Stolt-Nielsen Limited                                          [Graphic omitted]

A subsidiary of           Aldwych House           Tel:  +44 207 611 8960
Stolt-Nielsen S.A.        71-91 Aldwych           Fax:  +44 207 611 8965
                          London WC2B 4HN         www.stolt-nielsen.com
                          United Kingdom

NEWS RELEASE
                                                  Contact: Reid H. Gearhart
                                                           USA 1 212 922 0900
                                                           rgearhart@dgi-nyc.com

                                                           Valerie Lyon
                                                           UK 44 20 7611 8904
                                                           vlyon@stolt.com

                       STOLT-NIELSEN S.A. FINANCIAL UPDATE

London, England - September 17, 2003 - Stolt-Nielsen S.A. (NasdaqNM:  SNSA; Oslo
Stock  Exchange:  SNI) today  announced  that its  63.5%-owned  publicly  traded
subsidiary,  Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO), had
amended its previous earnings guidance for the full 2003 fiscal year.

In  earnings  guidance  originally  issued  on  June  2,  2003,  Stolt  Offshore
forecasted a loss for the fiscal year ending  November 30, 2003, in the range of
$100  million  to  $125  million,  subject  to  further  review  at the  time of
completion  of its plan for financial  recovery  known as the  Blueprint.  Stolt
Offshore now expects to report substantially higher losses for the year. Some of
the additional losses are due to earnings  deterioration on the Burullus,  Bonga
and OGGS projects,  but the most significant  portion of the expected additional
losses are  attributable  to actions to be taken to implement  the Blueprint and
will involve substantial non-cash charges.

SNSA indicated,  in earnings guidance originally issued on June 2, 2003, that it
expected  to  report a loss for 2003.  The  anticipated  higher  losses at Stolt
Offshore will have a further  negative impact on SNSA's results.  Primarily as a
result of the losses and level of  borrowings at Stolt  Offshore,  SNSA believes
that at the end of the third quarter,  SNSA may have been out of compliance with
financial  covenants  in its  credit  and lease  agreements.  SNSA has  obtained
waivers,  through October 15, 2003, of the  requirements of those covenants from
the relevant lenders.

Stolt  Offshore has also  obtained  waivers,  through  October 15, 2003,  of the
requirements  of a  financial  covenant in its two  primary  credit  facilities.
Consistent with earlier announcements,  Stolt Offshore also expects that it will
not be in compliance  with other  financial  covenants  under its primary credit
facilities on November 30, 2003, unless  negotiations with the lenders result in
restructured  credit  facilities  or further  waivers are granted  prior to such
date.

The  waivers  provide  time for SNSA and Stolt  Offshore  to  engage in  further
discussions  with their lenders.  Stolt Offshore is negotiating with its lenders
to restructure  Stolt Offshore's  credit facilities and SNSA is negotiating with
its lenders to refinance SNSA's $180 million  revolving  credit facility,  which
matures in accordance with its terms on November 26, 2003. SNSA may also require
amendments to financial covenants contained in its financing documents to ensure
ongoing  compliance

<PAGE>
with those  covenants.  SNSA has indicated to Stolt  Offshore and the lenders of
both companies that, because of its own financial  situation and the conflicting
interest of the lenders to SNSA and the lenders of Stolt  Offshore,  it could no
longer be relied upon to extend additional support for Stolt Offshore similar to
what  Stolt-Nielsen  S.A. has provided in the past. SNSA and Stolt Offshore have
each retained  Miller  Buckfire  Lewis Ying & Co., LLC, as financial  advisor to
assist them in their negotiations.

SNSA's Stolt-Nielsen Transportation Group continues to deliver solid results and
is expected to report full year 2003 results  similar to last year's.  Stolt Sea
Farm continues to be affected by weak salmon prices.

SNSA said it expects to announce its third-quarter earnings on October 16, 2003.


About Stolt-Nielsen S.A.
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 63.5 percent of Stolt  Offshore  S.A.  (NasdaqNM:  SOSA;  Oslo
Stock Exchange:  STO), which is a leading offshore contractor to the oil and gas
industry. Stolt Offshore specializes in providing technologically  sophisticated
offshore  and subsea  engineering,  flowline  and  pipeline  lay,  construction,
inspection,  and  maintenance  services.  Stolt  Sea Farm,  wholly-owned  by the
Company,  produces and markets  high  quality  Atlantic  salmon,  salmon  trout,
turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia.

Forward-looking Statements
Certain  statements  made in this press  release  may  include  "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the  Securities  Exchange Act of 1934.  These  statements  may be
identified  by the  use  of  words  like  "anticipate,"  "believe,"  "estimate,"
"expect,"  "intend," "may," "plan,"  "project,"  "will,"  "should,"  "seek," and
similar  expressions.  The forward-looking  statements reflect our current views
and  assumptions  and are  subject  to risks and  uncertainties.  The  following
factors,  and others which are discussed in our public  filings and  submissions
with the U.S. Securities and Exchange Commission, are among those that may cause
actual  and  future   results   and  trends  to  differ   materially   from  our
forward-looking   statements:   the   terms,   conditions   and  amount  of  our
indebtedness;  our ability to recover costs on significant projects; the general
economic  conditions  and  competition in the markets and businesses in which we
operate;  the outcome of legal  proceedings;  the impact of negative  publicity;
environmental challenges and natural conditions facing our aquaculture business;
the  impact  of  laws  and  regulations;  uncertainties  inherent  in  operating
internationally;  our  relationship  with significant  customers;  and operating
hazards,  including marine disasters,  spills or environmental  damage.  Many of
these factors are beyond our ability to control or predict. Given these factors,
you should not place undue  reliance on the  forward-looking  statements.
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