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: Richard M. Lemanski
                                                             USA 1 203 625 3604
                                                             rlemanski@stolt.com

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

   Stolt-Nielsen S.A. Names Hiroshi Ishikawa of NYK Line to Board of Directors

London,  England - September 2, 2003 - Stolt-Nielsen  S.A.  (Nasdaq:  SNSA; Oslo
Stock Exchange:  SNI) announced today that Hiroshi  Ishikawa,  Senior Adviser of
NYK Line,  has been  appointed to the Board of Directors of SNSA.  Mr.  Ishikawa
previously  served as a Director of SNSA from 1995 to 1997. NYK Line acquired 10
percent ownership of SNSA in 1987.

Mr.  Ishikawa  succeeds  Kinichi  Hirayama of NYK, who has been appointed to new
duties at NYK Group.

"We are delighted to welcome Mr. Ishikawa back to the Board of Directors of SNSA
and we look forward to benefiting  from his counsel," said Jacob  Stolt-Nielsen,
Chairman of the Board of SNSA.  "Our sincere thanks to Mr. Hirayama for his many
valuable contributions during his tenure as a Director of SNSA."

Mr.  Ishikawa was Vice Chairman of NYK Line before  becoming  Senior  Adviser in
2000. He joined the company in 1953.

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 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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