STOLT-NIELSEN S.A.                                                   [LOGO OF S]

c/o Stolt-Nielsen Ltd.       Tel:  +44 207 611 8960
Aldwych House                Fax: +44 207 611 8965
71-91 Aldwych                www.stolt-nielsen.com
London WC2B 4HN
United Kingdom

            STOLT-NIELSEN S.A. PURCHASED 148,450 OF ITS COMMON SHARES

London, England - November 30, 2005 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo
Stock Exchange: SNI) announces that Stolt-Nielsen Transportation Group Ltd.
(SNTG), a 100% owned subsidiary of SNSA, purchased today 148,450 of SNSA Common
Shares on the Oslo Stock Exchange at an average price of NOK 218.06 per share
(approximately $32.36 at the current exchange rate). The shares were purchased
in accordance with the repurchase program announced on August 25, 2005,
authorizing Company to purchase up to $200 million worth of its Common Shares or
related American Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange requirements, we
report that Stolt-Nielsen S.A., through its wholly-owned subsidiary,
Stolt-Nielsen Transportation Group Ltd., after this transaction has the
following ownership (in the aggregate) in Stolt-Nielsen S.A., whose Common
Shares are secondarily listed on the Oslo Stock Exchange with primary listing
(through ADS arrangements) in the United States:

Total number of Common Shares purchased: 148,450
Total number of Common Shares owned after purchase: 1,611,650
Percentage of issued shares of such class of shares following such purchase:2.5%

Including today's purchases, the Company has purchased Common shares totaling
approximately $54.8 million under the $200 million repurchase program announced
on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting shares held in
Treasury and issued but not outstanding.

Any further buyback transactions will be disclosed through the disclosure system
of the Oslo Stock Exchange, a press release, and on the Company's website at
www.stolt-nielsen.com.

Contact:    Richard M. Lemanski
            U.S. 1 203 299 3604
            rlemanski@stolt.com

            Jan Chr. Engelhardtsen
            UK 44 20 7611 8972
            jengelhardtsen@stolt.com

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

<PAGE>

integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the
Company, produces and markets high quality turbot and Southern bluefin tuna. The
Company also owns 25% of Marine Harvest, the world's largest aquaculture
company.

FORWARD-LOOKING STATEMENTS
This press release contains "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 Stolt-Nielsen S.A.'s 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 general economic conditions and competition in the markets and
businesses in which Stolt-Nielsen S.A. operates; changes in the supply of and
demand for parcel tanker, tank container and terminal capacity in the markets in
which Stolt-Nielsen S.A. operates; changes in the supply and demand for the
products we transport, particularly the bulk liquids, chemicals and other
specialty liquids that form the majority of the products that Stolt-Nielsen S.A.
transports; prevailing market rates for the transportation services that
Stolt-Nielsen S.A. offers; the cost and feasibility of maintaining and replacing
Stolt-Nielsen S.A.'s older ships and building or purchasing new ships; the
outcome of legal proceedings; the outcome of discussions with customers
concerning potential antitrust claims; the impact of negative publicity;
environmental challenges and natural conditions facing Stolt-Nielsen S.A.'s
aquaculture business; the impact of laws and regulations; uncertainties inherent
in operating internationally; Stolt-Nielsen S.A.'s relationship with significant
customers; and operating hazards, including marine disasters, spills or
environmental damage. Many of these factors are beyond Stolt-Nielsen S.A.'s
ability to control or predict. Given these factors, you should not place undue
reliance on the forward-looking statements. Should one or more of these risks or
uncertainties occur, or should management's assumptions or estimates prove
incorrect, actual results and events may vary materially from those discussed in
the forward-looking statements.

                                  - end text -