London, England - September 30, 1998 - Stolt-Nielsen S.A. (Nasdaq: STLTF, STLBY; Oslo Stock Exchange: SNIB) today reported results for the third quarter and the nine-months ended August 31, 1998. Net income for the latest quarter was $24.1 million, or $0.44 per Common and Class B share, on net operating revenue of $478.4 million, compared with net income of $40.1 million, or $0.73 per share, on net operating revenue of $415.6 million for the third quarter of 1997. The weighted basic average number of Common and Class B shares outstanding for the third quarter of 1998 was 54.8 million compared to 54.7 million for the same period of 1997.

Net income for the nine-month period ended August 31, 1998 was $82.2 million, or $1.50 per Common and Class B share, on net operating revenue of $1,294.4 million, compared with net income of $93.9 million, or $1.72 per share, on net operating revenue of $1,121.1 million for the same period in 1997. Before a one-time gain resulting from an insurance settlement in the first quarter, net income was $72.0 million, or $1.32 per Common and Class B share, for the nine-month period ended August 31, 1998 compared with $1.55 per share for the same period of 1997 adjusted for a non-recurring gain of $9.5 million resulting from the secondary offering of SCS shares. For the nine-month period of 1998, the weighted basic average number of shares outstanding was 54.7 million, compared with 54.6 million for the same period of 1997.

Commenting on the results, Christopher J. Wright, President of Stolt-Nielsen S.A. said, `During the third quarter the results of the Stolt-Nielsen Transportation Group deteriorated but Stolt Comex Seaway had a record quarterly profit and Stolt Sea Farm continued its improvement.

`The economic crisis in Asia has deepened and spread to other developing markets. Within the Stolt-Nielsen Transportation Group (`SNTG`), reduced demand for chemical transportation coupled with parcel tanker capacity expansion has increased the surplus of tonnage and affected freight rates and volumes adversely, particularly for imports into Asia. Export volumes from Asia remain strong. During the quarter, the Stolt Tankers Joint Service Sailed-in Time Charter Index was down 7% from the first half of the year.

`Growth in tank container shipments has slowed to only 3% this year from the much higher levels of recent years. Price pressure on all trade routes has depressed earnings.

`Terminals posted an improved result with higher utilization compared to last year.

`Stolt Comex Seaway (`SCS`) achieved record results during the quarter with income from operations before tax and minority interest of $34.5 million. On August 17, SCS completed the acquisition of Ceanic securing a strategic presence in the rapidly growing Gulf of Mexico market that contains 47% of all currently planned deep water field developments. The program to integrate the activities of Ceanic with those of SCS is well under way.

`SCS, with partners, won the Girassol project, the first ultra-deep project to be developed offshore Angola. Other important discoveries have been made offshore West Africa, a market that offers significant growth prospects.

`SCS have seen the subsea market continue to grow this year with rising demand and firm margins despite the low oil price and will have a record order backlog going into 1999.

`The improvement at Stolt Sea Farm (`SSF`) continued with gross profit more than doubling from the comparable quarter last year and up almost 40% from the second quarter. SSF has benefited from higher selling prices in all regions and lower costs resulting from the recent years` re-organization, better husbandry and cost reduction programs.

In conclusion, Mr. Wright said, `We face a major challenge in our transportation markets as a result of the recession in many developing countries and the related impact on the economies of the developed world. We expect significantly lower results next year from our tanker and tank container operations. In this environment there are also opportunities. There may be scope for some consolidation and low quality ships will be forced out of the market. The industry needs to reduce over supply by an active program of scrapping older ships. The outlook in the subsea business remains strong and there should be further improvement in the results of SSF as our cost reduction efforts continue to bear fruit.`

Stolt-Nielsen S.A. is one of the world`s leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers. The Company also owns 43 percent of Stolt Comex Seaway S.A. (Nasdaq: SCSWF, SCSAY; Oslo Stock Exchange: SCS, SCSA), which is among the largest subsea services contractors in the world. SCS specializes in providing engineering, flowline lay, construction, inspection, and maintenance services to the offshore oil and gas industry. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, and caviar.

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