Press Release

Stolt-Nielsen S.A. Reports Results for Third Quarter and Nine Months 2006

London, England - October 5, 2006 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo B?rs: SNI) today
reported results for the third quarter ended August 31, 2006.
Highlights for the third quarter of 2006 included:
  • Operating revenue of $398.0 million for the quarter, compared with operating revenue of $384.0 million for the same quarter last year.
  • Net income of $36.8 million for the quarter, compared with net income of $53.1 million for the same quarter last year.
  • Stolt-Nielsen Transportation Group's (SNTG) results reflected solid market conditions for all divisions but were negatively affected by $17.8 million of customer-related antitrust provisions and continued high antitrust-related legal advisor expenses of $10.8 million.
  • Stolt Tankers Joint Service Sailed-in Time-Charter Index1 was 1.28 compared with 1.30 reported in the first and second quarters of 2006 and 1.36 reported in the third quarter of 2005.
  • Stolt Sea Farm's (SSF) 25% share of Marine Harvest contributed a total of $19.3 million to net income. SSF's turbot and bluefin tuna operations benefited from higher prices and strong market conditions.c
Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:
"During the quarter, we saw strong operational performance in SNTG and a positive contribution from SSF's
turbot and tuna operations. Our results were negatively impacted by higher customer-related antitrust provisions
and antitrust-related legal advisor costs.
"Our outlook remains positive. In our parcel tanker operations, the market fundamentals remain positive,
though we continue to expect some volatility due to shifting trade patterns, new tonnage entering the market,
and the impact of new IMO regulations. Our tank container division is expected to continue to post good results
and our terminal operations should benefit from the recent expansions. We expect SSF's turbot operations to
continue to post strong results. We expect continued high legal costs until the antitrust-related issues are
Richard M. Lemanski
U.S. 1 203 299 3604
The full report with tables can be downloaded from the following link:
SNSA 3Q06 Results