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
                                               Contacts:  Reid Gearhart
                                                          USA 1 212 922 0900
                                                          rgearhart@dgi-nyc.com

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


     Stolt-Nielsen To Be Released from Stolt Offshore Guarantee Obligations

London, England - November 10, 2004 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo
Stock Exchange: SNI) today announced that it will be released from all of its
financial guarantee obligations to Stolt Offshore S.A. (SOSA). The release will
result from SOSA's new $350 million secured revolving credit and guarantee
facility, to be underwritten by existing and new banks, which is scheduled to
close later this month. In addition, a $50 million undrawn line of credit that
SNSA provides to SOSA will expire as scheduled on November 28, 2004. SOSA is a
41.7% owned non-consolidated subsidiary of SNSA.

Jan Chr. Engelhardtsen, Chief Financial Officer of SNSA, said, "SOSA's
successful completion of this new refinancing, coupled with the upcoming
expiration of the undrawn liquidity line, marks the end of SNSA's financial
obligations to SOSA."

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 ability of SNSA to negotiate the definitive
agreements for the Marine Harvest/Stolt Sea Farm transaction with Nutreco; the
final terms of the Marine Harvest/Stolt Sea Farm transaction; the ability of
SNSA and Nutreco to complete the Marine Harvest/Stolt Sea Farm transaction; 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


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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,
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. -end text-