Stolt-Nielsen Limited                                          [Graphic omitted]

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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
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NEWS RELEASE
                                                   Contact:  Richard M. Lemanski
                                                             U.S. 1 203 625 3604
                                                             rlemanski@stolt.com

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

     Stolt-Nielsen Transportation Group Told European Commission Has Dropped
                      European Inland Barge Investigation

London, England - August 20, 2004 - Stolt-Nielsen Transportation Group (SNTG), a
wholly-owned subsidiary of Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock
Exchange: SNI), today reported that the European Commission's Competition
Directorate has informed SNTG that the Competition Directorate has closed its
investigation into possible collusive behavior in the intra-European inland
barge industry. The European Commission's investigation of possible collusive
activities in respect of deep-sea parcel tanker operations continues to be
ongoing.

In February 2003, SNTG announced it had been granted conditional immunity from
imposition of fines by the European Commission with respect to both the deep-sea
parcel tanker and intra-European inland barge operations.

About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (the "Company") 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 the parcel tanker, tank container,
terminal, rail and barge services of its wholly-owned subsidiary Stolt-Nielsen
Transportation Group, provides integrated transportation for its customers.
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. The Company also owns 41.7 percent of Stolt Offshore (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.

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 comply with our financing agreements; Stolt
Offshore S.A.'s ability to deliver fixed price contracts in accordance with
customer expectations and recover costs on significant projects; the success of
Stolt Offshore S.A.'s financial and operational restructuring efforts; the
general economic conditions and competition in the markets and businesses in
which we operate; the outcome of legal proceedings and our status in the U.S.
Department of Justice amnesty program; 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

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place undue reliance on the forward-looking statements, which
only speak as of the date of this press release. We do not undertake any
obligation to release publicly any revisions of the forward-looking statements
to reflect events or circumstances as of the date of this press release or to
reflect the occurrence of unanticipated events, except as may be required under
applicable securities laws and regulations.

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