Press Release

Stolt-Nielsen S.A. Earnings Release for Fourth-Quarter and 2004 Year-End Results

London, England - February 23, 2005 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) today reported unaudited results for the fourth quarter and full year ended November 30, 2004. SNSA's reported results reflect the deconsolidation of Stolt Offshore S.A. (SOSA) in February 2004.

Highlights for the fourth quarter of 2004
  •         Results in line with pre-release guidance given on February 1, 2005 except for a correction in the accounting for an SNTG lease
  •         Consolidated net income of $42.4 million for the fourth quarter of 2004, up from a net loss of $216.4 million in the fourth quarter of 2003
  •         Earnings of $0.65 per diluted share for the quarter, compared to a loss of $3.94 per diluted share in the same quarter last year
  •         Operating revenue of $431.4 million for the quarter, compared to the as reported operating revenue of $693.0 million and the as adjusted (reflecting the deconsolidation of SOSA which occurred in the first quarter of 2004 and subtracting out SOSA fourth quarter 2003 operating revenue of $306.1 million) operating revenue of $386.9 million for the fourth quarter of 2003
  •         Stolt-Nielsen Transportation Group (SNTG) performance was enhanced by a continued strong parcel tanker market.  The Stolt Tankers Joint Service Sailed-in Time Charter Index [1] increased 25% compared to the same quarter last year and 4% compared to the third quarter of this year
  •         Reduced operating loss for Stolt Sea Farm (SSF)
    Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:
     "SNSA's results for the quarter reflected continued strengthening of SNTG's markets. Also contributing to the positive results were improved quarters for Stolt Sea Farm (SSF) and Stolt Offshore (SOSA), and lower financing costs.
    "Subsequent to the end of the fourth quarter of 2004, we sold our entire interest in SOSA, raising net proceeds of $490.6 million with an anticipated net gain on the sale of approximately $360 million to be recognized in the first quarter of 2005. With our improved capital structure, particularly after the sale of our interest in SOSA, further potential for reducing our financing costs, significant progress in dealing with SNTG's ongoing legal issues, and the pending merger of our salmon business into the world's largest aquaculture company, we believe SNSA is well positioned to invest in and grow its business."
    See attached file 4Q04FINAL.

    Stolt-Nielsen S.A. Earnings Release
    Richard M. Lemanski
    U.S. 1 203 625 3604
    [email protected]

    Valerie Lyon
    UK 44 20 7611 8904
    [email protected]