[W&C Draft: (New York) February 13, 1998]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
STOLT COMEX SEAWAY S.A.
(NAME OF ISSUER)
COMMON SHARES, $2.00 PAR VALUE
(TITLE OF CLASS OF SECURITIES)
L8873E 10 3
(CUSIP Number)
ALAN B. WINSOR, ESQ. WITH COPIES TO:
STOLT-NIELSEN INC. DONALD P. MADDEN, ESQ.
8 SOUND SHORE DRIVE WHITE & CASE
POST OFFICE BOX 2300 1155 AVENUE OF THE AMERICAS
GREENWICH, CT 06836 NEW YORK, NY 10036
203-625-3667 212-819-8800
---------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICES AND COMMUNICATIONS)
SEPTEMBER 1, 1997
-------------------------------------------------------
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box .
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [L8873E 10 3] Page 2 of 20 Pages
- --------------------------------- --------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JACOB STOLT-NIELSEN, JR.
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NORWEGIAN
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON WITH 0
------- ------------------------------------
8 SHARED VOTING POWER
17,000,000 (see Item 2)
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.3% (CURRENTLY 60.4% OF VOTING POWER - SEE ITEM 2)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------- -----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [L8873E 10 3] Page 3 of 20 Pages
- --------------------------------- --------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ANSBACHER (CAYMAN) LIMITED
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( 0
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON WITH 0
------- ------------------------------------
8 SHARED VOTING POWER
17,000,000 (see Item 2)
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.3% (CURRENTLY 60.4% OF VOTING POWER - SEE ITEM 2)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [L8873E 10 3] Page 4 of 20 Pages
- --------------------------------- --------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CAYMAN INTERNATIONAL TRUST COMPANY LIMITED
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) ( )
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON WITH 0
------- ------------------------------------
8 SHARED VOTING POWER
17,000,000 (see Item 2)
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ------------------------------------
10 SHARED DISPOSITIVE POWER 17,000,000
(see Item 2)
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 43.3% (CURRENTLY
60.4% OF VOTING POWER - SEE ITEM 2)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [L8873E 10 3] Page 5 of 20 Pages
- --------------------------------- --------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FIDUCIA LTD.
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) ( )
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON WITH 0
------- ------------------------------------
8 SHARED VOTING POWER
17,000,000 (see Item 2)
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 43.3% (CURRENTLY
60.4% OF VOTING POWER - SEE ITEM 2)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [L8873E 10 3] Page 6 of 20 Pages
- --------------------------------- --------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STOLT-NIELSEN S.A.
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- -----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) ( )
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
LUXEMBOURG
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON WITH 0
------- ------------------------------------
8 SHARED VOTING POWER
17,000,000 (see Item 2)
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,000,000 (see Item 2)
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.3% (CURRENTLY 60.4% OF VOTING POWER - SEE ITEM 2)
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
<PAGE>
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Common Shares, $2.00 par
value (the "Common Shares") of Stolt Comex Seaway S.A. ("SCS"), the principal
executive offices of which are located at c/o Stolt Comex Seaway M.S. Ltd.,
Bucksburn House, Howes Road, Bucksburn, Aberdeen AB21 9RQ, Scotland.
ITEM 2. IDENTITY AND BACKGROUND
This statement on Schedule 13D is being filed by Mr. Jacob
Stolt-Nielsen, Jr. ("Mr. Stolt-Nielsen"), Ansbacher (Cayman) Limited
("Ansbacher"), Cayman International Trust Company Limited ("CIT", and together
with Ansbacher, the "Trustees"), Fiducia Ltd. ("Fiducia"), and Stolt-Nielsen
S.A. ("SNSA" and, together with Mr. Stolt-Nielsen, the Trustees and Fiducia the
"Reporting Persons").
SNSA beneficially owns 34,000,000 Class B Shares, $2.00 par value (the
"Class B Shares"), of SCS. The Class B Shares have per share voting rights
equivalent to those of the Common Shares and are convertible into Common Shares
on a two-for-one basis, at any time at the option of the holder thereof and on
certain other conditions. As a result of such ownership, SNSA is the beneficial
owner of 17,000,000 Common Shares of SCS.
The attached Schedule A is a list of the executive officers and
directors of SNSA which contains the following information with respect to each
such person: (i) name; (ii) business address; (iii) present principal occupation
or employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted; and (iv) citizenship.
The attached Schedule B is a list of the executive officers and
directors of Fiducia which contains the following information with respect to
each such person: (i) name; (ii) business address; (iii) present principal
occupation or employment and the name, principal business and address of any
corporation or other organization in which such employment is conducted; and
(iv) citizenship.
During the last five years, none of the Reporting Persons and, to the
best knowledge of SNSA and Fiducia, none of the persons named on Schedules A and
B, respectively, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction as a result of which
such person was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
This Schedule 13D does not describe the intermediate holding company
Stolt Parcel Tankers Inc. ("SPTI"). SPTI exercises no material influence over
the voting or disposition of the securities covered by this Schedule 13D, except
to the extent that it may have officers and/or directors in common with the
companies described herein.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No transfer of the Common Shares held by SNSA occurred. Mr.
Stolt-Nielsen and members of his immediate family contributed shares of SNSA to
Fiducia in exchange for shares of Fiducia. Mr. Stolt-Nielsen and such family
members transferred the shares of Fiducia to the Trustees to be held in trust
for the benefit of the Stolt-Nielsen family.
ITEM 4. PURPOSE OF THE TRANSACTION
This filing is the result of the reorganization of the ownership
structure of the shares of SNSA held by Mr. Stolt-Nielsen and his family. SNSA
beneficially owns 34,000,000 Class B Shares, $2.00 par value (the "Class B
Shares"), of SCS. The Class B Shares are convertible into Common Shares on a
two-for-one basis, at any time at the option of the holder thereof and on
certain other conditions. As a result of such ownership and since each Class B
Share is equivalent to one Common Share for voting purposes, SNSA is deemed the
beneficial owner of 17,000,000 Common Shares of SCS. Previous filings relating
to the ownership of the Common Shares by SNSA were filed on Schedule 13G.
None of the Reporting Persons and, to the best knowledge of SNSA and
Fiducia, none of the persons set forth on Schedules A and B, respectively, has
any current plans or proposals that relate to or would result in (a) the
acquisition by any person of additional securities of SCS or the disposition of
securities of SCS; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of SCS or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of SCS or any of its subsidiaries; (d)
any change in the present board of directors or management of SCS, including any
plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; (e) any material change in the present
capitalization or dividend policy of SCS; (f) any other material change in SCS's
business or corporate structure; (g) changes in SCS's charter, by-laws or
instruments corresponding thereto, or other actions which may impede the
acquisition of the control of SCS by any person; (h) any of SCS's securities
being delisted from a national securities exchange or ceasing to be authorized
to be quoted in an inter-dealer quotation system of a registered national
securities association; (i) any of SCS's equity securities becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, as amended; or (j) any action similar to any of those
enumerated above.
Notwithstanding the foregoing, the Reporting Persons may in the future
determine to acquire additional Common Shares or to dispose of Common Shares in
the ordinary course of managing their businesses and investment portfolios or
meeting their fiduciary obligations.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) (i) Mr. Stolt-Nielsen may be deemed the beneficial owner of Common
Shares as set forth on the applicable cover page.
(ii) Ansbacher may be deemed the beneficial owner of Common Shares as
set forth on the applicable cover page.
(iii) CIT may be deemed the beneficial owner of Common Shares as set
forth on the applicable cover page.
(iv) Fiducia may be deemed the beneficial owner of Common Shares as
set forth on the applicable cover page.
(v) SNSA may be deemed the beneficial owner of Common Shares as set
forth on the applicable cover page.
(vi) Of the persons listed in Schedules A and B, the following are the
beneficial owners of Common Shares in amounts shown next to their names:
Carroll N. Bjornson 1,000
(b) Reference is made to the applicable cover page for each Reporting
Person for information concerning the number of shares as to which there is sole
or shared power to vote or to direct the vote or sole or shared power to dispose
or to direct the disposition of Common Shares. By reason of the relationships
and understandings described in Item 6, such power, when stated to be shared, is
shared with the other Reporting Persons.
(c) Through a series of transfers completed in 1997, Mr. Stolt-Nielsen
and members of his family transferred substantially all common shares of SNSA
held by them to Fiducia in exchange for shares of Fiducia, which were then
transferred to the Trustees, who hold such shares in substantially equal amounts
in trust for the benefit of the Stolt-Nielsen family.
(d) All dividends received on Common Shares described in this Schedule
13D and proceeds from the sale thereof are ultimately received by Fiducia for
the benefit of the shareholders of Fiducia.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
The Board of Directors of SNSA, of which Mr. Stolt-Nielsen is
Chairman, has the power to direct the voting of the Common Shares held by SNSA.
The Board of Directors of Fiducia has granted a power of attorney to Mr.
Stolt-Nielsen to vote the common shares of SNSA held by Fiducia and to act on
behalf of Fiducia at any meeting of the shareholders of SNSA.
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS:
Exhibit No. Description
----------- -----------
1 Consent of Ansbacher (Cayman) Limited
2 Consent of Cayman International Trust Company
Limited
3 Consent of Fiducia Ltd.
4 Consent of Stolt-Nielsen S.A.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 17, 1998
/s/ Jacob Stolt-Nielsen, Jr.
---------------------------
Name: Jacob Stolt-Nielsen, Jr.
<PAGE>
SCHEDULE A
SNSA
- ----
Each person named below is a director or executive officer of SNSA:
<TABLE>
<CAPTION>
PRESENT PRINCIPAL OCCUPATION OR
NAME AND CITIZENSHIP BUSINESS ADDRESS EMPLOYMENT
- -------------------- ---------------- --------------------------------
<S> <C> <C>
Jacob Stolt-Nielsen, Jr. c/o Stolt-Nielsen Limited Chairman of the Board of
Norwegian Aldwych House Stolt-Nielsen S.A.
71-91 Aldwych
London WC2B 4HN, ENGLAND
Carroll N. Bjornson 8 Sound Shore Drive
American Greenwich, Connecticut 06836
Philip W. Darwin c/o Stolt-Nielsen Limited
British Aldwych House
71-91 Aldwych
London WC2B 4HN, ENGLAND
Erling C. Hjort Wikborg, Rein & Co. Attorney
Norwegian Kronprinsesse Marthas Plass 1
P.O. Box 1513 Vika
0117 Oslo, NORWAY
Tadoshi Mamiya NYK Bulkship (Europe) Ltd. Managing Director,
Japanese 45 Old Bond Street NYK Bulkship (Europe) Ltd.
London W1X 1AQ
ENGLAND
Christer Olsson Walleniusrederierna AB Chairman, Walleniusrederierna AB
Swedish Swedenborgsg 19
P.O. Box 17086
S10462 Stockholm, SWEDEN
Jacob B. Stolt-Nielsen c/o Stolt-Nielsen A.S. President, Terminal Division
Norwegian Grev Wedels Plass 5 of Stolt-Nielsen S.A.
P.O. Box 370 Sentrum
0102 Oslo, NORWAY
Niels Gregers Stolt-Nielsen Stolt Sea Farm A.S. President, Seafood Division
Norwegian Grev Wedels Plass 5 of Stolt-Nielsen S.A.
P.O. Box 370 Sentrum
0102 Oslo, NORWAY
Christopher J. Wright Stolt-Nielsen Limited President and Chief Operating Officer
British Aldwych House of Stolt-Nielsen S.A.
71-91 Aldwych
London WC2B 4HN, ENGLAND
Jan Chr. Englehardtsen c/o Stolt-Nielsen Inc. Chief Financial Officer of
Norwegian 8 Sound Shore Drive Stolt-Nielsen S.A.
Greenwich, Connecticut 06836
Samuel Cooperman Stolt Parcel Tankers Inc. President, Tanker Division
American 8 Sound Shore Drive of Stolt-Nielsen S.A.
Greenwich, Connecticut 06836
Reginald J.R. Lee Stolt Tank Containers Limited President, Tank Container Division of
British Stolt-Nielsen House Stolt-Nielsen S.A.
1-5 Oldchurch Road
Romford, Essex RM7 0BQ
ENGLAND
Bernard Vossier Stolt Comex Seaway M.S. Ltd. President, Subsea Services Division
French Bucksburn House of Stolt-Nielsen S.A.
Howes Road
Bucksburn
Aberdeen AB21 9RQ
SCOTLAND
</TABLE>
<PAGE>
SCHEDULE B
FIDUCIA
- -------
Each person named below is a director or executive officer of Fiducia:
<TABLE>
<CAPTION>
PRESENT PRINCIPAL OCCUPATION OR
NAME AND CITIZENSHIP BUSINESS ADDRESS EMPLOYMENT
- -------------------- ---------------- -------------------------------
<S> <C> <C>
Jacob Stolt-Nielsen, Jr. c/o Stolt-Nielsen Limited Chairman of the Board of
Norwegian Aldwych House Stolt-Nielsen S.A.
71-91 Aldwych
London WC2B 4HN, ENGLAND
Jacob B. Stolt-Nielsen Stolthaven Terminals Inc. President, Terminal Division
Norwegian 15602 Jacintoport Boulevard of Stolt-Nielsen S.A.
Houston, Texas 77015
Niels Gregers Stolt-Nielsen Stolt Sea Farm A.S. President, Seafood Division
Norwegian Grev Wedels Plass 5 of Stolt-Nielsen S.A.
P.O. Box 370 Sentrum
0102 Oslo, NORWAY
John G. Wakely Stolt Tank Containers Chairman, Stolt Tank Containers
British Leasing Ltd. Leasing Ltd.
British American Building
133 Front Street - 4th floor
P.O. Box HM 3143
Hamilton HM-12, BERMUDA
John M. Sharpe Conyers, Dill & Pearman Attorney - Bermuda
Bermudan Clarendon House
2 Church Street
P.O. Box HM 666
Hamilton HM CX, BERMUDA
Malcom C. Furbert Conyers, Dill & Pearman Attorney - Bermuda
Bermudan Clarendon House
2 Church Street
P.O. Box HM 666
Hamilton HM CX, BERMUDA
Catharine J. Lymbery Conyers, Dill & Pearman Attorney - Bermuda
Bermudan Clarendon House
2 Church Street
P.O. Box HM 666
Hamilton HM CX, BERMUDA
Charles G. Collis Conyers, Dill & Pearman Attorney - Bermuda
Bermudan Clarendon House
2 Church Street
P.O. Box HM 666
Hamilton HM CX, BERMUDA
</TABLE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
1 Consent of Ansbacher (Cayman) Limited
2 Consent of Cayman International Trust Company Limited
3 Consent of Fiducia Ltd.
4 Consent of Stolt-Nielsen S.A.
<PAGE>
Consent of Ansbacher (Cayman) Limited
-------------------------------------
The undersigned agrees that the Schedule 13D executed by Jacob
Stolt-Nielsen, Jr. to which this statement is attached as an exhibit is filed on
behalf of Jacob Stolt-Nielsen, Jr., Stolt-Nielsen S.A., Ansbacher (Cayman)
Limited, Cayman International Trust Company Limited and Fiducia Ltd. pursuant to
Rule 13d-1(f)(1) of the Securities Exchange Act of 1934.
Dated: February 17, 1998
ANSBACHER (CAYMAN) LIMITED
By: /s/ G. Crossan
----------------------------------
Name: G. Crossan
Title: Authorized Signatory
By: /s/ J. Bryan Bothwell
----------------------------------
Name: J. Bryan Bothwell
Title: Authorized Signatory
<PAGE>
----------------------------------
Page 20 of 20 Pages
----------------------------------
EXHIBIT 2
Consent of Cayman International Trust Company Limited
-----------------------------------------------------
The undersigned agrees that the Schedule 13D executed by Jacob
Stolt-Nielsen, Jr. to which this statement is attached as an exhibit is filed on
behalf of Jacob Stolt-Nielsen, Jr., Stolt-Nielsen S.A., Ansbacher (Cayman)
Limited, Cayman International Trust Company Limited and Fiducia Ltd. pursuant to
Rule 13d-1(f)(1) of the Securities Exchange Act of 1934.
Dated: February 17, 1998
CAYMAN INTERNATIONAL TRUST
COMPANY LIMITED
By: /s/ G. Crossan
----------------------------------
Name: G. Crossan
Title: Authorized Signatory
By: /s/ J. Bryan Bothwell
----------------------------------
Name: J. Bryan Bothwell
Title: Authorized Signatory
<PAGE>
EXHIBIT 3
Consent of Fiducia Ltd.
-----------------------
The undersigned agrees that the Schedule 13D executed by Jacob
Stolt-Nielsen, Jr. to which this statement is attached as an exhibit is filed on
behalf of Jacob Stolt-Nielsen, Jr., Ansbacher (Cayman) Limited, Cayman
International Trust Company Limited and Fiducia Ltd. pursuant to Rule
13d-1(f)(1) of the Securities Exchange Act of 1934.
Dated: February 17, 1998
FIDUCIA LTD.
By: /s/ J.G. Wakely
----------------------
Name: J.G. Wakely
Title: Chairman
<PAGE>
EXHIBIT 4
Consent of Stolt-Nielsen S.A.
-----------------------------
The undersigned agrees that the Schedule 13D executed by Jacob
Stolt-Nielsen, Jr. to which this statement is attached as an exhibit is filed on
behalf of Jacob Stolt-Nielsen, Jr., Stolt-Nielsen S.A., Ansbacher (Cayman)
Limited, Cayman International Trust Company Limited and Fiducia Ltd. pursuant to
Rule 13d-1(f)(1) of the Securities Exchange Act of 1934.
Dated: February 17, 1998
STOLT-NIELSEN S.A.
By: /s/ Alan B. Winsor
-----------------------
Name: Alan B. Winsor
Title: Attorney-in-Fact
