Press Release

Stolt-Nielsen S.A. Reports Unaudited Results For the Second Quarter and First Half of 2009

LONDON, July 2, 2009 - Stolt-Nielsen S.A. (Oslo B?rs: SNI) today reported unaudited results for the second quarter and first half ended May 31, 2009.
Highlights for the second quarter of 2009 compared with the first quarter of 2009 included:
  •         Net profit attributable to shareholders increased to $27.7 million from $14.4 million.
  •         Revenue was essentially unchanged at $393.3 million, compared with $392.3 million.
  •         Stolt Tankers reported an operating profit of $1.7 million versus a loss of $2.5 million, as reduced operating costs more than offset the impact of lower revenue.
  •         The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased by 10.1% to 1.09 from 0.99.
  •         Stolthaven Terminals reported an operating profit of $11.9 million, up from $9.6 million, due to higher revenue at the division's wholly owned terminals and higher equity income from Stolthaven's joint-venture facilities.
  •         Stolt Tank Containers reported an operating profit of $18.4 million, up from $12.9 million, reflecting higher revenues driven by increased shipments combined with a decrease in operating expenses.
  •         Stolt Sea Farm reported an operating profit of $4.9 million, compared with $1.2 million, largely because of the positive impact of a $4.0 million fair value revaluation of inventories in the current quarter.
    Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said:
    "While SNSA's second-quarter results nearly doubled compared with the previous quarter, we remain concerned about the economic outlook and its potential impact.  We have seen significant declines in the volume of cargo shipped, reflecting the dramatic slowdown in global economic activity.  The improvements in the second quarter were driven by short-lived inventory corrections following the dramatic destocking of inventory we saw in the first quarter.  We expect volumes and rates to remain under pressure until a sustained economic recovery gets underway.  At Stolt Sea Farm we anticipate little improvement in market conditions, if any, prior to the commencement of a meaningful economic recovery."
    "To counter the negative effects of the economic crisis, we have continued to implement measures to conserve cash, enhance our credit and collections processes, lock in interest rates and reduce costs.  A hiring freeze also remains in effect.  With our strong balance sheet and available liquidity, and the fact that long-term financing for our newbuilding programme is secured, we believe SNSA is well positioned to manage the challenges and uncertainty ahead."
    "As previously noted, SNSA remains in full compliance with all its loan covenants and the value of the Company's assets has not been impaired."

    [1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed measurement of the sailed-in rate for the Joint Service and was set at 1.00 in the first quarter of 1990 based on the average sailed-in time-charter result for the fleet at the time.  The sailed-in rate is a measure frequently used by shipping companies, which subtracts from the ships' operating revenue the variable costs associated with a voyage, primarily commissions, sublets, transshipments, port costs, and bunker fuel.
    SNSA Reports Unaudited Results for Q209 and First Half of 2009