolt-Nielsen has also made a strategic investment in Golar through open market purchases, representing an ownership stake of approximately 2.3%.

The joint venture between Golar and Stolt-Nielsen will draw upon the logistics and small-scale LNG assets controlled by Stolt-Nielsen and the ocean-based LNG midstream assets controlled by Golar to provide a fully integrated LNG logistics service to consumers of natural gas.

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"

Commenting on the investment, Niels G. Stolt-Nielsen, Chief Executive Officer 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."

About Golar LNG

Golar LNG is one of the world's largest independent owners and operators of LNG carriers with over 40 years of experience. The company developed the world's first Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers that quickly and efficiently open new markets for LNG. Golar leads the industry with committed projects and is progressing plans to grow its business further upstream via Floating liquefaction (FLNG). The company's strategic objective is to become an integrated midstream player in the LNG industry.

About Stolt-Nielsen Limited

Stolt-Nielsen Limited is a leading global provider of bulk-liquid transportation, storage and distribution services through its three largest operating units: Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm is a leading producer of turbot, sole and caviar. Stolt Bitumen Services is developing a bitumen distribution network in Asia Pacific. Stolt-Nielsen Gas is focused on the development of opportunities in LPG shipping.