STOLT-NIELSEN S.A. BOARD DECLARES INTERIM DIVIDEND

London, England - November 19, 1998 - Stolt-Nielsen S.A. (Nasdaq: STLTF, STLBY; Oslo Stock Exchange: SNIB) announced today that at its meeting held on November 18, 1998, the Company's Board of Directors has decided to pay an interim dividend of $0.25 per Common Share and per Class B Share (including American Depository Shares (ADS's) each of which represents one Class B Share) of the Company, payable on December 16, 1998 to shareholders of record as of December 2, 1998.

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.
Contact:
William W Galvin
USA (212) 838 5454

Samira Ashraf
UK (171) 611 8963